Metis, a Layer 2 community constructed on Ethereum, introduced a major proposal on September 27, 2023. The proposal goals emigrate its information availability mechanism again to the Ethereum mainnet by switching from its present off-chain storage layer to its unique Optimistic Rollup structure. This transfer is seen as a strategic step to facilitate the launch of the Metis sequencer pool, a groundbreaking decentralized sequencer initiative.
Within the spring of 2022, Metis entered right into a partnership with Memo Labs to develop an off-chain storage layer. This collaboration enabled Metis to transact on its Layer 2 community at a decrease price by lowering the quantity of information pushed to Layer 1 Ethereum. Whereas this strategy has been cost-effective, it has raised issues about information availability.
Information availability is a cornerstone within the blockchain ecosystem. It ensures that every one transaction information are available for reconstruction by validators and customers. The Optimistic Rollup structure, which Metis initially employed, batches this transaction information to Layer 1, thereby enhancing information availability. The present off-chain storage mannequin, whereas cost-effective, depends on Memo Labs, a third-party entity, which may probably compromise the robustness of information availability.
Metis goals to grow to be the primary Layer 2 community to decentralize its sequencer by launching a first-of-its-kind sequencer pool. This transfer would remove the single-point-of-failure threat related to counting on a single sequencer entity. It could additionally open up new staking alternatives for METIS token holders, who would want to stake METIS to grow to be eligible sequencers.
Switching to the Optimistic Rollup structure would supply a number of advantages:
* Simplification of the Metis structure, thereby facilitating the sequencer pool’s launch.
* Enhanced information availability, which is essential for the sequencer pool.
* Decentralization and safety upgrades by means of the sequencer pool.
Nevertheless, the transfer comes with a trade-off: Metis would lose its present price benefit, as transaction charges would align with these of different Layer 2 networks.
The proposal is at present open for neighborhood suggestions. As soon as a consensus is reached, it is going to proceed to the Snapshot stage for a neighborhood vote. If the vote garners a 51% “YES,” Metis will implement the proposed modifications. The neighborhood additionally has the choice to revert to the off-chain storage mannequin after the sequencer pool’s profitable launch, topic to additional analysis and voting.
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