Metis team has achieved important milestones in such a short period of time. I’m highly confident that metis and aave integration will provide huge benefits for the whole crypto system. Defi vs Cefi.
Work In Progress on Twitter: “The Metis files | Part 1: Follow the money | The warming-up ---------- @MetisDAO acts like BinaryDAO is fully independent from Metis and that they are not able to help investors to return the $2m in stolen funds, undo the 15% team mint and implement a DAO. Is this true? 1/x https://t.co/9d4Fy0SYeY” / Twitter
@Metis team, from the inactivity here from your side I personally end up with the understanding that AAVE is not a priority anymore on your roadmap. Just 2 sentences with some directions towards your community are enough. I really can’t think of 1 good reason why this lack of communication, even if you are building at the background…
18.02 ChaosLabs post their report and recommendations
Today is 14.03. No comment from your side
Please let the community know whether you are giving up on this integration so that we can adapt.
I know that you are doing your best and appreciate all your efforts. Thank you.
From: a Metis supporter, who doesn’t know what’s going on.
Thank you for bringing this to our attention. We apologize for any frustration or confusion caused by the lack of communication on our end regarding the AAVE integration.
We want to assure you that the AAVE integration is still a priority for us, and we are actively working on it in the background. We have been working alongside BGD, Chaos Labs, and Gauntlet to get everything in order on our end as per the recommendations in the report.
However, we understand that communication is important, and we will make sure to provide regular updates on our progress in the future.
Once again, thank you for your support and understanding. If you have any further questions or concerns, please do not hesitate to reach out to us.
Our snapshot vote has been published: Snapshot
We have collated the contents from our original post, as well as the updates in the thread and some recent developements.
We want to thank BGD Labs, Gauntlet, and Chaos Labs for working alongside us in this process and collaborating on the due diligence for the Aave community as a whole.
Hi all, just for full transparency, we voted NO for this proposal. Our rationale is outlined here on our delegate platform. Please reach out if you have any questions!
I didn’t get your fundamentals. As per the article you mentioned.
MetisDAO on the other hand, has more affordable and lower fees than Optimism.
They both have support for IPFS decentralized storage solutions, though none of them have integrated the Filecoin protocol. Optimism and MetisDAO, as previously mentioned, have EVM equivalence. Optimism has far more ecosystem developers and more foundation team members than does MetisDAO.
One of the advantages that MetisDAO has over Optimism is that it is the native currency of the Metis Andromeda network. Transaction fees are paid with Metis tokens instead of Ethereum like in Optimism. The MetisDAO cryptocurrency also has more use cases as opposed to Optimism. They can be used for governance, as well as collateral in DeFi and they are a requirement to form DACs. DACs are a more specific type of DAO, used to create companies in a decentralized space.
Everyone is entitled to have their own opinion and I respect yours - this is what this voting is all about. However, I think you should consider rewriting the part where you tell the public that metis is expensive and slow. The article you are directing people to was published in September 2022 . Since then metis tech has improved ten fold which can easily be assessed and is a public knowledge . Thank you for your vote but please don’t misslead other people that are yet to cast their vote. All the best
This message is in direct response to the evaluation posted by LBS and our intention is to clear up some of the misconceptions we saw in the analysis.
Uploading Data to L1
In terms of data not being posted on-chain, that’s factually incorrect. Under our current setup, metadata is submitted along with a Transaction Batch Merkle Tree Root. Any missing data from Memolab’s storage is treated as an invalid state. In the current setup, any independent observer can also monitor the transaction data submission to memolab’s storage. There is no gate. Anyone running a verifier can do so. The open source program will automatically flag if data is missing or the data does not match the commit on l1. There is no whitelisting. The only potential compromise would be short term costs, as invalid data or attempts to censor transactions would result in verifiers forcing all data to be posted on-chain (more expensive than the typical roll up). There’s no compromise in security.
No Sequencer Rotation
The primary reason we stopped adding rotation code to the existing contract is that our partners are all hoping we can move to the Bedrock architecture as well. This change demands substantial effort due to our extensive modifications to Optimism’s code and numerous Geth changes, which we aim to minimize.
We’d like to clear up any misconception around verifiers in both Metis and OP. Users of Optimism can only know if the stateroots are valid or not if they run a validator node to produce the blocks again. This also applies in the same way for Metis users. But on Metis, any missing data from Memolab’s storage is treated as an invalid state. As such, users on Metis always have a way of knowing if the state root posted is valid or not.
Please note that with disabled fraud proof, the difference in Metis’ security assumptions compared to other Optimism-based chains is not significant. If the currently trusted sequencer fails to provide offline data, verifiers will promptly flag the issue, similar to Optimism’s sequencer submitting fabricated transactions. No on-chain punishment exists yet, as fraud proof remains disabled, same as Optimism currently.
