Metis: The Cheapest L2 Project Based on New Secure Storage Layer

On April 13, an exciting event happened in the Layer 2 Rollup field, that is, Metis’ official version was launched and became the cheapest L2 project.

Metis is a star project of Ethereum Layer 2. Its high scalability, versatility, high availability, low costs, and complete decentralization have attracted a large number of developers and users, and have unlimited potential for future growth.

The success of Metis’ cost reduction is inseparable from the support of the new decentralized storage layer. This storage layer has been started on the day the official version of Metis was launched. Currently, transaction data is being uploaded to the co-built network in an orderly manner.

The key to the new decentralized storage network significantly reducing the gas fee is to shrink the size of transaction data by packaging aggregated data. This decentralized storage network implements an automated data upload process.

First, the sequencer will grab the latest batches of transactions on the chain and compile the required transaction data to support the fraud proofing. Then, the sequencer will compute a merkle tree root of compiled transaction data. Next, the sequencer will compute an identifier based on the merkle tree root, which then is used to submit the data to our decentralized storage Memolabs. Once the data is available in the decentralized storage, the merkle tree node is then submitted to the Ethereum mainnet as part of the rollup. Thus, the transaction data rollup for the batch is done.

The new storage layer is built on a production environment by Metis and its strategic partner Memolabs and is on the basis of MEMO’s latest technical architecture of Megrez Version. Currently, the nodes are all distributed in North America. Both of the communities will deploy more nodes in Europe and Asia-Pacific.

The reason why Metis choose Memolabs as a storage cooperative partner is that MEMO has advanced technology and friendly incentives that support both high data availability and data security.

Megrez Version is the latest version of MEMO. This version has been tested since November last year and was launched in April this year. The security, reliability, and carry capability of the Megrez Version have been confirmed.

Furthermore, in order to facilitate the community to be familiar with the deployment process, MEMO currently opens the public network of Megrez Version for the community to use free of charge.