About

Metis is a blockchain-based platform aiming to enhance scalability, speed, and storage efficiency. It focuses on supporting decentralized applications and businesses with blockchain technology solutions.

History

Metis is a Layer-2 scaling solution built and supported by the MetisLab Foundation. It uses optimistic rollup technology to offload smart contract execution of data storage responsibilities to a layer above networks like Ethereum. Layer-2s like Metis provide a more scalable and cost-efficient environment for building and interacting with Web3 applications. Metis' specific features include low gas fees (roughly $0.01 for a transfer), transaction processing times around two seconds, and file storage (through an IPFS integration).

Metis also supports an EVM-compatible virtual machine called the Metis Virtual Machine (MVM). This execution environment allows developers and users to deploy and interact with applications in an environment that mimics Ethereum. This compatibility also makes it convenient for developers to port over existing projects and code from Ethereum.

The project is in an alpha testnet phase as of May 2021. The MetisLab Foundation plans to release several testnet versions of its protocol in June 2021, with a potential mainnet release slated for September 2021.