[Disclaimer - This proposal is powered by Metal DAO. karpatkey is not affiliated with Metal DAO and did not receive compensation for posting this proposal.]
TLDR: This proposal requests $250k in UNI incentives for a three-month period and an Angle Merkl integration (€20,000) for incentives distributions. On their side, Metal DAO approved 250k MRL tokens for liquidity bootstrapping across key trading pairs, 250k MTL tokens for incentive programs (both at $1.63) and full integration costs including Oku's deployment and maintenance fees.
Metal L2 is a banking-focused Layer 2 blockchain built on the Optimism Superchain, designed to enable direct on-chain fiat deposits through its connection to The Digital Banking Network—an open-source blockchain banking protocol developed by Metallicus. As one of the first chains to initiate the transfer of keys to the Optimism Foundation as part of its journey to Stage 1, Metal L2 demonstrates a strong commitment to decentralization while acting as a critical bridge between regulated TradFi institutions and DeFi.
This unique positioning offers Uniswap the opportunity to connect to The Digital Banking Network by deploying on Metal L2, creating a seamless gateway for TradFi fiat to flow into DeFi.
San Francisco based Metallicus, founded by Marshall Hayner (CEO) and Glenn Marien (CTO), who have been involved in blockchain technology since 2009. Marshall built the first Bitcoin wallet for Facebook, while Glenn created the first Dogecoin wallet, experiences that have shaped their approach to innovation in the space. Marshall also continues to contribute to Dogecoin in his role on the Dogecoin Foundation.
In 2018, under their leadership, Metallicus launched Metal Pay, one of the first regulated crypto payment applications in the United States, often referred to as “The Venmo of Crypto.” alongside their unique Proof-of-processed-Payment mechanism powered by MTL. Their focus on compliance and institutional adoption has been central to Metallicus’ success, leading to Federal Reserve FedNow Certification and the development of blockchain banking solutions that meet key requirements like Anti-Money Laundering (AML), Know Your Customer (KYC), and compliance with ISO 20022 and Bank Secrecy Act (BSA) standards.
This dedication to compliance and innovation has been a key factor in Metallicus’ success in bringing traditional financial institutions on-chain.
Through The Digital Banking Network, Metallicus has onboarded a rapidly growing network of on-chain credit unions and financial institutions across the United States and internationally. At the heart of this network are Metal Pay and Metal Pay Connect, fiat onramp solutions that make it easy for any DApp or business to offer their customers a seamless way to move fiat on-chain. These products enable users to onramp funds quickly and securely using traditional payment methods like debit and credit cards. Metal Pay and Metal Pay Connect currently serve more than 800,000 user accounts, with expectations for a 10x growth by 2027, underscoring the rapid adoption of this interconnected ecosystem.
The Digital Banking Network itself is built on three interoperable chains: Metal Blockchain (Layer 0), XPR Network (Layer 1), and Metal L2 (Layer 2). These chains form the foundation of a universal banking protocol that bridges traditional finance and blockchain technology, ensuring seamless integration while maintaining full regulatory compliance.
Also part of The Digital Banking Network are WebAuth Wallet, an advanced non-custodial crypto wallet that gives users secure access and control over their digital assets, and Metal X, a fully featured DeFi trading and lending platform.
This network represents the culmination of Metallicus’ founders’ vision: to create a universal banking protocol that allows traditional financial institutions to seamlessly integrate with blockchain technology while maintaining their regulatory compliance. By enabling fiat-to-crypto capabilities at scale, The Digital Banking Network is transforming how institutions and individuals interact with decentralized finance.
The native MTL token, established in 2017, stands as one of the earliest and most actively traded tokens in the cryptocurrency space. As one of the first tokens to be listed on major centralized exchanges like Binance, Bittrex, and Coinbase, MTL has maintained consistent market presence and liquidity. The token currently generates over $66 million in daily trading volume across centralized exchanges alone, demonstrating remarkable market depth and trader interest. This substantial trading activity positions MTL among the most liquid tokens in the space, providing a strong foundation for DeFi integrations and institutional adoption.
