March in Andromeda

6 min readMay 1, 2023

February was a fantastic month for Metis. It was a month that surpassed all prior expectations. We had a lot of news, new projects and activity on the network.

Nevertheless, March had just as big of plans for Andromeda…

Let’s go over some of March’s most notable moments in Metis:

Hybrid Roll-Ups

This month, a revolutionary breakout happened in the world of Ethereum and Crypto.

The Metis DAO Foundation announced that they are building the first-ever Hybrid Rollup, combining the transcendent scalability of Optimistic Rollups with the security and fast finality of Zero-Knowledge Rollups.

By combining these 2 architectures, Metis will provide a secure, developer-friendly Layer 2 for Ethereum developers to deploy all types of decentralized applications.

The high-level scalability of Optimistic Rollup architecture, working in tandem with the security, censorship resistance, and fast finality enabled by Zero-Knowledge proofs, will provide a rollup architecture like never seen before.

Metis will make the development of this new architecture one of its top priorities, and will open-source the technology, as they believe collaboration is an essential part of Ethereum’s and web3’s ethos.

Aave Proposal Passed

Aave is officially coming to Metis! (very soon)

After a successful vote with more than 16,000 participants from the Aave community, and thanks to the diligent research and analysis of BGD Labs, Chaos Labs, and Gauntlet Network, Aave will be deploying on Metis Andromeda.

This deployment is a major milestone for Metis, as it highlights the network’s potential as a central hub for DeFi innovation.

Partnering with such a prominent decentralized lending platform will attract more projects and users to Metis; driving more adoption + growth to the network and unlocking a future of boundless opportunities and advancements in Web3.

This version is grammatically correct and effectively conveys the significance of Aave’s deployment on Metis Andromeda.

Daotribution closure

In March, the MetisDAO Foundation launched the DAOtribution Campaign, a grant program to support the growth of decentralized autonomous communities (DACs) on the KORIS application. The program was a resounding success, with more than 200 DACs applying for funding to launch on KORIS and use the platform to benefit other DAOs through a core product or service.

This overwhelming response highlights the growing interest in DACs and their potential to transform the world of blockchain and finance. By providing funding for DACs to launch on KORIS, the campaign is helping to foster community growth and innovation in the space.

The impact of the program will be felt for years to come as more and more DACs are empowered to bring their ideas to life and change the future of decentralized finance.

Hummus bribes and gauges

Hummus has introduced a new feature called “gauges and bribes” that brings more decentralization, utility, and rewards to the platform.

Liquidity providers need to migrate to continue receiving rewards, and veHUM holders can vote for where the protocol staking rewards go. The more votes a pool receives, the more HUM and METIS emissions are directed to it, resulting in a higher yield for that pool. Bribes are additional incentives offered by other users, often other groups such as dApps, to attract more votes from veHUM holders.

HUM token rewards have been reduced from 3 million to 2 million tokens per month, and the addition of gauges and bribes provides HUM tokens with even more utility.

These new features significantly increase the utility of HUM and veHUM tokens and their value, making them even more attractive to investors.

Tethys Cap Raised

After just two short months since the announcement of Tethys perpetual, the first DEX to offer Metis leverage trading, Tethys Finance has achieved an unparalleled level of success within the ecosystem.

Now, after a long process of development and hard work from the team, Tethys Finance has officially raised the Metis cap to $260,000. Which means that a lot more people can now long Metis on the platform.

Volume and usage have gone parabolic since the launch of this feature.

Builder Mining Rewards

Every month, MetisDAO Foundation gives back a portion of the network transaction fees to all ecosystem projects generating transaction volume. This is MetisDAO Foundation’s way to retroactively fund all and every project contributing to the network’s activity.

Top 5 Performing Projects in January:

1. MaiaDAO / Hermes Protocol

MaiaDAO/Hermes Protocol drove the most network activity in Andromeda out of all dApps.

Maia is the yield powerhouse of Metis.

It aims to be a one stop shop for different financial instruments, a fully fledged trading hub with Hermes being the first piece of the puzzle.

Hermes’ main goal is to let users and other decentralized protocols exchange both volatile assets (DAI to WETH for example) and stablecoins (DAI to USDC for example) through it with low fees and low slippage.

2. Netswap

Netswap, the first ever DEX deployed in Metis Andromeda, was the 2nd largest driver of network activity for the month of March.

The preferred feature is, undoubtedly, their staking platform, as it allows Netswap users to stake their tokens for METIS rewards; stake for veNETT, allowing users to get dividend airdrops; and stake for wNETT, giving users access to participate in upcoming IDOs.

All these, combined with an awakening Netswap community, have led to its great March performance.

3. Hera Finance

The high level of interaction with Hera’s application is tied to product market fit.

There are many isolated AMM liquidity pools that traders might want to compare or/and access across the ecosystem: Hera makes this possible and seamless. Their artificial intelligence finds all relevant swap data for traders, and presents them the option that most optimizes their swap experience on Metis.

This is especially the case for end users that are trading with larger levels of capital.

4. Hummus Exchange

Hummus, one of the most interesting protocols on Andromeda, was the 4th largest driver of network activity for the month of March.

Hummus has been among the top drivers of network activity in Andromeda since their deployment. It provides unmatched ease for users to swap between stables with near zero slippage.

The protocol accomplishes such low slippage through their single-sided stable pools, currently incentivized and yielding rates ranging from 9–13%, making it the highest single-sided stable yields in all DeFi.

Hummus has demonstrated stability and constant progress, contributing to their high network activity, month after month.

5. Tethys Finance

Tethys finance is a fast, secure, reliable, and advanced native decentralized exchange app on the Metis network to handle all kinds of trading needs.

After just two short months since the announcement of Tethys perpetual, the first DEX to offer Metis leverage trading, Tethys Finance has achieved an unparalleled level of success within the ecosystem.

Now, after a long process of development and hard work from the team, Tethys Finance has officially raised the Metis cap to $260,000. Which means that a lot more people can now long Metis on the platform.

Honorable Mentions

Even though we tend to just mention the Top 5, the following 2 protocols showed strong growth and activity throughout March, making it impossible to leave them out of the BMR Top 5.

6. Synapse

Synapse is a universal interoperability protocol that enables secure cross-chain communication.

It connects blockchains by offering an extensible cross-chain messaging protocol that supports assets, smart contract calls, and more.

But, this protocol is not only a fantastic bridge, but also offers extremely competitive passive yield alternatives for volatile and stable crypto assets.

Their Metis Stableswap Pool is currently offering users a 15% yield.

7. Relay

Relay is a bridge aggregator that finds you the best deal when bridging your tokens.

The bridge aggregator builds on top of other bridging protocols to find the most economical path to bridge the user’s funds. This path is identified and used automatically.

The high level of interaction with Relay is mostly tied to 4 characteristics:

  • It’s fast and effective
  • It’s secure
  • It’s very reliable
  • It has low fees

Looking for an ecosystem to launch your new project? Search no more.

Metis supports its ecosystem builders all the way down the road. Take advantage of our Builder Mining Rewards program, and leverage the benefits of delivering a good product.

Retroactive funding is key for the short and long term sustainability of Public Goods, such as the Metis Ecosystem. Learn more about Builder Mining Rewards:

About Metis

Metis Andromeda is an EVM-Equivalent Ethereum Layer-2 focused on bridging the gap between Web2 and Web3. Metis provides users with a secure, decentralized, and scalable easy-to-use network. By combining a robust Layer 2 with on-chain credentials and Decentralized Autonomous Companies (DACs), Metis is building the perfect ecosystem to host open, decentralized and trustless collaboration, secured by Ethereum.

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