Welcome to the VestaDAO news letter – bringing you recent no-frills information from around the Metis ecosystem. If you know of a project coming to Metis or with an upcoming announcement please don’t hesistate to let us know! You can reach us on Twitter/X, Telegram, or by emailing team@vdao.online.
Metis takes another step towards decentralization:
Metis has delivered yet again on its path to delivering the first decentralized #EVM# layer 2*. Last week Metis holders voted for and selected six new operators for Metis #sequencer nodes#. In no particular order these were:
Three of these projects will be assigned a sequencer node soon. If recent history is anything to go by we expect Metis to be very hands on in the implementation of these first nodes to ensure things go smoothly.
This represents a promising step forward for the Metis Network; adding security to the network as well as providing those looking to stake their Metis with more choice. With added competition in the area Metis holders should benefit from overall improved service from node operators as they compete for #TVL#.
Additionally due to the #Metis Builder Mining# program each of these operators will in theory be incentivized to onboard new users/stakers. We will update you on this as it unfolds.
*Decentralized sequencers are just one part of having a truly decentralized network. You can read more in our Metis Deep Dive.
An opportunity to vote for security:
Metis has announced a #CEG# vote for its contribution to an upcoming audit of Optimism’s #fraud proofs# implementation; hosted by Code4rena. Code4rena is a #web3# security #DAO#; they help facilitate contests for auditing smart contracts. They have multiple different formats but essentially they offer up a prize pool (in this instance sponsored by #Optimism# and networks that use it), which incentivizes top web3 security experts to compete for it by looking for vulnerabilities in the code.
Metis proposes that they contribute $15k worth of Metis tokens to the prize pool. Metis plans to adopt an adjusted version of the Optimism fraud proofs implementation and so it is in their best interest to ensure that it is free of vulnerabilities. Additionally this could serve as an opportunity for Metis to demonstrate its commitment to security in web3 to the wider community.
0/4 on the first CEG vote in weeks:
Last week’s #CEG# vote was the first in weeks as they were temporarily put on hold to make space for the aforementioned node operator vote. All four projects (Primis, Zen Card, Shards App, and VestaDAO) failed to meet #quorum# for the minimum of 500 voting wallets. This was likely due to poor overall market conditions; a theory supported by the relatively low turn-out in the incredibly crucial #sequencer node# votes. OKX for example, despite receiving more than 87,000 “yes” votes (out of 10,000 needed), received votes from just 530 total wallets (with 500 required).
This illustrates a potential flaw in the CEG system as highlighted by our Metis CEG article; namely that multiple of these projects would have passed had they gamed the system and created additional wallets; this is also the case for several would-be node operators.
Network Activity on the rise (slightly):
After falling drastically over the last six months Metis network activity is showing signs of creeping back up. It is at 0.25 transactions per second (TPS) at the time of writing; roughly double the monthly (and yearly) low of 0.13.
You can follow TPS for yourself as well as other useful network stats on L2Beat.