Metal L2’s journey began with the MIP-001 proposal, which outlined the vision for joining the Optimism Superchain and connecting Metal’s TradFi network into Ethereum’s DeFi ecosystem. Following unanimous community approval, Metal L2 achieved one of the fastest mainnet deployments in the space, launching on March 29, 2024. Demonstrating strong commitment to decentralization, Metal L2 has already initiated the process of transferring keys to the Optimism Foundation, marking significant progress on its path to Stage 1 of the Superchain vision.
The ecosystem’s rapid growth is evidenced by two major protocol deployments already secured through successful DAO proposals. Velodrome, the largest native DApp on Optimism with over $9.2 billion in historical trading volume, has committed to deploying their MetaDEX on Metal L2 and the Metal DAO has committed to 1,020,000 MTL for voting incentives. Their proven track record of bootstrapping liquidity across the Superchain, including successful deployments on Mode with $4.5M TVL pre-incentives, positions them as a crucial piece of Metal L2’s DeFi infrastructure.
Following Velodrome, Ionic Protocol – the largest native money market for yield-bearing assets on Mode Network with over $300M in TVL and 100,000+ users – secured approval for deployment on Metal L2 along with 275,000 MTL for voting incentives. Ionic’s expertise in managing deep lending pools with advanced capital efficiency mechanisms will provide essential DeFi infrastructure for institutional participants. Their unique cross-chain lending capabilities, allowing users to supply on one chain and borrow on another, align perfectly with Metal L2’s vision of bridging TradFi and DeFi.
These rapid developments and successful proposals from major DeFi protocols demonstrate strong ecosystem confidence in Metal L2’s vision. The sequential deployment of Velodrome’s MetaDEX followed by Ionic’s lending protocol creates a foundation for sophisticated DeFi activities, particularly appealing to institutional users seeking robust, tested infrastructure.
The Metal DAO community recently reached a significant milestone by optimistically approving the proposal to integrate Uniswap V3 on Metal L2. This vital proposal reflects the community’s commitment to establishing Metal L2 as a central hub for seamless DeFi and TradFi interactions. The proposal, facilitated by Oku—a team that has conducted nearly two dozen Uniswap V3 deployments across major networks like Base and Binance Smart Chain since their launch in July 2023—demonstrates Metal L2’s commitment to working with experienced, proven partners.
The Metal DAO has committed substantial resources to ensure the successful launch and adoption of Uniswap V3 on Metal L2:
A Liquidity Bootstrap Program allocating 250,000 MTL tokens to seed critical trading pairs:
An additional 250,000 MTL tokens allocated for liquidity incentives, strategically distributed across key trading pairs:
The integration includes comprehensive technical implementation through Oku, encompassing contract deployment, verification, backend integration, and the setup of critical trading infrastructure including limit order functionality. This thorough approach ensures that users will have access to the full suite of Uniswap V3’s advanced trading capabilities from launch.
The ecosystem’s growth momentum extends beyond Uniswap V3, with major protocols already committed to deployment. Velodrome, a leading DEX on Optimism, is scheduled to deploy their MetaDEX this month, while Ionic Money Protocol has confirmed their launch immediately following DEX deployment. These rapid developments showcase the strong momentum and growing ecosystem interest in Metal L2 as a bridge between institutional finance and DeFi.
[Disclaimer - This proposal is powered by Metal DAO. karpatkey is not affiliated with Metal DAO and did not receive compensation for posting this proposal.]
TLDR: This proposal requests $250k in UNI incentives for a three-month period and an Angle Merkl integration (€20,000) for incentives distributions. On their side, Metal DAO approved 250k MRL tokens for liquidity bootstrapping across key trading pairs, 250k MTL tokens for incentive programs (both at $1.63) and full integration costs including Oku's deployment and maintenance fees.
