What projects are there in the Metis DeFi ecosystem?
The total locked value of the Metis DeFi ecosystem is nearly $500 million.Author: Metis
Original Title: 《The Booming Metis DeFi Ecosystem》
Compiled by: Linqi, Chain Catcher
January 21 marked the perfect conclusion of the Metis DAC staking program. Users formed over 800 DACs on the Metis Andromeda network, collectively staking more than 600,000 tokens.
The DAC staking program aims to introduce users to the broader decentralized autonomous company infrastructure that Metis is building, paving the way for thousands of decentralized enterprises to form and operate on our L2 network, creating a hub for the entire Web3 economy.
Metis has partnered with several DeFi projects. Additionally, the Andromeda network is an open protocol, meaning any DApp can launch on Andromeda at any time without permission, which is another mechanism driving its rapid growth.
With the end of the DAC staking, it is time to introduce the DeFi projects on Andromeda to the world.
Netswap is the first native L2 DEX. It is also the native DEX on Metis Andromeda and an official partner of Metis. As a fork of Uniswap, Netswap offers many high-quality features that enhance the DeFi ecosystem. In a crowded market with many competitors, Netswap provides four crucial advantages: fast and low-cost transactions, built-in leverage swap functionality (coming soon!), community-driven development, and fair and transparent token distribution.
Through a dual-phase scoring system, Netswap encourages users to utilize its DEX's trading and liquidity pool features and has airdropped two rounds of NETT tokens to early users of the DEX. At Metis, we firmly believe in decentralization and power decentralization, making this a very straightforward and innovative way to achieve "fair issuance" of tokens and drive adoption.
In addition to the typical trading and liquidity pool features of a DEX, Netswap also introduces yield farming and staking functionalities. For yield farming, when users stake LP in the corresponding farming pool, Netswap currently offers high APY rewards in NETT tokens across various trading pairs. As the roadmap progresses, Netswap will expand its yield farming features to cover more tokens. Additionally, Netswap currently offers staking for NETT and rewards stakers with METIS.
Furthermore, Netswap will soon launch a platform for the Metis Andromeda Layer 2 ecosystem. This will serve as a launchpad for Metis partners wishing to conduct IDOs on Andromeda. Holders of NETT and METIS tokens will have early access to the IDO.
Tethys Finance is an official partner and DEX of Metis, supporting users to trade (with just a 0.2% fee on Andromeda); provide liquidity; long-term yield farming; staking; and track their portfolios.
The Tethys team credits its engineers for creating an extremely optimized DEX, making it as fast and smooth as possible, providing users with an ideal experience. The platform's native token is TETHYS, which is used for farming rewards and single staking assets. Users who stake TETHYS can earn 0.03% of the DEX fees generated from its trading volume as rewards. Another high-quality feature is the embedded lending solution, similar to Avalanche's Trader Joe DEX.
Standard Protocol is a cross-chain DEX on Andromeda and an official partner of Metis. As a DEX, it offers trading, liquidity pools, and yield farming functionalities. Additionally, the native token STND is used to reward LP providers and farmers.
Standard also has its own algorithmic stablecoin, USM, allowing users to borrow against collateralized assets. Both the stablecoin and collateral positions are owned by individuals, allowing them to sell their collateral positions to another user. If a user holding a collateral position is bearish on their asset, they can sell that position to another bullish user. The Standard protocol brings users a higher level of asset ownership and sovereignty.
Another approach that the Standard protocol will take is to allow free market entry into the asset liquidation process. Standard allows community members to "hunt" collateral positions valued below the borrowed amount and lets hunters trigger full/partial liquidations. Hunters can earn a small portion of the liquidation fees as a reward, and the entire process can incentivize and protect the stability of the protocol.
Pickle Finance is a multi-chain, multi-layer protocol that supports users in obtaining the best yields on the chains they use. Pickle focuses on continuous expansion while also establishing deeper relationships with protocols on each chain. Pickle Finance has built good connections with various well-known brands and ecosystems. These factors, combined with Pickle's attractive products, led to a partnership with Metis.
Pickle Finance is the second protocol to implement "ve" token economics after Curve. Users can lock PICKLE to receive DILL, with a maximum lock-up period of four years and a maximum return of 45% of the protocol's revenue. This locking mechanism also reduces circulating supply and increases buying pressure. It supports users in participating in DILLDAO, where they can propose and vote on protocol improvements. DILL can also enhance the PICKLE rewards users receive during yield farming.
Beefy Finance is a multi-chain yield optimizer. The Beefy project aligns with Metis's vision for a future multi-chain ecosystem. Beefy provides continuously optimized auto-compounding vaults for farming on NetSwap and Tethys. When users deposit their LP tokens into the corresponding Beefy vault, auto-compounding begins, ultimately achieving high APY.
For many DeFi newcomers, the concepts of LP, farming, and auto-compounding can be confusing enough, let alone actually executing them. To address this, Beefy offers a "Zap" tool.
For any tokens in the vaults supported by Beefy, users can deposit a single token through the "Zap" tool, after which Beefy will automatically create LP and stake it in the corresponding vault. Similarly, when users withdraw, they can withdraw LP intact or withdraw the entire amount converted to any token in the currency pair.
Finally, Beefy commits to its security. Before deploying to any platform, the team conducts extensive due diligence, whether regarding lock-up times or token supply distribution, and will implement multi-signature when necessary.
Agora DeFi allows users to lend and borrow specific assets on the Metis Andromeda network. Earn lending yields and pay borrowing interest. Metis advises users to research the protocol and ensure they understand the concepts of liquidation and liquidation thresholds before borrowing assets from the money market.
The Agora money market is a branch of the DeFi star project Compound deployed on Metis. OpenDAO provided small funding for it. There are no private placements, no pre-mining, and no team shares; all governance tokens are allocated to the community. Within a week, Agora's TVL reached $54 million, making it one of the most vibrant projects in the Metis ecosystem. Agora currently supports the top five assets on Metis.
In the short term, the Agora team plans to launch new features that will support borrowing against yield-generating assets (such as auto-compounding LP). The money market is also a key DeFi infrastructure for Andromeda, supporting the building of other applications on this platform.
