Metis, a layer 2 project using an adaptation of Optimistic Rollups, has closed a $4M private round. The deal takes the project’s total raise to date to $5 million and paves the way for an Initial Dex Offering (IDO) on PAID Ignition.
Blockchain investment has been flooding into the defi space this year, with much of the money directed towards projects seeking to scale Ethereum. Some startups are doing so directly by pioneering technology designed to reduce onchain load, while others are doing so indirectly by attracting users to Ethereum-connected sidechains and layer 2s. Metis falls into the latter category, with its team developing Metis Rollup as a scalable layer 2 for businesses and defi projects.
Block Dream Fund, DFG, Master Ventures, Parsiq, MarketingAcross, Autonomy Capital, and Genblock Capital led the latest round, which attracted anyone who’s anyone in the blockchain VC space. Metis had no trouble in filling its private round, which also saw checks written by CryptoMeria, Waterdrip Capital, Kernel Ventures, AU21, Consensus Lab, M6, 7 o'clock Foundation, YBB Foundation, Chain Capital and many more.
From DAO to DAC
Decentralized Autonomous Organizations (DAOs) are all the rage in DeFi, attracting companies and defi projects seeking a more egalitarian way to manage capital and align incentives. Metis has proposed its own take on a DAO, known as a Decentralized Autonomous Company (DAC). This entails assigning developers prebuilt tools for community management and collaboration. With all activity taking place on Metis’ scalable layer 2, transaction bottlenecks and high fees should be a thing of the past.
The sort of projects expected to spring up on Metis Rollup range from conventional defi projects, focused on yield farming, trading, borrowing and lending, to enterprises exploring new ways to work. Digital businesses are currently undergoing a transition from Web 2.0 to Web3 technologies as products such as decentralized identities and distributed storage come onstream. Metis intends to accelerate this exodus away from Web 2.0 by supplying the tools to access core Web3 services.
Too Many Layer 2s to List
Development of Ethereum layer 2 solutions, once the preserve of a handful of projects such as Optimistic Rollups, Plasma, and xDai, has become a crowded space. Metis may not be the first company to enter the ring, but its backers are confident that it can catch up fast and that its best-in-class technology will ultimately prevail.
“Metis aims to become the backbone of the Web3 decentralized economy by focusing on scalability, decentralization, and user experience,” explained Autonomy Capital’s Jason Tolliver. “Due to the company’s long-term vision, team, and strategic partners, we believe that Metis will achieve this goal, and that the company is poised to position itself as the dominant layer 2 solution for Ethereum.”
So far, the signs are promising at least. According to Metis CEO and co-founder Elena Sinelnikova, 12,632 wallets were created during the project’s recent alpha testnet. In addition, 6,856 DACs registered and 166,859 on-chain transactions were made during the course of the three-week program. Metis will now be looking to build on that momentum and on the fresh injection of capital to refine its layer 2 and prepare for its mainnet release.
Before Metis Rollup goes live, there’s an IDO to wrap up on PAID Ignition launchpad on May 13. This will be immediately followed by the METOS token listing on Uniswap and Gate.io.
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