Metal L2 is a banking-focused Layer 2 blockchain built on the Optimism Superchain, designed to enable direct on-chain fiat deposits through its connection to The Digital Banking Network—an open-source blockchain banking protocol developed by Metallicus. As one of the first chains to initiate the transfer of keys to the Optimism Foundation as part of its journey to Stage 1, Metal L2 demonstrates a strong commitment to decentralization while acting as a critical bridge between regulated TradFi institutions and DeFi.
This unique positioning offers Uniswap the opportunity to connect to The Digital Banking Network by deploying on Metal L2, creating a seamless gateway for TradFi fiat to flow into DeFi.
San Francisco based Metallicus, founded by Marshall Hayner (CEO) and Glenn Marien (CTO), who have been involved in blockchain technology since 2009. Marshall built the first Bitcoin wallet for Facebook, while Glenn created the first Dogecoin wallet, experiences that have shaped their approach to innovation in the space. Marshall also continues to contribute to Dogecoin in his role on the Dogecoin Foundation.
In 2018, under their leadership, Metallicus launched Metal Pay, one of the first regulated crypto payment applications in the United States, often referred to as “The Venmo of Crypto.” alongside their unique Proof-of-processed-Payment mechanism powered by MTL. Their focus on compliance and institutional adoption has been central to Metallicus’ success, leading to Federal Reserve FedNow Certification and the development of blockchain banking solutions that meet key requirements like Anti-Money Laundering (AML), Know Your Customer (KYC), and compliance with ISO 20022 and Bank Secrecy Act (BSA) standards.
This dedication to compliance and innovation has been a key factor in Metallicus’ success in bringing traditional financial institutions on-chain.
Through The Digital Banking Network, Metallicus has onboarded a rapidly growing network of on-chain credit unions and financial institutions across the United States and internationally. At the heart of this network are Metal Pay and Metal Pay Connect, fiat onramp solutions that make it easy for any DApp or business to offer their customers a seamless way to move fiat on-chain. These products enable users to onramp funds quickly and securely using traditional payment methods like debit and credit cards. Metal Pay and Metal Pay Connect currently serve more than 800,000 user accounts, with expectations for a 10x growth by 2027, underscoring the rapid adoption of this interconnected ecosystem.
The Digital Banking Network itself is built on three interoperable chains: Metal Blockchain (Layer 0), XPR Network (Layer 1), and Metal L2 (Layer 2). These chains form the foundation of a universal banking protocol that bridges traditional finance and blockchain technology, ensuring seamless integration while maintaining full regulatory compliance.
Also part of The Digital Banking Network are WebAuth Wallet, an advanced non-custodial crypto wallet that gives users secure access and control over their digital assets, and Metal X, a fully featured DeFi trading and lending platform.
This network represents the culmination of Metallicus’ founders’ vision: to create a universal banking protocol that allows traditional financial institutions to seamlessly integrate with blockchain technology while maintaining their regulatory compliance. By enabling fiat-to-crypto capabilities at scale, The Digital Banking Network is transforming how institutions and individuals interact with decentralized finance.
The native MTL token, established in 2017, stands as one of the earliest and most actively traded tokens in the cryptocurrency space. As one of the first tokens to be listed on major centralized exchanges like Binance, Bittrex, and Coinbase, MTL has maintained consistent market presence and liquidity. The token currently generates over $66 million in daily trading volume across centralized exchanges alone, demonstrating remarkable market depth and trader interest. This substantial trading activity positions MTL among the most liquid tokens in the space, providing a strong foundation for DeFi integrations and institutional adoption.
Metal L2’s journey began with the MIP-001 proposal, which outlined the vision for joining the Optimism Superchain and connecting Metal’s TradFi network into Ethereum’s DeFi ecosystem. Following unanimous community approval, Metal L2 achieved one of the fastest mainnet deployments in the space, launching on March 29, 2024. Demonstrating strong commitment to decentralization, Metal L2 has already initiated the process of transferring keys to the Optimism Foundation, marking significant progress on its path to Stage 1 of the Superchain vision.
