TORONTO, ON / ACCESSWIRE / January 8, 2024 / Daniele Sesta has deployed his newest venture, WAGMI, on the up-and-coming Layer 2 network Metis. WAGMI will receive a $2 million grant, the first disbursement of the 4,600,000 METIS ecosystem development fund (currently valued at around $375 million).
The DeFi magnate, who attracted billions of dollars in TVL to Fantom and Avalanche, announced plans for long-term collaborations with Metis and said in a recent Space that he has never seen so much potential in a blockchain network. WAGMI will greatly enhance composability on the Metis ecosystem, and its team has already started conversations with numerous Metis ecosystem DeFi protocols regarding potential collaborations.
A DeFi Product Suite
Daniele Sesta's protocol, WAGMI, plans to offer a comprehensive DeFi solution to Metis users. Upon launch, it will offer users:
- Swaps (DEX)
- Arbitrage Bots
- Concentrated liquidity management strategies
The DEX component will allow permissionless pool creation. It will allow for highly efficient trades, as liquidity will be strategically managed by GMI strategies. The arbitrage bots will be a way for market inefficiencies to become users' returns. Users will be able to directly interact with these bots and obtain revenue that would've been left on the table otherwise. Finally, the GMI strategies are the USP of WAGMI, allowing users to seamlessly interact with concentrated liquidity pools. If you've provided liquidity on Concentrated liquidity AMMs, you know how much of a pain it can be; WAGMI plans to solve these pain points.
Shortly after the deployment, the crypto innovator plans to launch a perpetual contracts trading product, allowing users to trade major tokens and ecosystem tokens with leverage, while eliminating the risk of users being liquidated because of price manipulation.
For more information about WAGMI, check out the project on X at https://twitter.com/PopsicleFinance
For more information about Metis, please visit https://twitter.com/MetisDAO.
About Metis
Metis is an EVM-Equivalent Ethereum Layer-2 protocol focused on bridging the gap between Web2 and Web3. Metis provides users with a secure, decentralized, and scalable easy-to-use network.
Contact:
Colin Landers
[email protected]
SOURCE: Metis