Metis is building an easy-to-use, highly scalable and low-cost Ethereum layer 2 framework based on Optimistic Rollups that allows dApps to be built on its platform in a matter of minutes. The Metis protocol will support the migration to Web 3.0, opening up the scalability of use cases including yield farming, DEX trading and gig economy dApps with cheaper and faster payments.
PAID Network is a DeFi powered smart agreements dApp offering incentivized lending and liquidity pools, arbitration services and crowdfunding launchpad platforms.
Scaling IDO Launchpads on Metis Layer 2
Having already onboarded DeFi partners such as CasperLabs, Oropocket OpenDeFi, Bagels Finance, PARSIQ, Asteria and Findora, with gas fees of less than 1 cent and transaction speeds of less than 1 second, Metis has now attracted PAID Network to integrate with its infrastructure.
PAID Network will develop its Apollo-X and Ignition Initial DEX Offering (IDO) launchpads on the layer 2 solution. It will allow the crowdfunding platforms to take advantage of both the scalability of the Metis Rollup structure and the security of the decentralized Ethereum base layer blockchain that it is built upon, without relying on centralized sidechains.
Commenting on the partnership, Metis co-founder Elena Sinelnikova said:
"From its commitment to making business more efficient to its strong track record as a leading launchpad operator, PAID Network shares so much in common with Metis when it comes to using innovation to help companies succeed. With PAID now deploying Metis layer 2 technology to partner with us and scale its business, that common bond gets even stronger."
Kyle Chase, CEO of PAID Network, added:
"Our partnership with Metis represents a valuable stepping stone for both our Apollo-X and Ignition launchpad platforms and their respective communities. Metis’ layer 2 solution, called the Metis Rollup, makes building and running dApps much cheaper and much more efficient, while providing far greater scalability and a higher level of functionality than Ethereum alone can offer. Metis’ layer 2 solution will allow us to scale Apollo-X and Ignition even further and provide a more cost-effective and efficient user experience for both communities."
Accessing the Metis Ecosystem Development Program
The partnership with Metis also allows PAID Network to access its Ecosystem Development Program - a new initiative launched alongside the recent Metis beta testnet, with early adopters rewarded in METIS tokens.
Working with PAID Network and partners including Autonomy Capital, 7 O'Clock Foundation, Master Ventures and InnMind, the Metis Ecosystem Development Program will provide end-to-end support for projects building on the Metis layer 2 ecosystem. This will include technical assistance, Ignition launchpad fast-track listings, grants, marketing and community development, and venture capital introductions. It will also help projects to scale and grow by offering METIS tokens as an incentive reward for reaching certain development milestones.
Other projects interested in leveraging the scalability and cost-effectiveness of the Metis layer 2 infrastructure can try out the beta testnet and apply to access the Ecosystem Development Program for further support in the run-up to the Metis mainnet release scheduled for September.