The ecosystem’s rapid growth is evidenced by two major protocol deployments already secured through successful DAO proposals. Velodrome, the largest native DApp on Optimism with over $9.2 billion in historical trading volume, has committed to deploying their MetaDEX on Metal L2 and the Metal DAO has committed to 1,020,000 MTL for voting incentives. Their proven track record of bootstrapping liquidity across the Superchain, including successful deployments on Mode with $4.5M TVL pre-incentives, positions them as a crucial piece of Metal L2’s DeFi infrastructure.
Following Velodrome, Ionic Protocol – the largest native money market for yield-bearing assets on Mode Network with over $300M in TVL and 100,000+ users – secured approval for deployment on Metal L2 along with 275,000 MTL for voting incentives. Ionic’s expertise in managing deep lending pools with advanced capital efficiency mechanisms will provide essential DeFi infrastructure for institutional participants. Their unique cross-chain lending capabilities, allowing users to supply on one chain and borrow on another, align perfectly with Metal L2’s vision of bridging TradFi and DeFi.
These rapid developments and successful proposals from major DeFi protocols demonstrate strong ecosystem confidence in Metal L2’s vision. The sequential deployment of Velodrome’s MetaDEX followed by Ionic’s lending protocol creates a foundation for sophisticated DeFi activities, particularly appealing to institutional users seeking robust, tested infrastructure.
The Metal DAO community recently reached a significant milestone by optimistically approving the proposal to integrate Uniswap V3 on Metal L2. This vital proposal reflects the community’s commitment to establishing Metal L2 as a central hub for seamless DeFi and TradFi interactions. The proposal, facilitated by Oku—a team that has conducted nearly two dozen Uniswap V3 deployments across major networks like Base and Binance Smart Chain since their launch in July 2023—demonstrates Metal L2’s commitment to working with experienced, proven partners.
The Metal DAO has committed substantial resources to ensure the successful launch and adoption of Uniswap V3 on Metal L2:
A Liquidity Bootstrap Program allocating 250,000 MTL tokens to seed critical trading pairs:
An additional 250,000 MTL tokens allocated for liquidity incentives, strategically distributed across key trading pairs:
The integration includes comprehensive technical implementation through Oku, encompassing contract deployment, verification, backend integration, and the setup of critical trading infrastructure including limit order functionality. This thorough approach ensures that users will have access to the full suite of Uniswap V3’s advanced trading capabilities from launch.
The ecosystem’s growth momentum extends beyond Uniswap V3, with major protocols already committed to deployment. Velodrome, a leading DEX on Optimism, is scheduled to deploy their MetaDEX this month, while Ionic Money Protocol has confirmed their launch immediately following DEX deployment. These rapid developments showcase the strong momentum and growing ecosystem interest in Metal L2 as a bridge between institutional finance and DeFi.
https://gov.uniswap.org/t/rfc-metal-l2-bridging-tradfi-and-defi-through-uniswap-v3/24981/9
https://gov.uniswap.org/t/rfc-metal-l2-bridging-tradfi-and-defi-through-uniswap-v3/24981/9
Chain hasn't proven adoption before applying for additional incentives
Chain hasn't proven adoption before applying for additional incentives
A little about Metal DAO which was formed in 2017 and one of the first ERC20's launched on Ethereum. You can find MTL available on all the most popular global exchanges such as Binance, Upbit, Bybit, Kucoin, etc. Metal DAO was created with the vision of decentralizing fiat ramp access to the blockchain and bridging credit unions, banks and FIs to blockchain. Metal L2 is part of Metallicus Digital Banking Network (TDBN) which is planned to launch next year. Currently in the Metal stack:
A little about Metal DAO which was formed in 2017 and one of the first ERC20's launched on Ethereum. You can find MTL available on all the most popular global exchanges such as Binance, Upbit, Bybit, Kucoin, etc. Metal DAO was created with the vision of decentralizing fiat ramp access to the blockchain and bridging credit unions, banks and FIs to blockchain. Metal L2 is part of Metallicus Digital Banking Network (TDBN) which is planned to launch next year. Currently in the Metal stack:
Metal L2 brings new fiat ramps to Uniswap and the Superchain, with the planned launch of TDBN instant banking access will be available directly to the Superchain through Metallicus network of Credit Unions, Bank partners and FIs.
