Metis, the recently surging Ethereum Layer 2, has teamed up with Chainlink to build out cross-chain interoperability, while also embracing the booming staking sector.
Announced on Feb. 29, Metis has integrated support for Chainlink’s cross-chain interoperability protocol (CCIP) as its canonical token bridge infrastructure.
The Metis bridge interface will integrate support for CCIP as part of the deal, unlocking new multi-chain utilities for the network. Metis will initially focus on bridging leading stablecoins from the Ethereum mainnet, such as Ethena Labs’s yield-bearing eUSD token.
The integration will also reduce the delay on transfers from Metis to Ethereum from seven days to “minutes,” and also enable programmable token transfers.
“By integrating CCIP as the official cross-chain protocol powering its canonical token bridge, Metis can securely interoperate with the multi-chain ecosystem, reduce cross-chain transaction times to Ethereum, and provide enhanced developer capabilities such as programmable token transfers,” Metis said.
Chainlink’s CCIP has facilitated the transfer of more than $9.7 worth of value over time. CCIP’s Risk Management Network also monitors cross-chain transactions for nefarious activity with a focus on malicious exploits.
The news follows a surge of growth for Metis, with the network’s total value locked (TVL) up more than 800% at $921M from $100M in mid-December, according to L2beat. The price of its native METIS token is also up 354% at $113.5 over the same period, according to CoinGecko.
Metis moves to embrace restaking
Metis’ CCIP integration will also pave the way for the network to facilitate restaking, with EigenLayer, the pioneering Ethereum restaking protocol, set to roll out support for Metis within the next couple of months.
EigenLayer allows Ethereum stakers to earn additional yields by also securing third-party Actively Validated Services (AVSs) while simultaneously validating the Ethereum mainnet in a process called restaking. EigenLayer currently boasts a $9.8B TVL, according to DeFi Llama, ranking it as the third-largest DeFi protocol.
“Native and cross-chain staking on Metis will come first, followed by dual staking with METIS,” an announcement from Metis said. It added that EigenLayer will allow users to restake EigenDA, its data availability AVS, using the METIS token on Ethereum.
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Liquid restaking on metis
Metis also announced a forthcoming partnership with Renzo Finance to bring native staking onto the Metis network.
EigenLayer users can either deposit liquid staking tokens to its capped pools or deposit natively staked Ether without limit. Liquid restaking token (LRT) protocols allow users to gain exposure to native restaking through LRTs, allowing tokenholders to access retaking yields without locking up their assets. LRT holders can also use their tokens in DeFi or trade them to bypass restaking withdrawal delays.
Metis users will be able to deposit ETH to Renzo via the forthcoming Restake From Anywhere module from Connext, a cross-chain interoperability protocol, and receive Renzo’s LST, ezETH.
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