How To Buy MetisDAO (METIS)?

A common question you often see on social media from crypto beginners is “Where can I buy MetisDAO?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports MetisDAO (METIS)

First, you will need to open an account on a cryptocurrency exchange that supports MetisDAO (METIS).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase MetisDAO (METIS) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy MetisDAO (METIS)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for MetisDAO (METIS) or MetisDAO (METIS) trading pairs. Look for the section that will allow you to buy MetisDAO (METIS), and enter the amount of the cryptocurrency that you want to spend for MetisDAO (METIS) or the amount of fiat currency that you want to spend towards buying MetisDAO (METIS). The exchange will then calculate the equivalent amount of MetisDAO (METIS) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of MetisDAO (METIS) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy MetisDAO (METIS)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is MetisDAO (METIS)?

Metis is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including yield farming, DEX trading, and powering the gig economy via dApps that offer cheap and fast micropayments.

Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure, a differentiating factor that makes it easy for any developers, builders, or community leaders to build their applications and communities. It also makes it easy to use the pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world’s largest decentralized finance ecosystem, without the costs and bottlenecks normally associated with Ethereum.

Metis’ goal is to make building dApps and DACs on its platform so easy to do, even total blockchain novices can make it happen in a matter of minutes.

What is the METIS token?

The Metis token (METIS) has three key roles within the Metis layer-2 protocol:

• Require deposit to activate the Metis Virtual Machine (MVM) to create a decentralized autonomous company (DAC)
• Staked collateral within the Meta Staking Contract when users intend to build up collaborations with others, which will form the commitment foundation for the Optimistic Governance
• Any transactions leveraging Metis protocol on layer-2 will use METIS as the gas cost

The Metis token (METIS) operates as the internal currency for staking and payments. Users can pay for goods and services offered through Decentralized Autonomous Companies (DACs) built on the Metis protocol.

METIS tokens also play a role in reducing spam and ensure trust between developers and users alike. Users must stake some amount of METIS to start a collaboration with others on the platform, such as the founding of a DAC. These tokens will be returned to the initial users if the collaboration is successful. Unsuccessful collaborations can lead to users losing their stake (akin to slashing penalties). Collaborators will also be paid and rewarded in METIS for the contributions.

Users can stake a certain amount of METIS tokens to participate in the Ranger DAC. Stakers in this DAC will be assigned a random range of transactions from all DACs along with the starting state roots. These stakers (called “Rangers”) will compute and submit the state root to the base layer. Rangers will get rewarded or penalized based on the challenge process, which allows users to dispute the validity of a state root submitted to the base layer. Rangers will also be able to mine METIS as part of this process.

What is Polis?

Polis is a simple way to manage your deployed Smart Contracts. Metis aims to allow everyone access to blockchain. Polis is the first step towards building the full Metis Ecosystem. Developers who are not familiar with blockchain will be able to connect to Polis with their own product and create decentralized applications (DApps) with ease.

Polis is a platform that allows users to log into any dApps built upon Polis. The users will receive an Ethereum Address when creating an account. Users can then transfer tokens to another user using either Username or Ethereum Address. The transaction records across all dApps will be shown on the dashboard.

MetisDAO development updates in 2023

MetisDAO (METIS) has seen several significant developments in 2023, focusing on enhancing its functionality and expanding its role in the decentralized finance (DeFi) ecosystem.

MetisDAO Development Updates in 2023

• Deployment of Aave Protocol V3 on Metis Layer 2:

  • MetisDAO integrated Aave Protocol V3 to its Layer 2 infrastructure. This move is aimed at boosting the decentralized finance economy by combining Metis’ network speed and security with Aave Protocol’s advanced features.
  • The integration offers benefits like high-efficiency mode for borrowing, supply and borrow caps for risk management, siloed borrowing to reduce contagion risks, cross-chain portals, gas optimization, and more.
  • This development significantly enhances capital efficiency and introduces new security and risk mitigation features to the Metis ecosystem​​.

• Metis Rollups and the Metis Virtual Machine (MVM):

  • MetisDAO operates as a general-purpose optimistic rollup built on Ethereum, focusing on ease of use, scalability, and low costs.
  • The Metis Virtual Machine (MVM) is notable for being Ethereum-compatible, offering a faster, cheaper, and more user-friendly alternative to the Ethereum Virtual Machine (EVM).
  • Metis supports Solidity smart contracts and offers a seamless experience for developers and users of Ethereum-based DApps, thereby enhancing transaction speed and reducing costs​​​​.

• Shift from DAOs to Decentralized Autonomous Companies (DACs):

  • MetisDAO is advocating a transition from traditional DAOs to DACs, enabling them to perform functions beyond governance, such as payroll and project management.
  • This shift is expected to make these entities operate more like traditional businesses, but in a decentralized manner, offering greater involvement in decision-making processes for employees.
  • The DAC model also includes a “try-before-you-buy” program, allowing potential employees to experience companies before committing​​.

• NFT Bridge with Ethereum:

  • MetisDAO has created an NFT bridge facilitating asset transfers between the Metis’ Andromeda network and the Ethereum blockchain.
  • This bridge enables cost-effective NFT minting on Metis with the option to transfer them to Ethereum, and vice versa, though transferring from Ethereum to Metis is generally more costly​​.

• Polis – Middleware Management Program:

  • Polis, a software developed by MetisDAO, simplifies the transition for companies and DApps to Metis’s layer-2. It allows users with no programming skills to develop DApps or DACs.
  • The introduction of Polis is expected to include a wallet client for METIS token staking, with transaction history serving as a reputational tool within the ecosystem​​.

These updates in 2023 signify MetisDAO’s continued focus on enhancing scalability, decentralization, and functionality within the Ethereum ecosystem, paving the way for more efficient and user-friendly DeFi and DApp experiences.

Official website: https://www.metis.io/

Best cryptocurrency wallet for MetisDAO (METIS)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for MetisDAO (METIS)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).