One of the reasons TVL is currently low is because the first dApps have not launched yet. With the launch of the first dApps such as Oku, Velodrome, Ionic, and others we would like to see Uniswap connected to the Metal L2 network. We believe the services coming with TDBN solve a critical problem where companies struggle to get corporate bank accounts, and consumers are frequently debanked for crypto transactions. After TDBN the days of struggling to find a corporate bank partner or waiting for settlement will be over, solving one of the industries biggest problems. We believe bringing more fiat ramps to Uniswap and the Superchain is important, this is the value that Metal L2 and TDBN brings.
Read more about Metallicus here:
A little about Metal DAO which was formed in 2017 and one of the first ERC20's launched on Ethereum. You can find MTL available on all the most popular global exchanges such as Binance, Upbit, Bybit, Kucoin, etc. Metal DAO was created with the vision of decentralizing fiat ramp access to the blockchain and bridging credit unions, banks and FIs to blockchain. Metal L2 is part of Metallicus Digital Banking Network (TDBN) which is planned to launch next year. Currently in the Metal stack:
A little about Metal DAO which was formed in 2017 and one of the first ERC20's launched on Ethereum. You can find MTL available on all the most popular global exchanges such as Binance, Upbit, Bybit, Kucoin, etc. Metal DAO was created with the vision of decentralizing fiat ramp access to the blockchain and bridging credit unions, banks and FIs to blockchain. Metal L2 is part of Metallicus Digital Banking Network (TDBN) which is planned to launch next year. Currently in the Metal stack:
Metal L2 brings new fiat ramps to Uniswap and the Superchain, with the planned launch of TDBN instant banking access will be available directly to the Superchain through Metallicus network of Credit Unions, Bank partners and FIs.
One of the reasons TVL is currently low is because the first dApps have not launched yet. With the launch of the first dApps such as Oku, Velodrome, Ionic, and others we would like to see Uniswap connected to the Metal L2 network. We believe the services coming with TDBN solve a critical problem where companies struggle to get corporate bank accounts, and consumers are frequently debanked for crypto transactions. After TDBN the days of struggling to find a corporate bank partner or waiting for settlement will be over, solving one of the industries biggest problems. We believe bringing more fiat ramps to Uniswap and the Superchain is important, this is the value that Metal L2 and TDBN brings.
Read more about Metallicus here:
Hi Folks, thanks for your proposal. I don't really know anything about the Metal DAO, where can we find out more information?
Hi Folks, thanks for your proposal. I don't really know anything about the Metal DAO, where can we find out more information?
I have voted AGAINST this proposal, you can read my rationale in my delegation thread:
After reviewing the Metal DAO’s proposal and the feedback from other delegates, I am voting AGAINST the proposal.
I have voted AGAINST this proposal, you can read my rationale in my delegation thread:
After reviewing the Metal DAO’s proposal and the feedback from other delegates, I am voting AGAINST the proposal.
It’s always great to see opportunities to expand Uniswap’s reach and offer incentives on new, up-and-coming chains. But we also need to stick to the quality and values we want for the Uniswap ecosystem. Metal DAO has made a bold move asking for UNI incentives for their early chain launch. While I respect their enthusiasm to bring us onboard, there seems to be a lack of consideration in requesting incentives equivalent to their current TVL.
I’m open to revisiting a proposal from them in the future, but only if they can show some solid adoption and traction in the market first.
The following reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
We’re voting AGAINST the proposal.
The following reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
We’re voting AGAINST the proposal.
As others have already pointed out, Metal’s TVL is too small to justify allocating $250,000 in incentives now. Although the whole purpose of the onboarding packages is to help chains bootstrap their new deployments or liquidity pools, there must first be some meaningful activity to make it a sensible spend from the DAO’s perspective.
