Metis, a Ethereum Layer-2 (L2) rollup platform, has finished the first stage of its Decentralized Sequencer upgrade. Next, they are advancing to Phase 2 which includes sequencer mining, transaction pools, and the ability to process multiple transactions in one block.
The blog post on the exchange announces that Metis is the initial decentralized roll-up platform to implement sequencing, and this launch comes with additional innovations such as sequencer mining and liquid staking.
Metis Sequencer Mining and Its Impact
In the Ethereum network, sequencers play an essential role by organizing and grouping transactions together before sending them to the mainnet for processing. To ensure reliability and enhance network robustness, multiple sequencers have been implemented with a rotation system. This setup eliminates the risk of relying on a single sequencer and reduces the potential for network disruptions.
In Phase 2, an notable addition is the sequencer mining function. This feature enables sequencer nodes to be rewarded with METIS tokens as they process transactions and create blocks within the Metis network. These nodes are managed by entities from different parts of the world to ensure decentralization and impartiality.
A key feature of the latest Sequencer Mining system is the function of Liquid Staking Providers (LSTs). These providers manage nodes and enable users to securely deposit their tokens, receiving equivalent liquid staking tokens as a result. In the Alpha Phase, Artemis Finance and Enki Protocol were chosen by Metis’ Community Ecosystem Governance (CEG) as the first LST providers.
In the initial phase, Metis added several sequencer nodes and began rotating their roles. This paved the way for a distributed method of handling transactions in the network. Following a hard fork at block 16500000, Phase 2 was activated, introducing substantial improvements.
Liquid Staking and Expanding DeFi Opportunities
In a single block, there can now be several transactions instead of just one, which is an improvement over the past method. The pool where transactions are temporarily stored before being added to blocks, called the transaction pool, is exclusive to the sequencer nodes. This setup maintains a consistent confirmation time of 2 seconds, even during periods of high transaction volume, ensuring a more seamless experience for users.
A crucial feature of the latest Sequencer Mining system is the function of Liquid Staking Providers (LSTs). These providers manage nodes and enable users to deposit their assets, receiving liquid staking tokens as a result. In the Alpha Phase, Artemis Finance and Enki Protocol have been chosen by Metis’ Community Ecosystem Governance (CEG) as the first LST providers.
During this time, Metis sets a mining reward rate of 20% for the initial year to attract miners to sequencer mining. Moreover, the availability of LST-centric offerings like liquidity pools, lending pools, and CDPs expands the ways METIS LST token holders can interact with DeFi applications on the network.
To foster decentralization and encourage active participation, Metis has formed alliances with notable crypto organizations. These collaborations are essential for Metis’ expansion and advancement. They help bring Metis closer to its goal of establishing a strong, community-driven decentralized sequencer network.
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2024-04-23 18:48