Metis Token (METIS) is an ERC-20 governance token used for staking, transaction fees, and other purposes within the Metis ecosystem. It is a key component of the Metis Layer-2 solution, which aims to improve Ethereum's scalability and efficiency. METIS is used by validators called Rangers to ensure transaction validity and can be staked for rewards. Additionally, it is used for transaction fees, purchasing goods and services, and as a financial incentive token in the "Builder Mining" program.
The Metis Token (METIS) is used in several ways within the Metis ecosystem:
Transaction Fees: METIS is used to pay for transaction fees on the Metis network. This includes fees for deploying smart contracts and conducting decentralized applications (dApps).
Staking: METIS tokens are staked by Rangers to validate transactions and ensure their integrity. This staking process incentivizes Rangers to act honestly, as they risk losing their stake if they act maliciously.
Rewards: METIS tokens are used as rewards for ecosystem development and for participating in the "Builder Mining" program, which offers rewards to member DACs for each transaction they conduct.
Governance: METIS tokens are used for governance purposes, such as voting in the Community Ecosystem Governance (CEG) framework, which allows the community to decentralize decision-making and participate in the governance of the ecosystem.
Purchasing Goods and Services: METIS tokens can be used to purchase goods and services within the Metis protocol.
Overall, the METIS token plays a central role in facilitating transactions, incentivizing network participants, and governing the Metis ecosystem.
To store Metis Token (METIS) tokens, you can use several wallet options:
MetaMask: You can add Metis to MetaMask by going to the "Add network" page, entering the required details, and clicking "Save." Alternatively, you can use a one-click button to simplify the process.
Coin98 Wallet: You can store METIS tokens on Coin98 Wallet by opening the wallet, clicking "Receive," searching for the METIS token, and following the prompts.
Ledger: Although Ledger does not directly support METIS, it does support ERC-20 tokens, which includes METIS. You can store METIS on your Ledger device by following the instructions for managing ERC-20 tokens.
- Trezor: You can also use a Trezor hardware wallet to store METIS tokens. For detailed instructions, refer to the MetaMask support page.
These wallets provide secure and convenient ways to manage your METIS tokens.
To buy Metis Token (METIS) tokens, follow these steps:
Buying from Centralized Exchanges (CEX)Register and Verify Account:
- Create an account on a centralized exchange (CEX) such as Binance, Coinbase, or KuCoin.
- Verify your identity by providing a government-issued ID and enabling two-step verification for security.
Add Funds:
- Deposit fiat currency (e.g., USD) into your CEX account using a payment method like a bank account, debit card, or wire transfer.
- Alternatively, you can use a financial service platform like PayPal (available for US residents).
Buy USDT, ETH, or BNB:
- Use your deposited fiat to purchase USDT, ETH, or BNB, which are commonly traded cryptocurrencies.
Transfer to METIS Trading Pair:
- If the CEX supports both purchasing USDT, ETH, or BNB via fiat and METIS trading pairs, you can trade within the same platform.
- Otherwise, transfer your purchased USDT, ETH, or BNB to a CEX that supports METIS trading.
Buy METIS:
- Use your USDT, ETH, or BNB to buy METIS tokens in the spot market.
Set Up a Crypto Wallet:
- Download and install a Web3 crypto wallet like Metamask or Trust Wallet.
- Create and set up a new wallet, ensuring you have the necessary cryptocurrencies (e.g., ETH) for the DEX.
Transfer Cryptocurrency:
- Transfer the necessary cryptocurrency (e.g., ETH) from your CEX wallet to your self-custody crypto wallet address.
Connect to DEX:
- Connect your wallet to the DEX by clicking "Connect Wallet" and following the instructions.
Swap for METIS:
- Find the "Swap" option on the DEX, select the token you want to trade from (e.g., ETH), and choose METIS as the token you want to acquire.
- Enter the amount you want to trade and confirm the swap.
Confirm Transaction:
- Review the details and confirm the swap. Your wallet will ask you to confirm the action.
- Be cautious of fake tokens on DEX and ensure you have the official contract address.
- Research and compare fees, security features, and supported currencies before choosing an exchange.
- Consider your investment approach, crypto storage, and other aspects of buying and trading METIS tokens.
For more detailed instructions and specific exchange procedures, refer to the guides provided by CoinCarp, Coinbase, KuCoin, Binance, and CoinCodex.
