Ethereum-based Layer 2 protocol Metis launched the testnet version of its decentralized exchange MetisSwap.
Decentralized Exchanges are the most complicated application in all of DeFi. By launching MetisSwap, Metis continued its quest to demonstrate the compatibility of its Layer 2 platform with DeFi projects of all kinds.
MetisSwap built on Metis Layer 2 Beta Testnet
MetisSwap is a hard fork of the popular DEX Uniswap, enabling users to mint and swap Layer 2 tokens. It’s built on the native Metis Layer 2 Beta Testnet and designed with innovative features.
Testers will be able to:
- Bridge ETH from Layer 1 (Rinkeby Testnet) to Layer 2 (Metis Layer 2 Beta Testnet).
- Connect with Metis Layer 2 Beta Testnet wallet.
- Get $METIS test tokens from Metis Faucet.
- Create your own test token on Metis Layer 2 Beta Testnet.
- Add your test token into the liquidity pool and swap them with other tokens.
MetisSwap was built to make it easy for everyone from DeFi-savvy users to total newbies to experience the 1-second, 1-cent transactions available on Metis Layer 2.
Metis also revealed that community members who test out MetisSwap will have the opportunity to win real $METIS token rewards as part of an airdrop. To become eligible for those rewards, users will need to connect with MetisSwap Testnet by going to testswap.metis.io, creating their own token, adding liquidity, and swapping that token with other tokens. Users must also follow Metis on Twitter and Telegram and hold a minimum of 10 $METIS tokens (available for purchase on Gate.io and Uniswap) in the same wallet they use to test MetisSwap.
All told, Metis will airdrop 5 $METIS tokens each to 600 qualified testers, once the test period ends on July 16.
A significant milestone for Metis
The launch of the MetisSwap is a significant milestone for Metis, proving that DeFi projects can run on its Metis Layer 2 Beta Testnet protocol. Several rival Layer 2 protocols have found it difficult to launch their own DEX, whereas Metis has continued to prove its status as an innovative blockchain project.
Meits has made significant gains in recent months with high-profile partnerships with key blockchain projects. In the past month, the company has announced key partnerships with launchpad provider PAID Network, blockchain infrastructure company PARSIQ, OroPocket DeFi platform OpenDeFi, and several other innovative projects.
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. Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure.
This differentiating factor makes it easy for developers, builders, or community leaders to build their applications and communities. 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.
Disclaimer: This is a paid post and should not be treated as news/advice.