Abstract
This is a proposal to decentralize the Testnet sequencer and activate Season 1 of Community Testing. Five innovative DeFi dApps will be at the forefront of this activity, facilitating activities and competitions throughout Season 1.
Purpose
The purpose of this proposal is to properly decentralize the sequencer infrastructure deployed on Testnet, and to activate Community Testing to help Metis developers stress-test the new architecture.
Background
Rollups were born to scale Ethereum while leveraging its security and decentralization. To do so, rollups must be able to inherit these guarantees from the underlying blockchain (Ethereum), and they can only do it by implementing 2 key components: A decentralized proving system, and a Decentralized Sequencer. Most rollups are currently working on launching or improving their fraud-proof mechanisms, but no one, until now, was working on the other key 50%: decentralizing the Sequencer. Metis has been working on both.
Later in 2024, Metis will launch a decentralizing zero-knowledge proof system. This will enhance security, decentralization, and will shorten the finality-time, which has historically been the main pain point for Optimistic Rollups. But, let’s come back to January. Metis is soon to launch the first-ever Decentralized Sequencer. This will eliminate the single point of failure that all Ethereum L2s are currently subject to, and it will enable:
- Enhanced censorship-resistance
- 24/7 liveness
- Enhanced security
- Revenue sharing
It’s certainly an exciting time for the Metis ecosystem, and the best thing is:
All community members can directly contribute to the deployment of the Decentralized Sequencer, without needing any coding knowledge, by participating in Community Testing.
Proposal
Metis proposes Season 1 of Community Testing to kick off on Monday, January 15, focused on incentivizing interactions with dApps.
Each dApp will have different actions that can be performed by users to earn points, such as swaps, opening long/short positions, and more, depending on each of the participant decentralized applications (dApps). The dApps that will be participating in Season 1 are:
- League.Tech
- Tethys Finance
- Midas Games
- Netswap
- Hummus Finance
League.Tech
The upcoming SocialFi platform on Metis that built on top of existing participants like Friend.tech, but also introduces innovative features on top, such as a unique shorting mechanism, dynamic reputation and badge system, League creation and betting, and a three-tiered access model.
Tethys Finance
Perpetual contracts trading platform (Perps DEX) that allows users to trade BTC, ETH, AAVE, and METIS with up to 50x leverage. Additionally, liquidity providers can stake TLP, and bet against the traders.
Midas Games
On-chain prediction market games, starting with a new lottery game!
Netswap
Decentralized Exchange and Launchpad enabling swaps, and allowing users to provide liquidity in V2 pools.
Hummus Finance
Single-sided AMM focused on Stable Swaps. Users can swap stable crypto assets with minimal slippage, and liquidity providers can provide funds with minimal impermanent loss risk. Hummus recently added weighted pools, allowing liquidity providers to pair stables with BTC, ETH, and METIS too, thus creating deeper liquidity.
Mechanics
The rules for Community Testing are quite simple. Everyone can participate in it, and users will earn points based on which and how many actions they’ve performed in the different dApps. However, there are some important mechanics to take into consideration for a successful performance:
Token Mint
The following table describes the amount of Testnet tokens distributed to the users depending on how early they joined the airdrop (distributed in different tokens):
| Earliness | <100 users | <500 users | <2000 users | <10000 users | Remaining users |
|---|---|---|---|---|---|
| $ Amount | 10,000 | 5,000 | 2,000 | 500 | 200 |
Simply put, the first 100 users will receive $10,000 in Testnet tokens; the first 500 participants, $5,000 in Testnet tokens; the first 2,000 participants, $2,000 in Testnet tokens; the first 10,000 users, $500 in Testnet tokens; and all users joining later will receive $200 in Testnet tokens
Points
All participants will be able to earn the same amount of points by completing each action.
But there’s a twist!
If the dollar amount held by a participant is larger than their points amount, their points will be replaced by their Testnet dollar amount. So, you want to make it early to the Community Testing Token Mint!
Repeated Actions
For repeated actions, each time a participant completes an action after their first attempt, they will receive 75% the amount of points as the previous attempts. This will encourage completion of all tasks on all participant dApps, given the first tries will be the ones worth the most points.
However, it’s important to keep in mind that potential rewards will be proportional to the participants’ ranks, based on points. Participants will be encouraged to earn as many points as possible.
Boosters
Each day, the official Metis handle will share a riddle or question that will offer a specific boost. Some will offer a fixed amount of points, some will offer a 1.25x boost for the participant’s points, and some will have different benefits. Turn notifications on for @MetisDAO on X!
TL;DR
The proposal aims to decentralize the Testnet Sequencer and activate Community Testing. Assuming the community votes YES, Season 1 of Community Testing will begin on Monday, January 15. Season 1 will incentivize interaction with dApps, and will help the Metis developers stress-test the Decentralized Sequencer. We encourage the Metis community to go over the proposal comprehensively Today, and get ready to vote Tomorrow!
Vote will be up from Thursday, Jan 11th 2024, and will be live for 72 hours.
