Metis is a new layer-two blockchain that has been growing its popularity since its launch in 2023.
The popularity of the blockchain started going up after the blockchain announced the airdrop of its coin METIS while at the same time launching its new 250,000 METIS ecosystem fund that is worth around $23 Million.
Because of this fund, the ecosystem has been growing significantly, and one of the innovations that came after was the creation of vMETIS.
What is vMETIS?
vMETIS is a new token that was created by the Vector Reserve Decentralized Finance (DeFi) platform.
The platform created vMETIS as a part of its novel innovation in the liquid staking sector where the token itself uses a new token mechanism called Liquid Position Derivatives or LPD.
Source: Vector’s Twitter Announcement
LPD moves similar to a Liquid Staking Derivatives token, where users lock a token to then be compensated with another token in the same amount, so it is as if the token is not being locked.
With Liquid Staking Derivatives, usually users need to exchange one specific token to get another one, for example, on the Lido DAO platform, users exchange 1 ETH for 1 stETH.
But with LPD users can lock more than one kind of token in exchange for getting one specific kind of other token.
In the Vector Reserve platform, currently, there exists one LPD token called vETH. Usually, to get a liquid derivatives version of ETH, you need to lock ETH itself.
But in the case of this platform, you can lock 13 kinds of tokens in exchange for vETH, which are liquid staking derivatives tokens of ETH and a wrapped version of ETH.
This is an example of how LPD can be useful to earn compounding returns on regular crypto as well as liquid staking derivatives so that users can earn more rewards on top of their initial rewards.
Note that vMETIS has not been launched yet but will probably integrate METIS into the lock-up process, giving the coin more utility in the future, which usually translates into more buying volume.
Metis Blockchain’s Ecosystem
The Metis Blockchain is currently growing big as evidenced by the transaction volume that it processed since its launch.
Source: Metis’s Official Site
According to its official site, the Metis Blockchain has recorded more than 15 Million transactions with around 16 Million blocks created.
There are currently 751,914 wallet addresses on the blockchain, meaning there are a lot of people using this blockchain.
Looking at its DeFi sector, the blockchain currently locks up around $755 Million of user’s funds which is staked and farmed for passive rewards.
All of these accomplishments are made possible due to the growing ecosystem of decentralized applications running on the blockchain.
Looking at the data from the official site, it is recorded that there are around 100 decentralized applications on it, which is why it has been able to reach such a high volume in a short period.
However, looking at the gas fee, the blockchain is still less efficient than other layer-two blockchains out there, as it currently charges around $4 per transaction with the current METIS price of around $90.
This might be the focus going forward as the core developers are still developing the blockchain to give users the best experience on-chain.
Official Website
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer:
The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.