In the previous article, we explored the various ways to buy $METIS.
In today’s article, we’ll go even deeper and explore how we can bridge our $METIS to Andromeda and how we can use it to create our own Decentralised Autonomous Company (DAC)!
As DACs are native to Metis’ Mainnet, Andromeda, our first step will be learning how to bridge our $METIS over from Ethereum / BSC to Andromeda.
But before the bridging process, we will first need to add the Metis Mainnet to your MetaMask account.
One simple way is to go to Chainlist, search for Andromeda and add it to MetaMask.
Once set up, you can start bridging!
The Metis Bridge helps you bridge your $METIS token over from the Ethereum chain to Andromeda and vice versa.
The Celer Bridge can also help you bridge $METIS from Ethereum to Andromeda and vice versa.
The good thing about Celer is that withdrawal times are faster. As explained in the first article on Metis’ implementation of optimistic rollups, there needs to be a withdrawal time of one week when withdrawing from the L2 (Metis) to the L1 (Ethereum). And this is the case for the Metis Bridge.
But for the Celer Bridge, withdrawals can be as fast as seven minutes! Of course, this is subject to liquidity, which I will cover in the next article.
PolyNetwork helps your bridge your $METIS token over from Binance Smart Chain to Andromeda and vice versa.
Buying More $METIS
Once you have some $METIS in your MetaMask’s Andromeda account, it opens up new and cheaper ways to buy $METIS tokens if you would like to buy more.
These methods revolve around buying $METIS on Andromeda, which was previously impossible because there was no $METIS in the first place to pay for gas fees incurred while swapping.
Ethereum as middleman
The first way to buy $METIS more efficiently would be to send $ETH from your CEX to your Metamask account over the ERC20 network.
Also Read: How To Use MetaMask To Take The First Step Into The World Of Decentralized Finance
But now, instead of swapping $ETH for $METIS on Uniswap and incurring gas fees in the process, a better way would be to simply bridge $ETH from Ethereum to Andromeda using Metis Bridge / Celer Bridge.
Once you have $ETH on Andromeda, go to Netswap and swap $ETH for $METIS (slippage ~0.1%).
BSC as middleman
The second way is to send $BNB from your CEX to your Metamask account over the BEP20 network.
But now, instead of swapping $BNB for $METIS on PancakeSwap and suffering from high slippage, a better way would be to simply bridge $BNB from BSC to Andromeda using PolyNetwork.
Once you have $BNB on Andromeda, go to Netswap and swap $BNB for $METIS (slippage ~0.8%)
Other than the Metis Bridge / Celer Bridge / PolyNetwork, there are also other bridges like Relay Chain.
Relay allows you to bridge $FTM, $AVAX, $ONE from Fantom, Avalanche, and Harmony over to Andromeda. But due to the lack of liquidity of those coins on Andromeda, swapping them to $METIS may incur high slippage (the slippage incurred from swapping $FTM / $AVAX / $ONE to $METIS ranged from 40-60%).
Hopefully, there will be more liquidity pairs like $METIS-$FTM, $METIS-$AVAX, $METIS-$ONE on Netswap, or other DEXes on Andromeda.
This will reduce the slippage and offer users a cheaper way of buying $METIS. This may also provide yield farming opportunities for users to earn passive income!
Now that we have some $METIS tokens on our Andromeda wallet, we can start creating our own DACs. But before doing so, we need a Polis account so let’s take a look at Polis first!
Polis is Metis’ middleware that allows non-blockchain developers to create their own blockchain-based applications / DACs without needing prior background in smart contract programming.
Apart from developers, Polis is also a platform for users to connect with the dapps that are built on Polis. In this regard, Polis is akin to another wallet for $METIS, the only consideration being the fact that Polis cannot be used to connect to dapps that are not built on Polis.
E.g. If I am not wrong, Netswap is not built on Polis so a Netswap user will have to connect his MetaMask account instead of his Polis account.
Setting Up Polis
When you first log on to Polis, you will be presented with two options:
If you select option one, you will have to transfer your $METIS from MetaMask to your Polis account. If you select option two, the $METIS in your MetaMask will automatically be reflected in your Polis account.
I did both methods, but there is not much difference apart from option two being slightly simpler. Perhaps, having both may be prudent to spread out your $METIS tokens across two different wallets to mitigate the risks if your wallet gets compromised.
The Portal is a gateway for Metis users to create their own DAC. To interact with all features in the Portal, you will need to connect your Polis account to Portal first.
Creating your DAC
With your Polis account connected to the Portal, click on “Create a DAC”.
The next steps would be to choose a photo for your DAC, come up with your DAC’s name and give a short introduction to your DAC
Once done, you need to stake $METIS tokens. The minimum stake for creating DAC is 10 $METIS and the maximum stake is 2000 $METIS. Be sure to leave enough $METIS in your wallet for gas fees!
Finally, review the information and click “Launch My DAC” to complete the registration.
After establishing your DAC, you can now onboard a fully-functioning company onto the blockchain! But if you’re not a builder/developer, then DACs may not be that relevant to you.
For the OG $METIS investors, you would perhaps be familiar with the DAC Mining Programme, where DAC creators could enroll into the DAC Mining pool to enjoy staking yield. This reward programme, unfortunately, has just ended a week back.
Now that we are familiar with the bridging methods, my next article will focus on how everyday blockchain users, not necessarily builders or developers, can enjoy the benefits of interacting with Metis Andromeda through DeFi strategies like yield farming.
Featured Image Credit: MetisDAO
Also Read: A Look At The MetisDAO Ecosystem: Aims, Applications And Developments On Andromeda Mainnet