Octav’s DeFi Showcase: The Metis Network
Time to shine a light on one of Octav's supported chains: Metis!
As one of the 25+ networks supported on Octav, here's a showcase of features and opportunities found on Metis, such as yielding and staking.
Note that this article is for informational purposes only and should not be considered financial advice. Always DYOR (Do your own research!)
Metis: The Mother Chain, Literally
Launched in 2021 with an unconventional origin story of being co-founded by Vitalik Buterin’s mother?—?yes, Ethereum’s Vitalik?—?Metis is a Layer 2 rollup EVM. It’s already processed over 20 million transactions and boasts low fees, all thanks to being a member of Optimism’s Superchain. More on the Optimism Superchain can be read in our X thread here.
Metis uses "Rangers” to power the network: these users must stake the METIS token to qualify as transaction validators. As with many chains, letting users run nodes means the chain is more decentralized and more secure, for a better experience.
They’re innovating in matters of governance, too. Instead of using the usual DAO structure that’s so present in DeFi, the network has chosen to operate with a Decentralized Autonomous Corporation (DAC). This approach employs organizations and companies rather than only individuals to lead the chain.
Cross-Chain Transactions, For Cheap
One of Metis’ many advantages is one that can save you money! In this case, it’s the easy transfer of NFTs from the Metis Andromeda network to Ethereum.
This means you can mint an NFT on Metis and then bridge it to Ethereum, reducing the fees you pay in the long run. Metis’s fees are much less expensive than Ethereum’s, making it a wise financial choice.
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Yield Opportunities in an Emerging Ecosystem
Several protocols offer good opportunities for staking and yielding enthusiasts on Metis. Here are some:
Another interesting opportunity is the collection of METIS and TORCH token rewards by using Hercules DEX’s pools.
Due to the highly varying TVL in pools, APR also varies a lot. If you decide to get into the METIS protocol, you'll find you can still profit from good yield!
For those looking to try out Metis, you can use Octav to follow all of your activity on the network.
Why Octav?
With accurate labeling and analysis of your DeFi portfolio, Octav is a helpful tool for CFOs, asset managers, and accountants working in various organizations such as hedge funds, family offices or financial institutions. Thanks to our thorough and accurate database, Octav makes DeFi more accessible, serving as an essential guide for understanding cost basis, profits, losses, and more.
Sign up for Octav Pro today and gain significant advantages for the day-to-day management of your crypto activities: unify all wallets you work with under one bundle to save time and let automated reports send you updates on your organization’s finances without having to analyze it yourself. Monitor your holdings on our Treasury page, and be transparent by sharing it publicly with your DAO members or the rest of your team. Whether you’re the CFO of a business, an accounting professional or a DAO treasury leader, use Octav to make DeFi management a breeze!
Are you a DAO in need of advanced treasury analytics? Octav offers demos upon request.
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