Metis launches decentralized sequencer on mainnet

0:01I'm ashon Addison from the Crypto Coin Show and today on blockchain interviews we have Tom no executive lead at mettis Tom welcome to the show and thanks for taking the time great thanks for having me you're very welcome excited to dive into medic's layer 2 protocol we've had the CEO on in the past years and so much has happened since then I know

0:23the protocol is in main net now and there's so much growth happening in all the different little sub sectors of crypto I'm excited to learn more about the intricacies of the layer 2 and how it all works I'd love to start off our conversation with just a high level on if you could explain sort of what is mettis and what makes it unique then we can dive into all the

0:44details yeah mettis is a L2 infrastructure scaling ethereum the reason metas was created to really expand on the eals of why blockchain and ethereum exists with that three founders came on board and came together to build the metas L2 organization so here we have been able to really Pioneer and push the boundar of what L2 can do first one of the first Network to

1:14really move data availability off chain so you can say that modularity has already been in play in the early days and we recently also launched the first sequencer pool for an ether ethereum L2 as well so super s to talk about that there today very cool and now that there are many layer 2os on top of ethereum it's great because you're getting faster

1:41transactions and cheaper but there's so many to choose from can you explain a little bit on what makes a layer two good and how can you decipher between all of the different layer twos to choose from to develop apps or to do transactions on top of ethereum yeah I think fun mentally the reason and why L2 exists we are all unified for the same reason making

2:06ethereum experience faster with solving the security also the scalability issue with blockchain itself so from a standpoint of just like a infrastructure side we are very similar in many ways what makes metas unique is we have a very mature ecosystem a mature economic model as well also utilizing medas not just for gas for governance but also

2:32securing the network with the sequencer so that's one of the major highlight of what makes met different we're heavily into Defi and we see this is a really big sector for blockchain itself and Emerging Market is one of the areas that we're tackling with some great partners that we're we're happy to on board very cool I'm interested in the D5

2:53part I would love to dive into that later and you know one of the taglines that I saw for medic was it's super fluid and self-sustainable could you explain what that means yeah super fluid is creating an environment where capital and assets are really expandable with having a native asset to secure a network and really moving into our partnership with ion lir it opens up a

3:19layer of lrts which is unique majority of the l2s utilize ethereum metas is utilizing the meta asset to really secure the network with partnership with a ler will definitely explore dual staking how we can combine met as a security aspect as well as a theor validator so from a standpoint super fluid is creating really expansive capital and utility in the

3:44ecosystem and creating an interoperability our recent announcement with chaining ccip is really expanding that with our Network one of the things that we see challenging for blockchain itself is interoperability and liquidity fragment ation and creating a very interactive environment to other chains with ccip we see that as an important kind of step

4:08forward for Mass adoption for the normal User it's hard to bridge hard to interact with defi there's like multiple defi dos on different EOS system but imagine being able to interact with just your own network that you choose and interact with other area other daps within the whole industry as a whole without having to leave you know your network yeah interop interoperability is

4:32going to be key for sure especially to build on to the network effect of ethereum and you mentioned there about igen layer and like liquid tokens could you explain that a little bit further in does that mean it's advantageous for people to stake their ethereum on mettis or using a liquid staking token mechanism like how exactly does that work yeah a lot networks and

4:59protocols looking to expand how to utilize you know their stake asset and accepting that on the network for medas really allows DS to bring on assets and utilize it in the different defi adaps so imagine having to be able to use your LRT and staking it or working with adap and then really expanding on the opportunity that you can really extract from your interaction with blockchain

5:23and defi as well that's how we see it and with met is having our own asset to secure the networ this opens up that economy for met asset as well you can stake it to secure the network you can take that I would say lock the asset for to secure the network and then you can utilize that with certain daps that do accept that to really expand on

5:45the defi usage and interacting with the new exciting Innovative deps in the ecosystem that's very cool and with the amount of daps coming in what is the key to having a lot of daps being built on medic or being moved over from ethereum how do you make an ecosystem that incentivizes users to come and use those daps and for a lot of DBS to be built so that there's

