The Ethereum Layer 2 network Metis (METIS) announced that it has initiated a governance proposal, intending to facilitate the pairing of a larger number of liquid staking providers with sequencer nodes.
Metis will roll out the Metis Liquid Staking Blitz (LSB), which will expedite the growth of Liquid Staking Tokens (LSTs) and LST offerings on its network, utilizing 4.6 million METIS from the Ecosystem Development Fund.
Subsequently, interested LST platforms will have the option to submit proposals to the Metis Governance Forum 2. A select number of successful LST applicants will be granted the opportunity to be paired with a decentralized sequencer node, facilitating liquid staking with a pool ranging from 20,000 to 100,000 METIS per node.
The proposal intends to formulate and communicate governance procedures pertaining to the LSTs protocols.
The Next Phase of the #Metis Decentralized Sequencer Upgrade A governance proposal was recently submitted to #CEG for review on a set of requirements & a community governance process to pair more liquid staking providers with sequencer nodes. https://t.co/pkjscMbq9c pic.twitter.com/ryqbdHvjFA
— Metis (@MetisL2) June 7, 2024
Metis Enables Community Review Of Proposal Until June 10
Upon approval, the proposal would lay the foundation to the establishment of a more decentralized network and enhance economic security within the ecosystem. It’s worth noting that the community has previously endorsed a comparable governance proposal aimed at introducing additional nodes through MIP-4.
Regarding the Liquid Staking Providers Governance Proposal, community members have until June 10th to review it before it proceeds to a vote. Upon approval, liquid staking platforms and sequencer nodes will have the option to submit their proposals until June 17th, followed by community voting on these submissions.
Metis, managed by the MetisLab Foundation, serves as a Layer 2 scaling solution engineered to enhance the functionalities of the Ethereum blockchain. It utilizes optimistic rollup technology to delegate smart contract execution and data storage functions to an upper layer.
Recently, Metis introduced Sequencer mining, allowing individuals to stake METIS via liquid staking providers as part of the second step of its Decentralized Sequencer upgrade.
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