- Migrate to Optimism Bedrock
- Smart L2 compatibility
- Separation of sequencer (block producer) and proposer (tx/states submitter)
- High Availability - Metis Block Producer Pool
- Support peer promotion to sequencer
- L1-based producer (block # - signature)
- MPC-based proposer committee
- Always on functionality (even during network upgrade or fork)
- Complete Optimistic DA
- Faster Finalization - Metis Hybrid Rollup - zkMIPS
- Stark-based prover/verifier on MIPS generated by Cannon
- Batch finalization when verifier smart contract approves the proof
- Fraud proof still required to challenge and slash the sequencer
Competitive Advantage for Metis
We have had the lowest transaction cost out of all the L2s as measured by L2Fees.info, since our Smart L2 network upgrade in April 2022. As part of our vision and a benefit of our Smart L2 architecture, we have enabled fee stability on our network. This means when block demand on L1 goes up and the fees go up on all other Optimistic Rollups, our network fees will remain low and stable. This feature is essential in our targeted approach for onboarding Enterprise into Web3, as businesses with margins will require stability in their operational costs and day-to-day business activities.
We want to reference BGDs Technical Risk Evaluation that we worked hand in hand on over the last few months. BGD is Aave’s trusted technical risk partner and their analysis of Metis had a strong rating on the security of our chain. We encourage everyone to take an in-depth look at the report (BGD. Aave <> Metis. Infrastructure/technical evaluation).
We worked alongside Chaos Labs and Gauntlet to ensure the risk parameters and asset listing recommendations were up to standard as per Aave’s trusted market risk assessors.
We hope this clears up any misconceptions and are happy to elaborate further if needed.
Cheers, that’s very helpful - thank you for clarifying, really appreciate it.
Can you please give a short update how the integration is going on?
Thank you and congratulations on the great work!
After analyzing current market conditions and liquidity, Chaos Labs and Gauntlet collaborated to provide updated recommendations for asset listing and parameters for the coming Metis launch:
|Borrowable in Isolation||YES||YES||NO||NO||NO|
|Liquidation Protocol Fee||10%||10%||10%||10%||10%|
We look forward to the launch of Aave V3 on Metis and providing updated recommendations after analyzing usage on the new deployment.
As an update from the technical side, we are finishing all the deployments and preparations for the Aave v3 Metis instance.
For transparency with the community, the activation of the Metis will consist of the following items:
- Deployment and configuration setup of all Aave v3 core and periphery smart contracts. Aave v3 Metis will run the most updated version 3.0.2 of Aave.
Deployment and configuration of Aave cross-chain governance. Given the similarities of Metis’ bridging infrastructure with Optimism, the current Aave cross-chain governance system is compatible, so will be active from day 0. For a matter of caution the
POOL_ADMINrole will be given for the first weeks to the Aave Guardian too (in addition to the cross-chain governance contracts).
- Governance proposal for initial activation and assets listings, via decentralized Aave cross-chain governance. Following the same activation approach as Aave v3 Ethereum, and following the previously shared recommendations by Chaos Labs and Gauntlet.
All previous items are almost finished, and in the final review stage, so we expect to submit the activation governance proposal not after Wednesday 26th.
As an update, all testing and preparations have been finished now from the technical side.
In order to have the voting during the week, we will be submitting the activation proposal on Monday 1st of May.
We have submitted the governance proposal for the community to activate Aave v3 Metis, with voting starting in approximately 24 hours.
All details of the activation can be found in the proposal description and the technical repository.
Does anyone know of plans to stand up a Subgraph for the Metis deployment?
Brilliant, thank you!
@Metis, can you please share the next steps with you plan with AAVE?
What is your plan to raise the caps, as AAVE on Metis is almost full from day 1?
What is your plan with the announced 100k Metis incentives?
As I have stated many times here before, no one is pushing for incentives or whatever. It’s not about when. You community wants some basic communication. Simply, what are the next steps without any specific dates? Who cares about the exact dates… Why is it so difficult, I don’t get it.
You promised a month or so ago that you admit this mistake and you will make improvements. I personally do not see any improvement in your communication about these things. There is simply 0 communication.
I think you do not understand what your whole community is saying and your whole Metis Discord is mentioning (I think you do not spend any time there expect the admin). You are working on great tech, you are doing a great job. At the same time your community is feeling neglected as there is simply close to 0 communication. People are getting very disappointed, which is sad, because we all see that you are building. As a result, the main goal of every product on Metis currently is to go to Arbitrum. The main reason is that your biz team is not communicating with the users, does not pay attention to the feedback and this reflects on the teams that are building - they want to go somewhere else.
I am writing all this for the 10th time with my warmest feelings towards you, because I want Metis to succeed so much. Currently, I and a big part of your users in every are feeling an immense pain from your lack of communication.
@dnm all I can say is that behind the curtains a lot is happening, stay tuned!