Ethereum Scaling Network Metis to Become First L2 to Enable Shared Network Ownership
Toronto, Ontario, June 24th, 2024, Chainwire
Ethereum Layer 2 scaling solution Metis has taken another big step in its journey to achieve full decentralization. After launching the first decentralized sequencer in March of this year, Metis is now set to open the selection process for the first batch of external sequencer node operators.
With this major decentralized sequencer upgrade, Metis initiates distributed network ownership, influential governance roles, and partial withdrawals for sequencer node operators. This will make Metis the first L2 in the crypto space to share ownership and control of a critical piece of infrastructure with an independent, distributed pool of nodes.
L2 networks are currently dependent on a centralized sequencer, which presents a big risk to users and dApps due to the key role a sequencer plays in rollup networks by governing the arrangement of transactions and executing them. By introducing a pool of decentralized sequencer (dSeq) nodes, Metis offers enhanced resistance to censorship, transaction manipulation and protection from a single point of failure. So, after setting a new benchmark for Layer 2s, Metis is now enabling shared network ownership.
“Decentralizing the sequencer is a major step forward that brings us closer to the full potential of Layer 2 scaling and realizing Ethereum’s decentralized vision,” said Metis co-founder Kevin Liu.
A pool of decentralized sequencer (dSeq) nodes allows anyone to join in and by operating these nodes, entities become network owners. As owners of the sequencer infrastructure, these entities gain substantial influence and governance rights over the network’s strategic direction.
Besides governance rights, node operators also get a share in the potential revenue; which involves sequencing rewards and fees. This means node operators now have a vested interest in the network’s operational integrity and success. With the value of their stake tied to the network’s performance, these node operators are compelled to contribute to the network’s growth, security, and stability.
This distributed ownership creates robust decentralization, which brings stronger reliability to Metis by eliminating single points of failure. Over time, the network will scale up to an increasingly distributed set of nodes selected by the Metis community, further enhancing liveness capabilities and economic security. For the first batch of external sequencer node operators, the community can start voting on Monday, June 24, to Friday, June 28.
Token holders can vote and shape the ecosystem’s trajectory.
Sequencer nodes that get selected will also have the option to pair with those Liquid Staking Token (LST) protocols that have passed Community Ecosystem Governance.In addition to all this, the upcoming partial withdrawals upgrade will allow sequencer miners to withdraw their locked METIS tokens for staking, offering miners potential flexibility on locked capital.
The decentralized sequencer model creates a collaborative environment on Metis where dSeq node operators actively contribute to decision-making processes and network governance, hence co-creating the future of Metis.
About Metis
Metis is an EVM-Equivalent Ethereum Layer-2 solution focused on bridging the gap between Web2 and Web3, providing users and builders with a decentralized and scalable easy-to-use network secured by Ethereum. Metis is the first Ethereum Layer 2 to decentralize its sequencer, which strengthens network security and provides potential earning opportunities for dApps and users.
