🏎 Metis Joins Ethereum Layer 2 Race With $100M Ecosystem Fund

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Layer 2s

🏎 Metis Joins Ethereum Layer 2 Race With $100M Ecosystem Fund

LAYER 2 SOLUTION The competition to become the dominant Optimistic Rollup Layer 2 solution just got a new player and a $100M fund boosts its chances. Metis is joining the fray, where Arbitrum and Optimism have so far ruled. The project is set to launch its mainnet the week of Nov. 15 and is also launching a $100M fund, which Metis describes as a “decentralized autonomous company” (DAC), called Genesi, to support projects which join its ecosystem. 

DAOs Genesi will be allocated across a wide range of high-potential projects in all major crypto verticals including, DeFi, gaming, and DAOs, according to a press release provided exclusively to The Defiant.

$100M ALLOCATION A committee consisting of Metis and its investors, which include Digital Finance Group and Master Ventures, will be in charge of allocating the $100M. Metis is led by co-founders Elena Sinelnikova, Kevin Liu, and Yuan Su and also has Ethereum co-founder, Vitalik Buterin’s mother, Natalia Ameline on staff as a technology researcher.

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Cross-chain DEXs

😫 Trailblazer THORChain Accidentally Front-runs THORSwap Community in Latest Woe

ACCIDENT Drama continues to hang over the trailblazing cross-chain decentralized exchange protocol THORChain, with the protocol’s treasury accidentally front-running the highly anticipated token offering of its platform, THORSwap. 

OFFLINE The incident comes within one month of THORSwap relaunching services for four of its five supported networks after THORChain went offline for several weeks. It suffered two major hacks just three months after entering its guarded “chaosnet” launch.

LAUNCH ShapeShift CEO and THORChain backer Erik Voorhees proclaimed that the protocol’s April launch was a bigger event for crypto than Coinbase’s IPO in April. “Thorchain goes live tomorrow,” he tweeted on Apr. 12. “Native cross-chain decentralized exchange. Never been done before.”

👉READ THE FULL STORY IN THE DEFIANT.IO👈


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The Tube

📺 A Defiant Beginner's guide to Axie Infinity, play to earn and the Katana Dex ($SLP $AXS)


Links

🔗 Reddit co-founder to invest $100 million in social media on Solana: The Block

Reddit co-founder Alexis Ohanian will be investing in building out a form of decentralized social media using the Solana blockchain, according to an announcement today.

🔗 Neon Labs, developer of Ethereum virtual machine on Solana, raises $40 million: The Block

Neon Labs, a crypto startup building an Ethereum virtual machine (EVM) on Solana, has raised $40 million in a private token sale round.

🔗 Tim Cook has invested in cryptocurrency personally, but Apple has no plans to do so: New York Times

While Apple might not offer users a way to pay with cryptocurrency anytime soon, its leader has invested in it personally.

🔗 OpenSea: The Reasonable Revolutionary: The Generalist

The marketplace behind NFT mania is just getting started.

🔗 Binance Will List Ethereum Name Service (ENS): Binance

Binance will list Ethereum Name Service (ENS) and will open trading for ENS/BTC, ENS/BNB, ENS/BUSD, and ENS/USDT trading pairs at 2021-11-10 07:00 (UTC).


Most Read in The Defiant

Metis Joins Ethereum Layer 2 Race With $100M Ecosystem Fund The competition to become the dominant Optimistic Rollup Layer 2 solution just got a new player and a $100M fund boosts its chances. 

ConsenSys Founder Joe Lubin Teases MetaMask Token $MASK One of web3’s most essential tools may be getting a token. Joseph Lubin, founder of Ethereum incubator ConsenSys, set off speculation a token for the non-custodial wallet MetaMask is imminent after tweeting, “Wen $MASK? Stay tuned.”

EXCLUSIVE: New NFT Discovery Platform Raises $2M From Spartan and Sequoia NFTs are crypto’s most visual offering, but exploring them is still largely driven by text searches. A project coming out of stealth this week aims to change that.


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🧑‍💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad and yyctrader, and edited by Edward Robinson, Bailey Reutzel, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.


The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).