6:10not just one Dap You know you really need to have an expansive ecosystem yeah we're working with some of the top protocols U most exciting one that just launched is hercul exchange a very Innovative Dex that really has proven it with a code Source from the Camelot exchange from arbitrum that's one one exciting area we have wagney it's a very I would say

6:33intuitive deck as well they would consider that like a centralized exchange experience but onchain where you have leverage trading as well and we have a few other adaps that are coming on board probably industry first we'll highlight that when that's ready so we have a quite a few exciting defi daps that are building working with some of the biggest names as well we

6:55currently have a as as one of our Forefront apps in the ecosystem yeah that's a good one to have and I like that there's a lot of deck is being built I think people need Alternatives or complimentary exchanges on top of centralized exchanges because sometimes you know the crypto is moving so fast it's nice to also have a decentralized space and a blockchain

7:21that's fast and cheap you don't have to trust third parties you can start using the dexes and then get more comfortable with defi as well with those de dex's and also defi applications is there you know what are the incentives for those dexes they have all these choices of where they're going to build their their protocol on top of and they choose medis is there an

7:46incentive for them to do so or just the advantages of know the speed and cost of the blockchain yeah I think it's it's working with teams that have Innovative approach to Dexter right Dexter are known to really emit a lot of I would say rewards to attract liquidity I think there's many different approach and many different viewpoints of what Dex is kind of the right decks

8:09but we welcome all I think it's open market and building that community and really opening up that channel where any Decks that would like to build on top of in medic ecosystem they can apply for Grant put up their proposal and our team would definitely happy to review and support being a smaller team we're we're fairly Nimble so we can

8:28work closely with the project give them support that they need and actually kind of connec them with other protocols in the ecosystem so they can be successful yeah no that's a great point and I was curious about that is there a medic Labs or Foundation or like a venture arm that helps incubate build daps how exactly are you helping daps enter into the medic

8:52ecosystem yeah so our ecosystem Development Fund that we just launched is a 4.6 million medic ecosystem Development Fund is utilized in the multiple aspect that you just highlighted right what do projects need sometimes they need Capital to kind of Bo Str their team they need you know Capital to run audits these are things that we can support through the

9:13ecosystem Development Fund to support any project in the different vertical that they may need support in from business to development to marketing and is that an ongoing campaign where say there's already daps that are on ethereum or somebody that's just looking to start developers looking to start a new d how would they approach you do they have

9:37to be at a certain stage and then you'd fund them and help them with other resources how does that work yeah so if anybody interested they can just apply and see what they need either a new project that is you know Fresh Start or a product that's more mature you know we have a we have a few big games that we're talking with already

9:59and ly just finalizing on some details that would are big and successful on other network they're just looking for an era to really expand I think kind of the Omni chain experience and really having user interact interoperability into the ecosystem like Radiance a good one right they're they're really focused on the Omni train experience great team so these are

10:19some of the protocols that we are speaking to and we see the value in having a user base that trust that name trust the DAP itself definitely no that's a good that's a good key and with that Omni chain experience does that just mean easily connecting into the evm ecosystem or other blockchains in other programming languages that also have liquidity U how far can like the cross

10:44chain experience reach I think sky is the limit currently evm is the most accessible currently just the interoperability there I think there's a lot of great teams building the interaction interaction between Cosmo and Solana as well we see the future of blockchain almost unified as one Are We There Yet quite not there you know when you're interacting you're

11:06still kind of cringing if your assets are moving correctly I'm pretty sure you feel the same way Ashton sometimes but yeah with evm chain I think there's a lot of a there's almost like a baseline of compatibility and for being L2 any dap on ethereum can build and Port their Pro protocol onto the Met ecosystem fairly easily no I think that's key to adoption

11:30interoperability and adaptability and getting past those initial startups of like getting into the ecosystem and you know I know a lot of people still that are they hold Bitcoin and they hold ethereum but they still haven't really dove into layer twos maybe they're scared of the bridging experience or they don't know exactly you know it's a little bit foreign to them what's the

