Demex Daily #111: Metis Debuts First-Ever Decentralized Ethereum Layer 2 Sequencer

What’s Interesting Today:

Metis has launched the first-ever decentralized sequencer for Ethereum Layer 2, marking a groundbreaking moment for the crypto industry. This alpha launch features two sequencers operated by the Metis Foundation, Artemis Finance, and Enki Protocol, with plans for more nodes and LST providers to join. The move towards decentralization aims to reduce risks associated with centralized sequencers, such as censorship, reordering, and liveness risks, enhancing network security and transparency. The launch is part of a multi-phase upgrade, promising sequencer rewards in METIS tokens, a 20% mining reward rate for the initial phase, a dedicated front-end for tracking operations, and community engagement initiatives to foster participation and collaboration. The launch also includes a Community Testing Airdrop to reward contributors, underlining Metis's commitment to decentralization and community ownership.

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Drift Protocol, a Solana-based crypto spot and futures exchange, is introducing a "pre-launch market" that allows trading of tokens before they officially launch. This innovative market aims to provide better price discovery for new tokens, starting with Wormhole's W token. The service addresses the volatility and pricing challenges of newly launched governance tokens by offering a platform for traders to bet on their future prices. However, it faces risks of market manipulation and is implementing liquidation guardrails to mitigate potential issues. While pre-launch markets are not new in the DeFi space, they are novel to Solana, with Drift's market expected to see modest daily volume but significant social media interest.

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