Ethereum Layer-2 Protocol Metis Is Launching Their DAC Staking Starting From 29,000% APY

Metis, a Layer-2 Rollup platform for Ethereum that's focused on dApps, NFTs, DAOs, and individuals that are supporting Web 3.0, is launching their DAC offering at a significant 29,000% for staking METIS tokens. The official launch is planned for Friday, November 26.

According to Metis, DACs are designed to enable many individuals and entities (from the crypto world and the Web 2.0 sector) to form their decentralized businesses or companies on-chain. Although DAOs deal mainly with voting processes and matters related to governance, DACs will provide greater functionality for companies, with all the common tasks that come with non-blockchain platforms - such as taking care of payroll, marketing campaigns, messaging platforms, insurance services, among other typical business requirements. 

As mentioned in their recent announcement, the potential use-cases for these DACs are vast and unlimited, and quite exciting, as they are only limited by your imagination. It’s worth noting that these DACs serve as the foundation of the project’s mission, and they are the main value proposition from Metis: to become a thriving hub for the Web 3.0 space. No other blockchain or distributed ledger tech (DLT) scaling solution — not even Polygon, Optimism, Arbitrum, Starkware, OMG, Immutable, or others — provides anything remotely close to this type of offering, the Metis team noted.

Unique Incentivization Model to Encourage Greater Participation

Since they want individuals and entities to operate DACs, they were eager to come up with an attractive way to incentivize greater participation. So that is why they chose to provide staking of $METIS tokens, with the rewards also being distributed as $METIS tokens.

In order to make this initiative really appealing for consumers to establish DACs, they are now offering a substantial and unprecedented APY of 29,000%. That 29,000% number is just the starting number, the update clarified while noting that it assumes that just one person started staking on the first nanosecond that the initiative launched. And this number will go down as more individuals decide to stake.

More information on what this particular number could look like as time progresses and more entities start staking should be made available as the Metis team gets closer to introducing the staking program. But again, as you’ll see, the Metis staking program will not last on DACs for a very long time.

The Metis team further noted that their development team is working hard on the future iterations of their Layer-2 software. And these are the initial steps that they had called “Public Testnet,” however, they chose to instead open up the name of this release to a public contest. As noted by the Metis developers, the reason they chose to do this is that since their next Layer-2 release should support staking of real or actual Metis tokens, it’s not very accurate to refer to it as just a Testnet. 

The Metis Layer-2 network is being built with a long-term vision. The progress and growth of this project should be assessed or evaluated in years and decades. This is evident if you examine Metis’ tokenomics model. Their token lifetime supply is capped at 10 million tokens, and half of that 10 million is currently being reserved for community mining over the next 10 years, the announcement revealed.
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