Review and Rating
SVET.Vision Review and Ratings for Metis
Singularity: Metis is an Ethereum layer 2 scaling solution and general infrastructure that seeks to provide faster and cheaper transactions. In fact, metis is also known to provide solutions to the affordable storage and the scalability issues of Ethereum. It also provides a better transition from web 2.0 to web 3.0. Tristan Metaverse CEO Frank L. said this about Metis: “Metis is an answer to what Layer 2 is lacking. It is shaping up to be an ecosystem capable of filling the colossal void in the Layer 2 marketplace that we want to take part in."
However, Metis faces fierce competition from the likes of Arbitrum, dYdX, Optimism, Boba Network, Loopring, zkSync, Immutable X, DiversiFi, Sorare, Aztec, ZKSwap, ZKSpace, OMG Network, Polygon Hermez, Layer2.Finance, Gluon, Fuel v1, StarkNet. Its major competition comes from Arbitrum ($3.19 billion TVL), dYdX ($981 million TVL), and Optimism ($465 million TVL). Metis Andromeda has a TVL of $457 million. It is very difficult to win against all of its competitors, especially Arbitrum having over 50% of the total market shares. Since Metis has several well-established competitors, I believe it is fair to rate it "b" for singularity.
Volume: Metis has recorded an incredible market size rising through the ranks of the list of Ethereum layer 2 scaling solutions to become the fourth largest in terms of Total Value Locked. According to L2BEAT, an analytical and research website that provides information on Ethereum layer 2 scaling solutions, Metis' TVL is $457 million, only behind Arbitrum, dYdX, and Optimism. In the last seven days, Metis has seen its value increase by a little over 10%. The total TVL of the Ethereum layer 2 scaling solution market is $5.83 billion, and Metis makes up 7.84% of the total market shares. For the sake of its addressed market being in the hundreds of millions of US Dollars, I will rate it "b" under this category.
Empathy: Under this category, I took a brief search on the various social media platforms of Metis to understand the size of its community, and I must confess that it is pretty promising. Its Telegram channel has 35,751 members. On the official Twitter account, Metis has 117.5K followers. However, its community on Facebook, LinkedIn, Instagram, and Reddit are pretty discouraging. It has only 61 followers on Facebook, 965 followers on LinkedIn, 513 followers on Instagram, and 755 members on Reddit. It also has a pretty good number and frequency of users' replies, likes, and dislikes on social media platforms. Under this category, I will rate it "b" since its followers' community is in the hundreds of thousands.
Timing/TimeLine: Metis has so far attracted 75 ecosystem partners. According to the team, its future development plans are very promising with 2022 expected to see the release of the Memolabs-based decentralized storage feature. This is expected to be integrated into the Andromeda mainnet in Q1 this year. Metis Ranger feature will also see its integration into the Andromeda network in Q2 this year. The community will be able to take part in the Metis Sequencer Pool, and verifiers will be able to launch a real-time verification.
In this era where Web 3.0 and metaverse are taking the center stage of the internet, these developmental projects in the pipeline can perfectly become their backbones. As I said earlier, the implementation of these initiatives could perfectly help the transition into the new era of the internet. It is also important to note that Metis has consistently met all of its major milestones in the last 24 months, so I will rate it "b" under this category.