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A crucial part of the Ethereum roadmap is the development of rollups, which are blockchains designed to enhance the efficiency of other blockchains. Essentially, they facilitate the migration of transactions to Layer-2, alleviating congestion in Layer-1. Metis crypto protocol, a rollup, targets solving the issues of mainnet Ethereum, such as transaction speed and cost.
About Metis
Metis is a Layer-2 scaling solution built by the MetisLab Foundation. Leveraging optimistic rollup technology, it delegates the execution of smart contracts and data storage responsibilities to a layer above networks like Ethereum. Layer-2 solutions like Metis offer a more scalable and cost-effective infrastructure for constructing and engaging with Web3 applications. Noteworthy features of Metis encompass minimal gas fees, transaction processing times of approximately two seconds, and integrated file storage via IPFS.
Moreover, Metis also supports an EVM-compatible virtual machine known as the Metis Virtual Machine (MVM). This execution environment enables developers and users to deploy and interact with applications in an environment reminiscent of Ethereum. The compatibility with Ethereum facilitates the seamless migration of existing projects and code, streamlining the user development process.
What Issue Does Metis Aim to Solve?
Metis addresses the pressing obstacles blockchain networks face, focusing on scalability, security, and usability. Recognizing the limitations of existing solutions, the project strives to mitigate concerns like transaction finality delays, exorbitant gas fees, and potential centralization risks.
The Metis crypto project targets scalability issues by introducing a hybrid rollup model. By adopting this hybrid approach, Metis aims to harmonize the computational efficiency of optimistic rollups with the cryptographic robustness of zero-knowledge rollups. The project aims to provide an extensive solution for decentralized applications by combining these two prominent scaling technologies.
Metis Tokenomics
METIS’s maximum token supply is capped at 10,000,000 tokens. The initial issuance in 2021 accounted for 49.3% of the total token supply, financing various endeavors such as the Metis cold launch, team compensation, advisor and investor allocations, and ecosystem/community development initiatives.
The remaining 50.7% of METIS tokens are allocated towards community benefits, early-stage Rangers mining, and Discovery Age community development. Validators, known as “Rangers,” play a pivotal role in the Metis network by ensuring the synchronization of staking algorithms and validating transactions.
- 4.86% earmarked for community benefits.
- 10% allocated for early-stage Rangers mining.
- 35.84% dedicated to Discovery Age community development.
Now, let’s see how to buy Metis (METIS) tokens in India in 2024.
Buying Metis (METIS) in India
Below are a few simple steps you can follow and buy the METIS token in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy METIS tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy METIS using P2P trade; to get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling METIS, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX wallet.
To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”
You can deposit INR using any mode (NEFT/ RTGS/ IMPS).
You can also buy METIS through P2P to the WazirX wallet. The METIS will act as funds to help you buy your favorite cryptos.
Step 5 – Finally, buy METIS on WazirX.
You can now easily purchase METIS tokens using INR Deposits. In the case of P2P trade, check METIS to USDT here.
After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total INR amount to be paid.
Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
The order might take a few minutes to complete, but as soon as it is executed, you will receive the METIS Tokens you purchased in your WazirX wallet.
Happy Trading!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
