Metis, a leading Ethereum L2 project, has announced a significant upgrade to its technological stack with the introduction of sequencer mining withdrawals. This event provides users and node operators with more flexible capital management options.
New Withdrawal Capabilities
Earlier this year, in April, the Metis team initiated the rollout of rewards for sequencer node operators and token lockers, as well as the inclusion of multiple transactions within a single block. Now users can earn sequencer mining rewards by locking their METIS tokens on a sequencer node through liquid staking token (LST) providers. This allows them to receive LSTs representing the locked METIS and earn rewards. The new launch of sequencer mining withdrawals on Metis enables users and node operators to access their locked assets with greater flexibility. The system introduces two types of withdrawals for node operators: partial and full. Partial withdrawals allow operators to withdraw tokens above the threshold of 20,000 METIS. Full withdrawals enable operators to exit the network entirely after a 21-day waiting period, providing a clear and secure process for ending participation. Additionally, users interacting with the network through LST partners like Artemis and Enki can now easily manage their assets without sacrificing network security and efficiency.
Independent Sequencer Nodes
To further its decentralization, Metis has started integrating independent sequencer nodes selected by the community through governance. These include companies like HashKey Cloud and OKX. HashKey Cloud, a leading Web3 infrastructure provider in Asia, contributes to delivering stable and secure blockchain services. The company received 99.95% approval with 96,000 METIS used for voting. OKX, a global crypto exchange and Web3 company, also joined Metis as a sequencer node operator with the same level of approval and token votes as HashKey. This collaboration aims to enhance security and bring valuable industry experience and technological expertise to the Metis ecosystem.
Sustainable Network Growth
The introduction of sequencer mining withdrawals is part of Metis' broader strategy to encourage network participation and growth. By offering more flexible token locking and withdrawal options, Metis aims to attract a wider range of participants to its ecosystem. This initiative aligns with the launch of its Phase 2 decentralized sequencer upgrade, which includes rewards for token lockers and node operators. The 'Sequencer Mining' mechanism allows users to generate yields by locking assets through its LST providers, improving network decentralization and security. Metis also supports the ecosystem by selecting Artemis Finance and Enki Protocol as LST providers. In 2024, a total of 220,000 METIS (approximately $14.6 million) was allocated in grants for LST protocols, highlighting Metis' investment in building a robust LST ecosystem.
Thus, Metis continues to push the boundaries of what's possible within the Web3 industry. The launch of sequencer mining withdrawals, combined with the decentralized sequencer upgrade, creates a more rewarding and participatory ecosystem for all stakeholders.
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