Formal Vote - Social CGP6 - Metis Network Expansion

Abstract

This proposal aims to add protocol support for Metis 1 chain.

Motivation & Ratonale

Connect Protocol would like to prioritize adding support for Metis. Recent research has shown significant potential for growth if support to this chain is added swiftly.

Specification

The Connext Protocol is seeking to add support for Metis pending approval from the DAO. This move is motivated by the desire to capitalize on the current market opportunity as explained below:

Connext Protocol can help Metis provide the best bridge UX to their users and bring outsized yield to Connext participating LPs over other more widely supported chains

• Metis TVL is projected at ~$1B (+50%) https://twitter.com/MetisDAO/status/1746896451920097504 1
• They are launching a shared sequencer design Metis-Smart L2 – Metis and planning to use 4.6M METIS ($100M USD) to incentivize growth Metis-Smart L2 – Metis , Metis, the Ethereum Layer 2 Where Vitalik Buterin's Mom Works, Creates 'Metis Ecosystem Development Fund'
• Metis currently has at least 36 dApps(https://defillama.com/chain/Metis?inflows=true). This is expected to continue to grow, and will introduce new key integration partnership opportunities for Connext Protocol.

Note: As discussed 2 on a Connext DAO Delegates call in the past, there is a consideration to create a framework that enables Connext Protocol to add chains quickly while the DAO can veto new chains, thus avoiding the necessity for immediate formal votes for chains such as this one. Connext Labs team is currently working on criteria for adding chains, and delegates will be engaged to ideate on creation of this framework.

Steps to Implement

This proposal is asking the DAO to approve the Security Council to submit the onchain configuration transactions required to add the Metis connector to the messaging network.

Timeline

Impact will be maximized if the mainnet production testing was unblocked as soon as possible, therefore this proposal will progress to the formal vote quickly, pending support from delegates during the RFC step.

Overall Cost

There are no immediate additional costs that the DAO needs to cover.