TORONTO / March 30, 2021 — Ethereum Layer 2 protocol Metis today announced the completion of its private A round of financing, raising $3 million to build its flagship Metis Rollup solution.
Metis drew widespread interest for its A round, with an array of established blockchain, crypto, and DeFi investment firms coming aboard. The main investors for this round included: Block Dream Fund, Genblock Capital, Cryptomeria Capital, Consensus Lab, PARSIQ, YBB Foundation, Flurry Capital, Chronos Ventures, Gate.io, 7 O’Clock Foundation, and BMW Capital.
With its private A round completed, Metis will next pivot to the release of its Layer 2 Alpha testnet launch, coming soon. The initiative will enable decentralised finance projects to trial the creation and management of their own dApps on Metis Rollup, a scalable Layer 2 solution that offers increased functionality, a high level of scalability, and ultra-low fees when compared to other rollup platforms.
Built using a optimized version of Optimistic Rollups, Metis Rollup enables users to easily launch their own decentralised applications and leverage the embedded framework of Decentralised Autonomous Companies (DACs) to manage decentralised collaborations from within. The Alpha testnet will give interested parties an opportunity to experiment with some showcase features of Metis ahead of the Layer 2 mainnet launch.
Rollups entail transactions being batched into a single tx on Layer 2, before later being broadcast to the main network — Ethereum — to ensure full finality. Leading developers, including Ethereum founder Vitalik Buterin, have advocated rollups as the best solution for scaling Ethereum.
Metis Rollup will offer numerous functions that could not be effectively carried out on Layer 1. These include micropayments, business applications, and incentivised social media dApps that support a thriving economy between creators, influencers, and fans.
Metis also solves several problems inherent to existing Layer 2 solutions. Some of the advantages of the Metis Rollup include:
- Eliminating bottlenecks of long waiting time from Layer 2 to Layer 1
- Providing greater decentralisation through the use of multiple VMs
- Offering greater usability by providing enhanced privacy (storing sensitive data to IPFS) and…