π˜Όπ™‹π™‹π™π™Šπ™‘π™€π˜Ώ | LST protocol Proposal : Velix

Simplifying Liquid Staking on the Metis Network
The landscape of DeFi staking is evolving rapidly, and the Metis network is emerging as a promising Layer 2 solution focused on decentralizing its sequencers. This development presents enormous opportunities for money markets and DeFi enthusiasts eager to explore new staking possibilities. Inspired by the popular Metis quote, β€œLSD will be the cornerstone of the Metis DeFi ecosystem,” Velix introduces an innovative liquid staking derivative (LSD) platform designed to simplify and enhance the staking experience for users within the Metis ecosystem.

Velix Protocol Mechanism
At the core of Velix’s innovation is yield maximization through staking, making it possible for users who might otherwise be unable to participate in sequencer mining due to high minimum staking requirements. Velix allows METIS token holders to stake their tokens and receive veMETIS, a tokenized derivative, in return. This process is driven by a sophisticated algorithm that delegates METIS tokens to high-performance sequencers, ensuring network security and consensus efficiency.

Holders of veMETIS can further stake their tokens to obtain sveMETIS, which represents their stake and accumulates rewards. This mechanism ensures that users can maintain liquidity while actively participating in the DeFi ecosystem. By enabling METIS token holders to contribute to network security without sacrificing liquidity, Velix enhances financial product flexibility and democratizes access to DeFi benefits through the Velix Protocol.

Velix since launching testnet has achieved wonderful milestone as have over 230,000 transactions and 6500 unique stakers on our dapp with users sharing their great feedback after interacting with our our dapp

Graphical representation of the Velix Protocol Mechanism

Key Components:
The guide outlines the simple process a user needs to go through to participate in liquidity staking on Velix by submitting Metis tokens to mint veMETIS then be eligible to stake and accrue rewards every 7 days.
The Metis tokens submitted by the user are delegated to the sequencers to enhance network integrity

LSD Issuance (veMETIS): Holding veMETIS tokens enables the user to participate in liquidity staking and seamless DeFi ecosystem engagement

Reward Distribution: Auto-compounded rewards are distributed in veMETIS to sveMETIS holders to amplify yield potential.Users a
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Unique Features

Enhanced Yield through Auto-compounding, offering a superior return on staked Metis.

veMETIS issuance provides access to users, allowing them to participate in liquid staking through via Velix protocol.

After submitting veMETIS, users get sveMETIS which is now yield bearing liquid that can redeployed on other Defi ecosystem within the Metis ecosystem.Users can utlilize their sveMETIS as collateral on lending and borrowing platforms on Metis.

Introduction of the Velix governance token empowers users to shape the protocol’s future while incentivizing contributions to protocol security, efficiency and the overall democracy.

Tokenomics will soon be released for detailed overview

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Testnet Campaign: Completed
Mainnet (Coming soon)