I wrote about Metis 7 months ago and it was "down only" since then in terms of prices but this recent Chainlink integration is completely changing the game sending most Metis ecosystem tokens straight to the Moon.
Here is everything you need to know.
Chainlink Integration
Two days ago, on August 3rd, MetisDAO published a blog post on Medium announcing the integration of Chainlink oracles on the Metis chain. This may sound like just another news update but for Metis this is huge since reliable price feeds is what was holding it back from greater adoption.
On paper, and in practice, Metis outperforms any other Ethereum L2 chain by a huge margin. Transaction fees are currently at $0.07 per transaction and confirmations are almost instant. If you use Metis once you realize how things should be, especially in a world where we want to bring blockchain tech closer to everyone, especially those that can't afford a few dollars for a simple transaction.
Now that Chainlink price feeds are deployed everyone is expecting "blue chip" protocols to start deploying on Metis. Sushiswap is already onboard and many more names should be coming very soon. This, accompanied by a $100M ecosystem fund should make Metis very attractive for both builders and users.
You can find a lot more info regarding these events in the video below.
Metis In Numbers
TVL on Metis has been on a wild ride reaching almost $500M in TVL during the bull market peak and then going all the way down to ~$30M. As of today, the TVL sits at ~$55M with an upward trend thanks to the Chainlink news.
When it comes to projects most of them have below $10M in total value locked but this doesn't mean they aren't useful. During the early days, some protocols got exploited and the already low interest for Metis drove a lot of people away. This seems to be changing rapidly.
Usage is still fairly low so it is more than safe to assume that we are as early as it gets for Metis, if the bullish narrative continues to unfold.
Some popular tokens like Tethys are held by only 3k wallets so do your own math and invest responsibly.
Protocols Worth Metnioning
If you do decide to give Metis a try here is a list of protocols that have shown their worth and are still viable picks on this blockchain:
Tethys offers everything a yield farmer would want to see. They have an AMM, staking, farming and leveraged yield farming. You can either increase your income by leveraging your LP or you can earn by lending your tokens to farmers at the current market rates that are determined by supply and demand.
Hermes is a similar project but with Ve tokenomics which are well-known to Polycub holders. You can lock your Hermes tokens, vote on the reward distribution pools, and earn some crypto in the process. The team behind Hermes developed Maia DAO, an OHM fork for anyone that is looking for some simple yield farming strategies.
Revenant aims to become the first decentralized gaming ecosystem on Metis with some seemingly exciting titles in the works.
Their GAMEFI token has been on a crazy run recently but it still has a very low number of holders.
If you are looking for investment opportunities be sure to do some research on this one. I'm sure you won't regret it.
If you think that this Metis-Chainlink news will eventually bring more users then maybe picking up some cheap NFTs isn't as bad as it sounds. Most of them are just copies of NFT projects on Ethereum but they can be bought for about $5 at current prices. There is no guarantee they will go up in price but owning one or two may turn out to be a good and inexpensive choice.
More protocols, bridges and info in general can be found on DeFi Lama.
This is not financial advice. Do your own research before investing in any project mentioned above.