Stargate Deployment On Metis

Background Born out of the need for permissionless and open collaboration, Metis Andromeda is an EVM Equivalent Ethereum Layer 2. MetisDAO Foundation is building a hub for the entire Web3 economy in 3 stages: an Ethereum Layer 2 providing top notch scalability; built-in on-chain reputation through the Matrix Reputation Power System, providing countless capabilities previously just available for Web2 and traditional finance; and a Decentralized Autonomous Company (DAC) framework facilitating the transition of Web2 onto Web3, and enabling both blockchain and Web2 companies to build decentralized businesses on-chain. All the functionalities of real-world enterprises and all the security and decentralization of Ethereum.

Proposal Stargate protocol was initially launched on 7 chains. The MetisDAO Foundation proposes for Stargate to launch on Metis now that there is the LayerZero endpoint on Metis mainnet. To start, the Foundation would like to request two pools:

-USDT (connected to Metis, Ethereum, BNB Chain, and Avalanche) -APD for METIS between Ethereum, BNB Chain, and Metis.

To incentivize this launch and campaign, the MetisDAO Foundation proposes a 4 month grant distributed as: -$100k worth of METIS per month, 4 month period -$40,000 of METIS for liquidity incentives ($13,333 of METIS/month per pool [Metis, Ethereum, BNB Chain]), $60,000 of METIS for inbound transfer volume rebates monthly -Pools on launch: USDT between Metis, Ethereum, BNB Chain, and Avalanche -Stargate is requested to provide $2m of POL for Avalanche USDT Pool

This would be the first chain expansion for Stargate since it launched. As such, we would like to engage in a strong marketing campaign to fully capitalize on the successful expansion of Stargate’s cross-chain and interconnectivity mission, as well as highlighting the capital flow capabilities it has brought to Metis.

The inclusion of Metis in Stargate’s front end would open up more revenue streams and points of access to the Stargate DAO. One of those areas being our coveted Builder Mining Rewards (BMR) program, which pays out up to 4000 METIS/month to the builders driving the most activity and value. In addition, many Metis builders are already in touch with the LayerZero/Stargate team, and are actively planning to build on top of LayerZero and Stargate. Ultimately, this will drive more value, usage, and cohesion back to the DAO.

Success This proposal has two success measures: (I) Stargate Protocol is enabled to support USDT transfers to and from Metis, Ethereum, BNB Chain, and Avalanche, providing additional incremental access points for value transfer, ultimately enabling more fee capture for the Protocol; and (II) MetisDAO Foundation provides a 4-month grant incentivizing liquidity, as well as providing Stargate DAO with incremental revenue through value capture from providing liquidity on these liquidity paths.

Execution Stargate deploys on Metis, enabling the USDT pool to and from Metis, Ethereum, BNB Chain, and Avalanche.

Metis launches APD for METIS token to and from Ethereum, Metis and BNB Chain.

MetisDAO Foundation launches a marketing campaign to help highlight Stargate on Metis.

Summary Launching on a new chain will result in Stargate realizing more of its vision to be the ultimate omnichain liquidity layer, bringing more options for its users, and more volume through Stargate, ultimately driving more revenue for the DAO. On the other side, Stargate will become a core part of the Metis ecosystem, enabling more robust DeFi infrastructure on Metis, and bringing more utility to the network and its users.