We’d encourage the Metal DAO to revisit this topic in the future, once they’ve established bigger volume and TVL.
We have voted against of this proposal, you can read our rationale in our delegation thread:
Blockworks Advisory will be voting AGAINST this proposal on Snapshot.
As other delegates have noted, the TVL metrics of Metal do not reflect activity in a manner that would make it qualified for an incentivized Uniswap deployment. We would also like to call into question the 66M in trading volume on CEXs. Is the 66M of trading volume on CEXs real users or CEX wallets moving funds? Furthermore, we would like to see reasoning for why the Metal team believes that there will be significant TVL distribution in their favor.
Blockworks Advisory will be voting AGAINST this proposal on Snapshot.
As other delegates have noted, the TVL metrics of Metal do not reflect activity in a manner that would make it qualified for an incentivized Uniswap deployment. We would also like to call into question the 66M in trading volume on CEXs. Is the 66M of trading volume on CEXs real users or CEX wallets moving funds? Furthermore, we would like to see reasoning for why the Metal team believes that there will be significant TVL distribution in their favor.
We’re not voting against this solely because of the low TVL, but the low TVL in tandem with other factors like marketing. There are chains out there with low TVL/no TVL (because they have yet to launch or are in the process of launching) that have done significant marketing making them well known in the public which leads us to believe that they will see significant TVL growth at launch.
Hi all, thanks for the proposal. Can the Metal team provide more information about the chain's state? Currently, the chain appears to have quite a low TVL (<$300K).
Has there been significant adoption across the other Metal Chains (Metal Blockchain (Layer 0), XPR Network (Layer 1))?
Hi there, we echo the other Delegate's questions and based on L2 Beat the chain has very little TVL and very low activity.
We are also not supportive of spending DAO funds on incentivising liquidity for native-token pools (MTL).
Overall, assuming L2Beat data is correct we unfortunately can't justify spending incentives just yet
I have voted AGAINST this proposal, you can read my rationale in my delegation thread:
After reviewing the Metal DAO’s proposal and the feedback from other delegates, I am voting AGAINST the proposal.
I have voted AGAINST this proposal, you can read my rationale in my delegation thread:
After reviewing the Metal DAO’s proposal and the feedback from other delegates, I am voting AGAINST the proposal.
It’s always great to see opportunities to expand Uniswap’s reach and offer incentives on new, up-and-coming chains. But we also need to stick to the quality and values we want for the Uniswap ecosystem. Metal DAO has made a bold move asking for UNI incentives for their early chain launch. While I respect their enthusiasm to bring us onboard, there seems to be a lack of consideration in requesting incentives equivalent to their current TVL.
I’m open to revisiting a proposal from them in the future, but only if they can show some solid adoption and traction in the market first.
The following reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
We’re voting AGAINST the proposal.
The following reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
We’re voting AGAINST the proposal.
As others have already pointed out, Metal’s TVL is too small to justify allocating $250,000 in incentives now. Although the whole purpose of the onboarding packages is to help chains bootstrap their new deployments or liquidity pools, there must first be some meaningful activity to make it a sensible spend from the DAO’s perspective.
We’d encourage the Metal DAO to revisit this topic in the future, once they’ve established bigger volume and TVL.
We have voted against of this proposal, you can read our rationale in our delegation thread:
Blockworks Advisory will be voting AGAINST this proposal on Snapshot.
As other delegates have noted, the TVL metrics of Metal do not reflect activity in a manner that would make it qualified for an incentivized Uniswap deployment. We would also like to call into question the 66M in trading volume on CEXs. Is the 66M of trading volume on CEXs real users or CEX wallets moving funds? Furthermore, we would like to see reasoning for why the Metal team believes that there will be significant TVL distribution in their favor.
Blockworks Advisory will be voting AGAINST this proposal on Snapshot.
As other delegates have noted, the TVL metrics of Metal do not reflect activity in a manner that would make it qualified for an incentivized Uniswap deployment. We would also like to call into question the 66M in trading volume on CEXs. Is the 66M of trading volume on CEXs real users or CEX wallets moving funds? Furthermore, we would like to see reasoning for why the Metal team believes that there will be significant TVL distribution in their favor.
