Metis Token

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Discover Metis Token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Metis Token?

Metis Token (METIS) is an ERC-20 governance token used for staking, transaction fees, and other purposes within the Metis ecosystem. It is a key component of the Metis Layer-2 solution, which aims to improve Ethereum's scalability and efficiency. METIS is used by validators called Rangers to ensure transaction validity and can be staked for rewards. Additionally, it is used for transaction fees, purchasing goods and services, and as a financial incentive token in the "Builder Mining" program.

How is Metis Token used?

The Metis Token (METIS) is used in several ways within the Metis ecosystem:

  1. Transaction Fees: METIS is used to pay for transaction fees on the Metis network. This includes fees for deploying smart contracts and conducting decentralized applications (dApps).

  2. Staking: METIS tokens are staked by Rangers to validate transactions and ensure their integrity. This staking process incentivizes Rangers to act honestly, as they risk losing their stake if they act maliciously.

  3. Rewards: METIS tokens are used as rewards for ecosystem development and for participating in the "Builder Mining" program, which offers rewards to member DACs for each transaction they conduct.

  1. Governance: METIS tokens are used for governance purposes, such as voting in the Community Ecosystem Governance (CEG) framework, which allows the community to decentralize decision-making and participate in the governance of the ecosystem.

  2. Purchasing Goods and Services: METIS tokens can be used to purchase goods and services within the Metis protocol.

Overall, the METIS token plays a central role in facilitating transactions, incentivizing network participants, and governing the Metis ecosystem.

How do I store Metis Token?

To store Metis Token (METIS) tokens, you can use several wallet options:

  1. MetaMask: You can add Metis to MetaMask by going to the "Add network" page, entering the required details, and clicking "Save." Alternatively, you can use a one-click button to simplify the process.

  2. Coin98 Wallet: You can store METIS tokens on Coin98 Wallet by opening the wallet, clicking "Receive," searching for the METIS token, and following the prompts.

  3. Ledger: Although Ledger does not directly support METIS, it does support ERC-20 tokens, which includes METIS. You can store METIS on your Ledger device by following the instructions for managing ERC-20 tokens.

  1. Trezor: You can also use a Trezor hardware wallet to store METIS tokens. For detailed instructions, refer to the MetaMask support page.

These wallets provide secure and convenient ways to manage your METIS tokens.

How to buy Metis Token?

To buy Metis Token (METIS) tokens, follow these steps:

Buying from Centralized Exchanges (CEX)
  1. Register and Verify Account:

    • Create an account on a centralized exchange (CEX) such as Binance, Coinbase, or KuCoin.
    • Verify your identity by providing a government-issued ID and enabling two-step verification for security.
  2. Add Funds:

    • Deposit fiat currency (e.g., USD) into your CEX account using a payment method like a bank account, debit card, or wire transfer.
    • Alternatively, you can use a financial service platform like PayPal (available for US residents).
  3. Buy USDT, ETH, or BNB:

  • Use your deposited fiat to purchase USDT, ETH, or BNB, which are commonly traded cryptocurrencies.
  1. Transfer to METIS Trading Pair:

    • If the CEX supports both purchasing USDT, ETH, or BNB via fiat and METIS trading pairs, you can trade within the same platform.
    • Otherwise, transfer your purchased USDT, ETH, or BNB to a CEX that supports METIS trading.
  2. Buy METIS:

    • Use your USDT, ETH, or BNB to buy METIS tokens in the spot market.
Buying from Decentralized Exchanges (DEX)
  1. Set Up a Crypto Wallet:

    • Download and install a Web3 crypto wallet like Metamask or Trust Wallet.
    • Create and set up a new wallet, ensuring you have the necessary cryptocurrencies (e.g., ETH) for the DEX.
  2. Transfer Cryptocurrency:

    • Transfer the necessary cryptocurrency (e.g., ETH) from your CEX wallet to your self-custody crypto wallet address.
  3. Connect to DEX:

  • Connect your wallet to the DEX by clicking "Connect Wallet" and following the instructions.
  1. Swap for METIS:

    • Find the "Swap" option on the DEX, select the token you want to trade from (e.g., ETH), and choose METIS as the token you want to acquire.
    • Enter the amount you want to trade and confirm the swap.
  2. Confirm Transaction:

    • Review the details and confirm the swap. Your wallet will ask you to confirm the action.
Additional Tips
  • Be cautious of fake tokens on DEX and ensure you have the official contract address.
  • Research and compare fees, security features, and supported currencies before choosing an exchange.
  • Consider your investment approach, crypto storage, and other aspects of buying and trading METIS tokens.

For more detailed instructions and specific exchange procedures, refer to the guides provided by CoinCarp, Coinbase, KuCoin, Binance, and CoinCodex.

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History of Metis Token

The Metis token (METIS) is the native cryptocurrency of the Metis protocol, a Layer-2 scaling solution built on Ethereum. Here is a brief history of the token:

  • Initial Dex Offering (IDO) and Initial Exchange Offering (IEO): The METIS token's IDO was held on PAID Network, and its IEO was conducted with Gate.io, both on May 12, 2021. During these offerings, 30,000 tokens were sold at $5 each, raising a total of $150,000.

  • Token Supply and Allocation: The total supply of METIS tokens is capped at 10,000,000. The initial 49.3% of the supply was minted in 2021 and allocated to the Metis cold launch, team, advisors, investors, and ecosystem/community development. The remaining 50.7% is divided among community benefits, early-stage Rangers mining, and Discovery Age community development.

  • Tokenomics and Vesting Schedule: The tokenomics of METIS are designed to incentivize ecosystem growth. The team has a relatively low allocation of 7%, and early investors control 15.5% of the supply. Seed investors hold 1% of the total supply, with half already distributed. The vesting schedule is structured to ensure a steady supply of tokens without significant unlocks.

