Layer-2 protocol Metis has inked a partnership with PAID Network, enabling the latter’s Apollo-X and Ignition launchpads to debut on its platform.
Formerly operating on both Ethereum and Polkadot, PAID Network will henceforward leverage Metis’ decentralized framework, which is designed to address the limitations of layer 1 blockchain Ethereum.
The budding alliance enables users to perform secure transactions in under a second at a price of less than 1 cent, an advantage that has attracted the interest of numerous defi projects including Oropocket OpenDeFi and Bagels Finance.
A Valuable Stepping Stone
As part of the deal, PAID will also join the likes of Autonomy Capital and Master Ventures in the Metis Ecosystem Development Program, providing investment, funding, tech support, and launchpad guidance for projects (dApps, DAOs, NFTs, etc) operating in Metis’ expanding Layer 2 ecosystem.
According to a blog post heralding the partnership, the pair will also work closely on marketing and community building, particularly among Chinese speakers.
“Our partnership with Metis represents a valuable stepping stone for both our Apollo-X and Ignition launchpad platforms and their respective communities,” said Kyle Chasse, CEO of PAID Network.
“Metis’ Layer 2 solution, the Metis Rollup, makes building and running dApps much cheaper and more efficient, while providing far greater scalability and a higher level of functionality than Ethereum alone can offer.
These positive sentiments were echoed by Metis Co-Founder Elena Sinelnikova, who added, “PAID Network shares so much in common with Metis when it comes to using innovation to help companies succeed.
“With PAID now deploying Metis Layer 2 technology to partner with us and scale its business, that common bond gets even stronger.”
Why PAID Chose Metis
One of the best-known L2 solutions for Ethereum, Metis purports to solve that blockchain’s storage, speed, and scalability woes by removing friction, supporting fast, low-fee transactions, and facilitating one-click deployment for those keen to create and run dApps and communities on Ethereum.
Projects joining Metis also get to benefit from Ethereum’s robust security, something that is not available on centralized sidechains. Supported Metis use cases include decentralized exchanges (DEXs) and yield farms, DAOs, NFT platforms, and other open-source projects such as Decentralized Autonomous Companies (DACs).
PAID Network, meanwhile, is a dApp that reimagines the business contract, litigation and settlement process by utilizing blockchain and defi to create standardized SMART Agreements. It closed a $2 million funding round led by Master Ventures and Alphabit Fund back in January.
Having recently launched its beta testnet ahead of a proposed September mainnet launch, Metis is maintaining momentum with the PAID Network partnership, further underlining its value to those who are intrigued by Ethereum but dissuaded by its many limitations.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.