11:54key to lowering the barriers to entry to get onto a layer two like mettis if you're stuck on just hold holding just core ethereum yeah I think that we're listed on I mean metas itself is listed on many exchanges with the network integrated into those centralized exchange so that's I would say the first and lowest beer of Entry it's no different right the experience

12:15is the same everything in the back end is you don't really see but from a defi and just onchain experience yeah we see a lot of capital flowing into L2 7 billion last year we're going north of 30 35 billion and growing from when I last check so it's just a matter of time right you have your early adopters then it becomes mainstream and people are realizing

12:41interacting with the main chain is so expensive and it's not very practical in Emerging Markets we see you know people using this as a P2P a value transfer Network then you know transferring $5 and paying $4 for gas fee or $3 depending on usage then is unpredictable right that's that's kind of the challenge that L2 really solve for mainstream adoption MH yeah no

13:07that's a great point if the you know the fear of the unknown was a disincentive then looking at the gas fee on ethereum Main net is definitely an incentive to understand hey there are new chains that are on the evm network that are just so much faster and cheaper and especially if you're in Emerging Markets you know it really doesn't take that many minutes of your time to

13:30understand hey I can just Bridge or I can just withdraw off of binance onto the med chain instead of ethereum mainnet and it's like just one click exactly very cool and you know we had medis on many years ago I know this is a many many multi-year project and in the future as well I'm sure there's Decades of planning but I want to talk about the present day and where

13:57exactly the status of the main net and the latest updates I saw a recent post about you know an update to the main net can you talk about exactly the status of the chain and all the work that's been done up till now yeah so Met has started off as an optimistic based Cod stack and really have evolved into its own Tech stack where where we are totally unique to ourselves we did

14:21data availability off chain and recently we opened up the sequencer pool and rotation so this is an Innovative and really industry first for us what's next we have phase two of the decentralized sequencer where we will integrate the rewarding mechanism for supporters of the network itself and looking towards Q3 Q4 we will have one of the first change

14:45to have hybrid roll up with optimistic and ZK proof combined so we're super excited about that and all the ecosystem and the projects that we'll be building to support and with that sequencer or the decentralized sequencer what does that mean exactly is that the sequence of transactions being confirmed or what is a sequencer yeah most ler 2 currently

15:10operate with one sequencer meaning that there is high chance or any I would say risk of censorship if the sequencer goes down the network stalls there's ways to I would say interact with L1 but yet it's almost it creates a not a fluid experience but liveliness is also affected and that's the ethos of blockchain right liveliness immutable censorship resistant so being

15:37L2 I think that is just the evolutional step for what a L2 should do if we want to really follow with blockchain and Etho the vision of why blockchain was created okay no that's great thanks for the explanation Tom and speaking of decentralization and having more people involved in more locations and I know that there's a few different

16:02Community involvement aspects on met on how the community can get involved or vote on the governance or projects can you explain exactly how everyday people get involved in medicine help govern it yeah we have ceg which helps govern some of the protocols that come through proposals that we post regarding the sequencer Community can just interact

16:25with the page vote and we will will also expand on how we do our voting and governance to really in line of decentralization one of the things that we see is you know it's almost like a it's who has the most asset that has the most voice in a voting scenario and with us our approach is baning out with reputation as well as who are the contributors to the ecosystem right not

16:51really influenced by certain I would say personal desire but actually for the DAP the network itself and it more balanced and really distributed way MH yeah I know I think that's key and it sounds like there's a lot of growth on the deck side and the defi side I'm curious on your prospects for the growth of defi this sector you know there was a

17:15huge explosion of defi in the 2021 run and the industry still isn't really back to that amount of tvl although I think the base assets really inflated it up and I feel like we're getting towards that point and probably will explode much bigger than previous Cycles in defi what do you think about the advancements of defi where it is now compared to last cycle and you know are

17:39we just at the beginning are these fundamental advancements actually going to make defi 10x bigger you know what are your prospects for that yeah I think the evolution of the space with a huge adoption of count abstraction ways for users C actually I would say the main mainstream users to recover passwords or interact with the chain without really having to know