We’re not voting against this solely because of the low TVL, but the low TVL in tandem with other factors like marketing. There are chains out there with low TVL/no TVL (because they have yet to launch or are in the process of launching) that have done significant marketing making them well known in the public which leads us to believe that they will see significant TVL growth at launch.
Hi all, thanks for the proposal. Can the Metal team provide more information about the chain's state? Currently, the chain appears to have quite a low TVL (<$300K).
Has there been significant adoption across the other Metal Chains (Metal Blockchain (Layer 0), XPR Network (Layer 1))?
Hi there, we echo the other Delegate's questions and based on L2 Beat the chain has very little TVL and very low activity.
We are also not supportive of spending DAO funds on incentivising liquidity for native-token pools (MTL).
Overall, assuming L2Beat data is correct we unfortunately can't justify spending incentives just yet
Hi all, thanks for the proposal. Can the Metal team provide more information about the chain's state? Currently, the chain appears to have quite a low TVL (<$300K).
Has there been significant adoption across the other Metal Chains (Metal Blockchain (Layer 0), XPR Network (Layer 1))?
It sounds like Velodrome and Ionic have already provided incentives to deploy. Are there other DeFi protocols (Lending, Perpetual, etc.) that aim to support the ecosystem?
Thank you for this proposal @metal!
On the one hand, this could be an opportunity for Uniswap to expand into a regulated ecosystem that addresses an important area bridging TradFi and DeFi, and we appreciate the matching commitment and the thoughtful planning that has gone into this proposal. No doubt do we see the potential in this area.
Thank you for this proposal @metal!
On the one hand, this could be an opportunity for Uniswap to expand into a regulated ecosystem that addresses an important area bridging TradFi and DeFi, and we appreciate the matching commitment and the thoughtful planning that has gone into this proposal. No doubt do we see the potential in this area.
However, we very much share the concerns regarding low TVL and activity, with around 20-50 daily active accounts according to the Metal L2 explorer. Additionally, while it is true that there is plenty of institutional “interest” out there and the probability of them turning that interest into real investments and involvement post the US election has gone up; it’s difficult to gauge how real this “demand” is when they're "exploring" blockchain.
We get that the low activity is mainly due to the lack of apps available right now, and together with the "looseness" of the institutional demand, altogether it makes the proposal too much of a bet for us to feel comfortable in fully supporting it.
Hi all, thanks for the proposal. Can the Metal team provide more information about the chain's state? Currently, the chain appears to have quite a low TVL (<$300K).
Has there been significant adoption across the other Metal Chains (Metal Blockchain (Layer 0), XPR Network (Layer 1))?
It sounds like Velodrome and Ionic have already provided incentives to deploy. Are there other DeFi protocols (Lending, Perpetual, etc.) that aim to support the ecosystem?
Thank you for this proposal @metal!
On the one hand, this could be an opportunity for Uniswap to expand into a regulated ecosystem that addresses an important area bridging TradFi and DeFi, and we appreciate the matching commitment and the thoughtful planning that has gone into this proposal. No doubt do we see the potential in this area.
Thank you for this proposal @metal!
On the one hand, this could be an opportunity for Uniswap to expand into a regulated ecosystem that addresses an important area bridging TradFi and DeFi, and we appreciate the matching commitment and the thoughtful planning that has gone into this proposal. No doubt do we see the potential in this area.
However, we very much share the concerns regarding low TVL and activity, with around 20-50 daily active accounts according to the Metal L2 explorer. Additionally, while it is true that there is plenty of institutional “interest” out there and the probability of them turning that interest into real investments and involvement post the US election has gone up; it’s difficult to gauge how real this “demand” is when they're "exploring" blockchain.
We get that the low activity is mainly due to the lack of apps available right now, and together with the "looseness" of the institutional demand, altogether it makes the proposal too much of a bet for us to feel comfortable in fully supporting it.
