The upgraded Blob of Ethereum Decun has given L2 more room for development, and also accelerated the competition of Layer2. Last week, VanEck published an article predicting the valuation of Ethereum Layer-2 in 2030, analyzing a series of L2 solutions from the perspectives of transaction pricing, developer experience, user experience, trust assumptions and ecosystem size.

Based on these factors, VanEck predicted that the total market size of L2 will reach 1 trillion US dollars by 2030, which opens up the imagination space for L2.

The report emphasizes that although the L2 ecosystem is highly competitive, there is still no obvious "winner takes all" feature. In fact, looking at the data changes of L2 this year, it can be found that the TVL differences between L2s can be easily changed internally in a short period of time, so the pattern of L2 is determined.

By comparing FDV, MC and TVL to select an indicator, it can be found that the FDV/TVL values ​​of Arbitrum, polygon, optimism, manta and metis are relatively low, and among them, Metis has the lowest market value at present and the largest room for growth.

Does Metis have the potential to become a dark horse in L2?

1. Transaction Pricing - In terms of transaction users, one of Metis' main cost designs is to optimize data processing and smart contract execution mechanisms. By reducing dependence on the Ethereum main chain, transaction costs are reduced and a lot of confirmation time is consumed; and it supports multiple revenue models and cost structures, including but not limited to generating revenue through transaction fees, data compression and smart contract execution, which meets the first item.

2. Developer Experience - In terms of easy building of products and applications, the platform provides a complete set of security tools and frameworks to help developers build secure DApps, meeting the second point.

3. User experience - Metis has also made great efforts in the simplicity of deposits, withdrawals and transactions, especially in terms of fast deposit and withdrawal of assets and transaction confirmation, which meets the third requirement.

4. Trust assumptions - activity and security assumptions. VanEck explains this in the article as follows: security refers to the properties of the blockchain to ensure that only the account owner can access his/her assets, while activity refers to measures to ensure that assets are safe and can be used. It also specifically mentions the concern of L2 users about sorter failures. Currently, most L2s are single sorters, which are vulnerable. The most prominent advantage of Metis is its decentralized sorter design. Although it is slightly lacking in data availability mentioned by VanEck, its outstanding performance in security can also satisfy this requirement.

5. The last point is the activity and imagination of its on-chain ecology. At present, Metis's overall TVL and Volume have the largest growth, and Metis has been actively building its ecology.

The first step of Metis ecosystem should be to start with staking. LSD or even LSDfi or LRD's gameplay may be available on Metis.

Recently, many key ecological projects have been launched one after another, such as the popular LSD project @ENKIProtocol. As the first LSD protocol and attention bearing on Metis, its token $ENKI is now online. (It is recommended to focus on the second opportunity) Vector Reserve, a project that innovatively proposed LPD (liquidity position derivatives), has also launched Metis. Using Vector Reserve's LPD model, users can cast their METIS and METIS's LST tokens into vMETIS. Not only can they get $VEC rewards, but also further increase the income of METIS. vMETIS/METIS can also be stored in HerculesDEX to supplement another reward.

Metis's ecosystem initiatives are also very active, and community voting has accelerated the launch of Metis ecosystem projects. Currently, hundreds of projects have been launched on Metis through community verification.

It can be seen that the TVL bubble can be easily inflated through the leverage of circulating pledge. Through the cross-chain interoperability protocol, the liquidity of other blockchain networks can be connected to further increase the asset scale of the network. Therefore, the ecological development is also promising in the future.

In addition, VanEck also mentioned in the article: “While there is reason to believe that some L2 tokens will become more and more valuable, the path to value appreciation is more difficult to predict than other cryptocurrency industries. In particular, L2 tokens are not even the basis of their ecosystems. The empowerment of L2 tokens has always been one of the issues of concern, and $METIS is more advantageous than most L2 tokens in terms of value capture.

Currently, Metis’ centralized sorter is progressing smoothly and is about to enter the final stage, which mainly implements: multiple transactions within a block, transaction pools, and sorter rewards.

In short, if we use the evaluation criteria given in the VanEck report, Metis Coral is indeed a potential project. At present, the most needed work, like all public chains, is ecological construction. However, judging from the recent ecological development, Metis seems to have a clear direction and is moving forward steadily.


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