TORONTO, ON / ACCESSWIRE / September 19, 2023 / EVM-equivalent Ethereum Layer-2 scaling solution Metis announced The Metis Journey, a $5 million community growth campaign designed to increase on-chain activity with a torrent of new wallets, users, and transactions from other chains, as well as new blockchain users.
The campaign will kick-start by allocating 100,000 METIS tokens to Aave Protocol V3, which powers one of the largest liquidity markets in DeFi, to incentivize supply and borrow activity. The program aims to spark a multiplier effect, increasing Total Value Locked, volume, liquidity, and overall opportunities on the Metis Andromeda Layer 2 network and across the Metis economy.
The goal of the campaign is to initiate a period of accelerated growth and development in the Metis ecosystem by distributing $5 million in incentives to both users and dApps. Boosting new and existing DeFi applications on Metis is also a key objective of the DeFi incentive program, starting with blue-chip liquidity protocol Aave v3. The program will be similar to those employed by leading networks such as Polygon (L2 DeFi), Avalanche (Avalanche Rush), and Optimism (OP Summer).
Tom Ngo, Executive Lead at Metis L2, said: "We are very glad to announce the start of the campaign, as it presents an excellent opportunity for our community to gain from the whole Metis ecosystem. This campaign serves as a step towards the growth of the Metis ecosystem and TVL, paving the way for further advancements and opportunities. As these initiatives progress, users can anticipate more enhancements and increased potential for future collaborations between Metis and other projects."
Stani Kulechov, founder and CEO of Aave Companies, added,"The Aave community is excited that Metis continues to grow their ecosystem, bringing new people to DeFi."
The increased market activity enabled by Aave will set the stage for a wave of opportunities within the ecosystem to swap, stake, farm, and more on other Metis DeFi platforms. In addition to Aave, the DeFi platforms receiving incentives for the community growth campaign include:
-Hummus, an Automated Market Maker and fork of top DeFi platform Balancer, which combines Balancer's algorithm-driven methods of incentivizing liquidity providers and liquidity pools with breakthrough features of its own, including high-yield stableswap capabilities.
-Stargate, a popular EVM cross-chain bridge to enable fast, easy, and secure transactions into and out of the Metis Andromeda network.
-Synapse, another oft-used platform providing secure cross-chain communication, enabling seamless bridging, swapping, and yield farming.
-Unimaia, a fork of leading decentralized exchange Uniswap that combines fast and easy swap capabilities with Uniswap v3 features such as concentrated liquidity, as well as other functionalities.
The ecosystem growth campaign is the first of multiple growth initiatives planned for the next few weeks and months, all aimed at scaling existing Metis dApps, while bringing rapid and sustained expansion to the Metis ecosystem and user base.
Metis is an EVM-Equivalent Ethereum Layer-2 protocol focused on bridging the gap between Web2 and Web3. Metis provides users with a decentralized and scalable easy-to-use network secured by Ethereum. Metis is on the verge of becoming the first decentralized Optimistic Rollup by 2023, and aims to launch the first-ever Hybrid Rollup on Q1 2024, combining the best features of Optimistic and ZK Rollups.