Ethereum is scaling – Faced with the successive emergence of DeFi and then NFT ecosystems, the network Ethereum quickly reached its technical limits. Fortunately, several dozen second-layer solutions have emerged to improve network scalability. Among them, the Metis network was able to attract several hundred million dollars from TVL in the space of a few months.
Metis: the blockchain to the rescue of Ethereum
Launched last November, Metis is a blockchain belonging to the family of second-layer solutions.
This evolves on top of the Ethereum network and aims to solve the congestion problems encountered by Ethereum.
To do this, Metis relies on an optimistic rollup. In short, a optimistic rollup is a solution to deport the validation and processing of transactions outside the main chain. However, it inherits the security of the Ethereum network by periodically publishing all the data on the Ethereum blockchain.
In practice, this data is compressed to reduce the size occupied on the Ethereum blockchain as much as possible.
The link between the two chains is ensured by a smart contract deployed on the main chain of Ethereum.
In the space of just under 6 months, Metis has managed to attract over $300 million from TVL through the various protocols it hosts.
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Metis decentralizes data storage
On Tuesday April 12, the Metis teams announced the deployment of their new decentralized storage solution. This will be used in particular to store data relating to the rollup as well as those of the fraud-proof dispute processes.
Also, the announcement explains that this new solution can be related to the decentralized storage system IPFS:
“The new IPFS-like distributed storage solution supports all types of API frameworks for easy integration with DApps that want to leverage the benefits of native storage on Metis’ Layer 2 network. »
In addition to improving network performance, the deployment of this new storage system has had a significant impact on transaction costs on Metis. Thus, the latter were divided by almost 100 in the space of a few months.
Currently, Metis is the cheapest second layer solution on the market, offering transfers at $0.03 and swaps at $0.17.
Next step: community storage
Metis does not intend to stop on such a good path. Thus, in parallel with the announcement of its new storage solution, Metis unveiled an overview of future developments.
During its next phase of development, Metis wishes to allow its users to share their unused disk space in exchange for compensation in METIS.
“Storage providers will receive incentives in the form of METIS tokens for contributing to network speed and scalability.»
For its part, the L2 market leader Arbitrum continues to evolve. Thus, it announced a first devnet for its Nitro updateaiming to radically improve its performance.
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