18:01metamask is the key thing people can create a wallet just using their social login their Gmail their email account it's it's a huge step we see that with gaming currently gaming has been a big talk in the industry but yet haven't haven't really quite taken off and sustained I think D5 will always always be key and there's always room to improve we won't get to where a point

18:23where until we feel like Hey we're interacting with like our mobile dap and we're interacting with a blockchain where we don't even see the blockchain interaction everything just smooth and seamless like operating and download any dap and also having the security of like hey I can trust this dap right and not have to go back and do your due due diligence and make sure that you know

18:42this is not a militia DB I think that's one of the key things is the security side as well and having trust is sort to verify some of these STS but most most most ecosystems have their their website where you can explore the ecosystem those that's a good resources for anybody to interact really get to know what's being built who who is supporting that and how the network

19:03is also endorsing or you know helping to verify some of these protocols definitely now I've seen some of the ecosystem websites they have a link to sort of showcase the new daps you know and I know dex's and defi are popular and close to my heart and I think it's one of the first movers but there's so many other Industries like you mentioned gaming or nfts other

19:29industry use cases are those things that you're starting to see as well those kinds of applications coming to medic and saying hey we want to build with this underlying technology yeah we're we're super excited to on board defi Kingdom they will be launching their first and something that they've been building for the last few years is PVP and with this

19:51medic will be the home for the Coliseum where players from def5 Kingdom Community which is already on a few chains and they have really they have big very very Vibrant Community as well will'll be able to interact on medic and go back to their home chain we're seeing es Sports within the defi Kingdom team and really expanding all that this is our first initial

20:12team that we're supporting they have proven to be here for the long run been through a few I would say cycles and has what it takes to really deliver and really innovate so super excited to really dive into the gaming sector and kicking it off with the team from the I5 Kingdom MH now that great and I think that there's so much growth in the gaming sector you know gaming is a multi

20:37multi-billion dollar Big Industry much bigger than than the size of crypto and because at least the audience is like most of the world and once that blockchain gets integrated whether it's just in the back end as you say they don't really know that they're using it eventually they're going to reap the benefits and that technology will be used for most people around the world

20:56that are gaming yeah I believe so too as well gaming is huge in the APAC region and you see how big twitch is and game streaming is blockchain is just it's we're almost there and what are you in the team doing to prepare for the future or what else is in the road map in growing the protocol or looking for different applications and just getting more users

21:21to onboard their capital from ethereum and other chains into mettis for metas as a whole we've been always innovating and we'll continue to innovate we'll see what the industry how the industry evolves and we'll continue to contribute to the in Innovations and really leading this side in terms of how do we really see adoption it's really supporting

21:44Innovative daps the daps utility of how these teams utilize blockchain is the key thing we are just the base infrastructure to create that environment where teams can easily build they can have a reliable Network to really you know rely on is the key thing and investing and in really supporting those team is how you drive users I think with M the major daps that we use

22:05today right they don't under they don't see the underlying internet connection it's basically they see the adap itself so the DAP the teams is really what makes and real Drive user adoption to any network I'm excited to follow the growth would love to have you guys back on in the near future after the summer we'll see how defi summer goes and just everything from Bitcoin ETF

22:29other potential ETFs and I think that capital is going to slowly trickle down into Defi and layer 2os as well so it's a it's an exciting future yeah we're super excited and glad to be here glad to be contributing to the ecosystem and IM meeting great people like you that have been with the space and yeah we'll have another conversation six months 12

22:49months down the line and it'll be something totally different and new and evolutionary definitely and Tom is there a best place for people to learn more about mettis or look at those ecosystem daps or jump into the socials and ask questions yeah mettis doio is a great resource also metas L2 is our social handle those are the two pillars of resources that any new user that would

23:14like to learn more about medas if they're a builder we have applications online as well so please you to stop by visit the page any questions feel free to reach out to us on social media sounds great Tom and will leave those links in the show notes below all the best with mettis and everything moving forward let's definitely follow up in the near future ashon thank

23:48you