  • Use Cases: The METIS token serves several purposes, including:

    • Gas Fees: METIS is used to pay transaction fees on the Metis network.
    • Staking: Validators, known as Rangers, stake METIS tokens to validate transactions and ensure the security of the network.
    • Decentralized Autonomous Companies (DACs): METIS is used for staking and governance in DACs, which are decentralized organizations built on the Metis protocol.
    • Reputation System: Staking METIS tokens earns users reputation points, which can be used to establish credibility within the ecosystem.
  • Airdrops and Community Benefits: Metis has reserved 6% of its supply for multi-stage airdrops, which have already distributed both METIS tokens and NFTs to the community. Further airdrops are planned to support the ecosystem.

  • Support and Partnerships: Metis has received significant backing from various organizations, including Gate.io Labs, AU21 Capital, Master Ventures, and others. This support has contributed to the growth and development of the Metis ecosystem.

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How Metis Token works

The Metis Token (METIS) is the native utility token of the Metis ecosystem, a Layer 2 Ethereum scaling solution. It plays a crucial role in powering transactions and incentivizing network participants. Here's how it works:

Transaction Fees

METIS is used to pay for transaction fees on the Metis network. Users need to hold METIS tokens to conduct transactions, such as deploying smart contracts or using decentralized applications (dApps). This ensures that the network is fueled and operational.

Staking for Decentralized Autonomous Companies (DACs)

METIS tokens are also used for staking to become validators on the network. Validators, known as sequencers, are chosen randomly to process state changes on the Ethereum network. To be eligible, they must stake a certain amount of METIS tokens, which helps secure the network and ensures the integrity of transactions.

Liquidity Mining Incentives

METIS tokens are awarded to Rangers and Sequencer pools for contributing to the efficiency of the fraud-proofing systems. This incentivizes participants to maintain the security and stability of the network.

Governance

METIS tokens are used for governance purposes, allowing holders to participate in decision-making processes within the Metis ecosystem. This includes voting on proposals and shaping the future of the platform.

Tokenomics

The tokenomics of METIS are designed to ensure the sustainability and growth of the ecosystem. A significant portion of the gas fees paid in transactions is returned to the protocols building on the Metis network, encouraging developers and projects to contribute actively to the ecosystem.

Other Use Cases

METIS tokens can be used to purchase goods and services within the Metis protocol, further expanding their utility.

Overall, the METIS token is a fundamental element of the Metis ecosystem, facilitating transactions, incentivizing network participants, and enabling governance and decision-making processes.

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Metis Token's strengths

Metis Token (METIS) has several strengths:

  1. Scalability: Metis is designed to improve the scalability of Ethereum by bundling transactions and processing them off-chain before returning them to Ethereum for recording. This results in significantly faster transactions that cost less.

  2. Multi-Faceted Layer-2 Solution: Metis offers a suite of additional products related to NFTs, DAOs, and middleware atop its Andromeda network, making it a comprehensive solution for the Web3 economy.

  3. Tokenomics: Metis employs a robust tokenomics model, where 30% of the gas paid in transactions is returned to the protocols building on the Metis network, incentivizing developers and projects to contribute to the ecosystem.

  1. Decentralization: Metis encourages decentralization among sequencers by staking METIS, which proves financial honesty and contributes to the project's resilience against centralization risks.

  2. Strong Token Allocation: The team has a low allocation of 7%, and early investors control a relatively small percentage of the supply, which is already mostly distributed. This reduces the risk of token inflation and dumping by VCs.

  3. Use Cases: METIS serves multiple purposes, including transaction fees, liquidity mining incentives, and staking for DAC contributors, ensuring its utility and relevance within the Metis ecosystem.

These strengths contribute to the overall value and potential of the Metis Token (METIS) in the cryptocurrency market.

Metis Token's risks

Metis Token (METIS) carries significant risks. According to InvestorsObserver, METIS currently has a high risk rating, indicating that it is a high-risk investment. This rating is based on a proprietary scoring system that evaluates how much money is required to move the price over the past 24 hours, considering recent changes in volume and market capitalization to assess how easily the token can be manipulated by limited trading.

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Did Metis Token raise funds?

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Metis Token’s team

  • Elena Sinelnikova: Co-founder and Decentralization Coordinator (People and Education) at Metis Foundation, founder of CryptoChicks, and a prominent figure in blockchain education and advocacy.
  • Kevin.L: Co-founder and Decentralization Coordinator (Strategy) at Metis.
  • Yuan.S: Co-founder and Decentralization Coordinator (Innovation) at Metis.
  • Natalia.A: Decentralization Coordinator (Planning) at Metis.
  • Tom.N: L2 Executive Lead at Metis.
  • Jose.A: L2 Marketing Lead at Metis.
  • Matt.G: L2 Business Development Lead at Metis.
  • Norbert.A: L2 Communications and Metis Africa Lead at Metis.
  • Aman.S: L2 Business Development Associate at Metis.
  • Sheyda.L: L2 Digital Marketing Specialist at Metis.
  • Natalia.D: L2 CEG & Partnership Coordinator at Metis.
  • Yaroslav.K: L2 Russian Community & Advocate Program Manager at Metis.
  • Akwasi.A: L2 Discord Community Manager at Metis.
  • Vladimir.B: L2 Tech Community & Integration Associate at Metis.
  • Brett.W: L2 Business Development Associate & Internal Risk Coordinator at Metis.
  • Rami.H: L2 DevRel at Metis.
  • Esau.B: L2 Agile Coach at Metis.
  • Richie.P: L2 Social Media Manager at Metis.
  • Victor.M: L2 Developer Relations at Metis.

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