What is Metis (METIS)?
METIS is the native token of the Metis protocol, which essentially is a Layer-2 scaling solution for Ethereum. It seeks to solve the problems that Ethereum faces regarding speed, scalability, security, ease of use, and so on. Take a look at the Metis price chart if you want to see the live MATIS price (you can find one above).
Metis runs on the Metis Andromeda network, which is an EVM-equivalent network open for developers who want to launch dApps, tokens, or any other types of crypto projects. Since the Metis protocol is extremely scalable, it supports NFT platforms, DAOs, various types of communities, volunteer projects, and much more.
The Metis Andromeda network employs a custom transaction validation method called the Ranger System. The system relies on so-called Rangers who have to ensure that transactions are valid and not fraudulent.
The Metis protocol is created based on the principles of optimistic rollups. Optimistic rollups are Layer-2 protocols used to extend Ethereum's base layer throughput. They significantly increase processing speeds by handling transactions off-chain, which reduces computation on the primary Ethereum chain.
Apart from being a Layer-2 scaling solution, Metis also offers such features as an NFT bridge, a decentralized autonomous company (DAC) framework, and Polis.
NFT bridge is used to transfer NFTs from Ethereum to Metis Andromeda network, and vice versa. Thus, users can mint new NFTs on the Metis network, which has much smaller minting fees, and then transfer them to Ethereum.
DAC is the custom version of a decentralized autonomous organization (DAO) developed by Metis. The DAC framework was created to solve issues with organization management, governance, and incentive alignment. Since DAC utilizes reputation systems, Metis envisions it as a better alternative to DAO.
Polis is a middleware platform, which makes the process of Metis smart contract management much easier. Polis comes in the form of a web wallet, which stores all records of transactions completed on the Metis Andromeda network.
The Purpose of METIS Tokens
METIS coins can be used for staking or as a payment method. Talking about staking, the previously mentioned Rangers have to stake METIS tokens in order to become transaction validators. However, the tokens can also be staked to simply receive staking rewards.
Talking about METIS as a payment method, the tokens can be used to pay transaction fees on the Metis Andromeda network.
Tokenomics of METIS
METIS token has a max supply of 10 million. This means that METIS is a deflationary token. Thus, once METIS reaches its maximum supply, no new tokens will ever be minted.
If you're thinking about investing in METIS tokens, you should definitely take a look at the Metis price chart that was mentioned before. Why? Because the METIS price, just like the prices of many assets, is volatile. As a result, by examining the chart, you can spot the key trends in the variations in the value of METIS tokens.
