Thursday, 08 February 2024 09:30 AM
Company Update
Successful projects will be allocated Sequencer Nodes which offer a 20% Mining Rewards Rate for 12 months.
TORONTO, ON / ACCESSWIRE / February 8, 2024 / Ethereum Layer-2 roll-up platform Metis announces the launch of the Metis Liquid Staking Blitz. The initiative aims to facilitate the growth of Liquid Staking Derivatives (LSDs) and LSD-focused products in the Metis ecosystem. LSD platforms have until the end of February to submit proposals to the Metis governance to be allocated a Sequencer Node.
LSDs are an innovative kind of cryptocurrency created to make staking more flexible. By representing a user's staked assets, LSDs provide the liquidity staked funds don't have so that users can participate in DeFi and receive additional rewards. Lido and Rocketpool protocols offer high-security standards, and versatility, and eliminate the necessity of locking fixed amounts, while the Shapella upgrade unlocked staked Ethereum and caused a boom in LSD adoption. According to a report by Haskhey Capital, the total percentage of ETH staked could double by mid-2025; we can also expect the total value locked to grow by an additional $18 billion to $24 billion by then.
Until now, only L1 tokens could be used in LSDs, but Metis is planning to revolutionize the LSD ecosystem by becoming the first platform to promote LSDs for a Layer 2 native token. Metis wants to reap the benefits of LSDs' versatility with the profitability and growth potential of Layer 2 solutions.
In order to ensure the success of the Liquid Staking Blitz, Metis is utilizing the funds from the Ecosystem Development Fund (MetisEDF):
- 3,000,000 METIS is allocated for sequencer mining. As sequencer mining is decentralized, users have a unique opportunity to participate in the block production process.
- 1,600,000 METIS were allocated for Ecosystem Grants to onboard and/or support dApps that can significantly contribute to the LSD landscape.
LSD protocols have time until February 29 to submit proposals to Metis Governance. The most voted proposals will be allocated Sequencer Nodes, which offer a 20% Mining Rewards Rate (MRR), a rate at which smart contracts reward lockers for block production, for the first 12 months. By integrating Sequencer Mining and Ecosystem Grants, Liquid Staking Blitz wishes to foster the development of LSD-centric products to promote liquid staking and help its users reap maximum rewards.
About Metis
Metis is an EVM-Equivalent Ethereum Layer-2 protocol focused on bridging the gap between Web2 and Web3. Metis provides users with a secure, decentralized, scalable, and easy-to-use network.
CONTACT:
Colin Landers
[email protected]
SOURCE: Metis