Source: Chain View
How do you evaluate the launch of @MetisL2's decentralized sequencer mining mechanism? If the Ethereum ecosystem has entered the DeFi "old age" of the battle of restaking points + locking ETH liquidity, Metis uses decentralized sequencer operation and @ENKIProtocol LST platform's staking mining to form a linkage, and has the opportunity to reproduce the growth process of DeFi's "embryo" on layer2? Next, let me tell you my opinion:
1) When restaking platforms appear one after another on Ethereum, ETH native assets will become a hot commodity that platforms compete for. Therefore, a large number of platforms use the wrapped version of ETH to exchange for users' ETH assets. Although the wrapped version of the assets can also circulate and operate in the DeFi system, users cannot redeem their native ETH assets.
The reason is simple. Imagine if a Restaking platform stores LRT certificates of other platforms without ETH native assets, this LST platform is like a tree without roots. Therefore, of course, we have to try every possible way to use "killing two birds with one stone" to get users to "hand over" their native ETH assets.
Of course, users don't care about this issue during the Restaking Fomo period. Depositing ETH can be exchanged for packaged ETH (which can be circulated), and you can also get Eigenlayer platform points and LST staking platform points. These are all certificates that can be used to obtain future airdrops. Why not do it?
If the assets between these Restaking platforms are superimposed and combined, and there is no security problem in any link, there is no big problem. Once the user settles the account, he hands over the native ETH, but in exchange for the circulated packaged ETH and the future multi-platform points airdrop opportunities, it seems to make sense. But all this requires that the Restaking combination economy around @eigenlayer will not collapse. If security issues emerge and users want to redeem their native assets and flee, they will find that it is too late.
This does not mean that the Ethereum Restaking DeFi ecosystem is Fud. In fact, more and more Staking+Restaking platforms have emerged, and the battle to grab ETH native assets has to start. Everyone is grabbing ETH native assets. There are fewer and fewer ETHs that can be circulated in the market. The "leverage" of the DeFi financial Lego building will be stacked higher and higher. To be radical, it can also be regarded as a new DeFi Summer.
However, from another perspective, this is also a typical feature of an ecosystem that is "dying". There are only so many native assets without leverage in the market, and a leveraged Empire State Building has to be assembled. Whoever can grab the native assets is qualified to build a building. As a result, everyone is doing high-leverage things. An Eigenlayer has revitalized the Ethereum DeFi ecosystem, but the risks behind it are difficult to think about.
2) As a part of Ethereum layer2 ecosystem, Metis has made some unusual moves in the past few years:
1. Replacing $ETH as the Gas Token of the layer2 platform, Metis was used as the Utiliy Token at the beginning of the chain launch, allowing $METIS to build a foundation as the native Token;
2. As an OP-Rollup, it chose the chain-decentralized Storage DA + key verifiable data submitted to Ethereum from the beginning. The combined DA paradigm can greatly reduce Gas, and can flexibly adjust DA as the Ethereum Blob expansion space is enhanced to provide a DA method that is more in line with market trends. This also provides basic flexibility for the implementation of its Hybrid Rollup;
3. Launch a decentralized Sequencer system, use native tokens to incentivize decentralized Sequencer nodes to mine, and you can get 20% APY after the official launch. You need to drop money, which is the native underlying income, just like users can get 20% income by staking ETH in Lido. The value of the Utility Token will be maximized in this link. In theory, the more sustainable the native mining income is, the more helpful it will be for the subsequent combined development of the DeFi ecosystem. Just imagine that Lido's current 4% income is still continuing to derive, not to mention the early Metis DeFi ecosystem that started with 20%;
4. With the bottom-level decentralized Sequencer mining incentives of the native Token, there will be many LST platforms like @ENKIProtocol @Artemisfinance. After all, this mining income is quite attractive to some funds that are unwilling to take the risk of playing Restaking points on the main network;
5. When a large number of LST platforms emerge, LRT platforms will follow suit, because staking METIS generates eMetis. In addition to mining points on the LST platform, eMetis can also be pledged to other LRT platforms to further earn income. At the same time, some other DeFi platforms such as DEX, Derivatives, CDP, etc. will also participate in this constantly overflowing liquidity relay. Slowly, the old DeFi Farming path that Ethereum DeFi has taken can theoretically be reproduced by Metis;
In short, when layer2 is blooming everywhere and is in a development dilemma, Metis's original rebellious move of abandoning ETH as Gas Token has established the foundation for the development of DeFi ecology, and its choice to implement the underlying decentralized Sequencer system has laid the foundation for the operation of this DeFi economy.
At present, the core reason why many Ethereum layer2 DeFi developments are relatively lagging is that the second layer has no native assets to drive value growth. It is difficult to build a healthy and sustainable growth ecosystem purely by relying on the second layer to encapsulate ETH tokens and governance tokens.
Obviously, compared with the market value of those layer2s with a valuation of tens of billions born with a golden spoon, Metis is still a baby in layer2. However, if everyone agrees with this paradigm of driving the growth of decentralized economies based on native utility tokens, at least compared to other layer2s, Metis is obviously the most thorough and most likely to grow in terms of the potential for future DeFi ecosystem growth.
(So, is this the real reason why Vitalik's mother is pushing Metis? It will give birth to new layer2 vitality for Ethereum.
JinseFinance
Cointelegraph