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April 23, 2024

Metis Unveils Second Phase Of Decentralized Sequencer Upgrade, Enables Users To Earn Rewards With Sequencer Mining

In Brief

Metis launched sequencer mining, enabling users to stake their METIS tokens through liquid staking providers and earn rewards.

Metis Unveils Second Phase Of Decentralized Sequencer Upgrade, Enables Users To Earn Rewards Via Sequencer Mining

Ethereum Layer 2 network Metis (METIS) announced the launch of Sequencer mining, enabling users to stake their METIS tokens through liquid staking providers as part of the second phase of its Decentralized Sequencer upgrade.

Mining is now accessible through Artemis Finance and Enki Protocol. Artemis stands as the pioneer liquid staking provider integrated into Metis and is currently operational on the mainnet with a total locked value (TVL) surpassing $5 million. Users have the opportunity to commence earning sequencer rewards via artMETIS.

Additionally, Enki Protocol is preparing to launch its Liquid Staking Token (LST) on the Metis network. Presently, it has initiated its Pre-Staking program, which augments incentives for participants via staking points, in anticipation of the mainnet launch.

During the Alpha Phase of the Metis Decentralized Sequencer, Artemis Finance and Enki Protocol will serve as the exclusive Liquid Staking providers. Subsequently, as this phase concludes, there will be a gradual expansion in the number of nodes and liquid staking providers.

In addition to activating Sequencer Mining, the second phase of the Decentralized Sequencer upgrade has introduced other notable enhancements, encompassing the ability to process multiple transactions per block and the implementation of a private transaction pool for sequencer nodes. These two updates are expected to substantially reduce the block production overhead, thereby improving overall network efficiency.

Metis Enhances Its Capabilities With Decentralized Sequencer Upgrade

Metis, developed and maintained by the MetisLab Foundation, is a Layer 2 scaling solution designed to enhance the capabilities of the Ethereum blockchain. It employs optimistic rollup technology to offload smart contract execution and data storage tasks to an upper layer. 

Notable features of Metis include minimal gas fees, typically around $0.01 for transfers, rapid transaction processing times averaging about two seconds, and file storage through IPFS integration. As per the information provided on its website, Metis currently boasts a TVL surpassing $568 million.

The latest phase of Metis upgrade builds upon the initial phase deployed in March, which included the addition of several sequencer nodes and the introduction of sequencer rotation.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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