A couple of weeks ago we told you about how Metis was planning to launch its Andromeda Layer 2 scaling solution for Ethereum after Optimism confirmed the release of its OVM 2.0 with its concept of EVM Equivalence, bringing reduced decentralization and transparency. In response, Metis, which emerged as a hard fork from Optimism, decided to launch a Layer 2 Ethereum rollup titled Andromeda, which will help the company achieve its dual goals of decentralization along with EVM Equivalence.

Metis Decentralized Autonomous Company (DAC) will now offer incentives to people looking to create their own DACs on the Layer 2 scaling solution for Ethereum. Unlike Decentralized Autonomous Organizations (DAOs), DACs will offer more than voting and governance, making it easy to take any business on-chain. They will also allow people to operate fully functioning companies on the blockchain – from payroll management and insurance, all the way to marketing and messaging. It ties in with Metis’s goal to become a hub for the entire Web3 economy, offering potentially unlimited use cases for its technology. Its Polis Middleware, once completely built, will make it easy to integrate any dApp to Metis Layer 2 with absolutely no blockchain based coding required. 

The Metis DAC Staking Program goes live on Friday, November 26, letting users stake anywhere between 10 and 2,000 METIS tokens while launching their DACs. Users can now stake their METIS tokens and earn APYs starting at 29000% for forming DACs using the staking program. The APY will get diluted as more members join and stake. 

Community members at Metis recently came together to form their own DAC, Titans DAC, which is the first community DAC within the ecosystem. As part of its kickoff, the Titans DAC minted and released a set of 15 limited Launch Edition NFTs on Andromeda via Metis NFT partner MetaCraft. Holders of these NFTs will enjoy membership to the private Titans DAC group chat and higher mining power at the beginning of the staking program as well. In addition, proceeds from the sale will also be distributed to the NFT’s creator Ander Magri – Marketing Associate and Graphics Designer at Metis, along with charitable initiatives and community initiatives. 

More Information on Metis Andromeda

Metis DAO previously relied on Optimism’s EVM Compatibility, which provided effectiveness, scalability, low transaction costs and latency, all the while enjoying the Layer 1 blockchain’s key strengths of security and decentralization. However, Optimism had previously been at the receiving end of challenges that developers faced with regards to migration and compatibility while using the EVM Compatibility model. This is why the Layer 2 scaling solution proposed an upgrade with the concept of EVM Equivalence. 

Andromeda will leverage the design of the DAO’s ranger system, using a sequencer pool model to bring about a higher level of redundancy and decentralization than what typical rollup structures offer. It will also enable the use of the peer network, leveraging verifiers within the pool to verify transactions, challenge sequences and initiate fraud proofs based on Layer 1 consensus reached by the Rangers. This model will allow for a fair model when sequences need to be penalized, taken offline and replaced, and empower developers to harness the power of community as they create their own DACs on the Layer 2 network, enabling staking and reward generation.