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Metis

14 pieces · May 2022 to Mar 2024 · 1 flagship

Sectors

L1/L214 Ethereum10 ZK4 Market structure1 Regulation1

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Coverage per year

62022

72023

12024

Price and coverage

Metis $METIS

Calls: 1 bullish
Since first call, bullish: −84%
vs BTC: −94%
Now: $3.95

bullish thesis bearish thesis coverage, no call map, list or mentionWeekly closes in USD, log scale, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on Metis

Map19 May 2022Ethereum rollup landscape: optimistic and ZK rollups comparedLandscape thread covering optimistic rollups (Optimism, Arbitrum, Boba, Metis) with fraud proofs and challenge periods, and ZK rollups (Starknet, StarkEx, zkSync, Immutable X) including the L3 recursion idea.Data06 Sep 2022State of Arbitrum, Sept 2022: users, TVL, fees and ecosystem dataData-driven look at Arbitrum with Token Terminal, Dune and L2BEAT numbers on active users, bridge flows, contract deployments, fees, TVL and ecosystem, concluding fundamentals are bullish with growth that is organic and token-free.Explainer17 Jul 2023AltLayer Flash Layers secured by EigenLayer restaking: decentralized sequencingExplains how AltLayer's Flash Layers use EigenLayer restakers as a decentralized sequencer set, why centralized sequencers are a core rollup issue, and how to test both via the Altitude Phase III testnet.

Timeline · every piece, newest first

2024 1

25 Mar 2024Rollup landscape by DA and validation: optimistic, ZK, optimium and validiumClassifies live L2s by state validation and DA design: optimistic rollups, ZK rollups, optimiums (Manta, Metis, Mantle) and validiums (Immutable, Manta soon).MapL1/L2Ethereum

2023 7

04 Dec 2023Total value bridged growth: rollups vs validiums and optimiums7-day TVB growth data shows Mantle (+44.21%) and Metis (+24.26%) outpacing Arbitrum, Optimism and Base. Argues rising gas fees will push users to alt-DA and modular DA will capture share this cycle.DataL1/L2Market structure

23 Nov 2023Proof of Alpha #20: Blast critique, hybrid zk fraud proofs and CZ plea dealNewsletter edition. Calls Blast a multisig-controlled deposit contract with no real L2 bridge and almost USD 200m in it, argues for hybrid zk fraud proofs as a cheaper stopgap before full validity rollups, and recaps the Binance settlement with $1.3B withdrawn.OtherL1/L2ZKRegulation

10 Oct 2023ZK themes to watch: hybrid proofs, zk interop, proving services, Manta, ZK RaaSLists five zk areas he is tracking: zk fraud proofs in hybrid optimistic rollups, zk-powered interop, RISC Zero proving as a service, Manta's Solidity-native zk layer versus Aleo's new language, and ZK rollup-as-a-service.Market takeZKL1/L2

18 Aug 2023Is Metis still an L2 play for the next cycle?Argues Metis has strong tech innovation and low valuation, but off-chain data via Memolabs, an unfinished fraud-proof system, no escape hatch and a stagnating DeFi ecosystem leave it behind other L2s. Concludes it is not currently a top L2 pick.ThesisL1/L2

17 Jul 2023AltLayer Flash Layers secured by EigenLayer restaking: decentralized sequencingExplains how AltLayer's Flash Layers use EigenLayer restakers as a decentralized sequencer set, why centralized sequencers are a core rollup issue, and how to test both via the Altitude Phase III testnet.ExplainerEthereumL1/L2

25 May 2023The future of rollup costs: calldata, EIP-4488 and EIP-4844Explains why calldata dominates rollup fees and how EIP-4488 and EIP-4844 blobs reduce it. Argues that post-4844 optimistic rollups may be temporarily cheaper than zk rollups, but long term most ORs become ZKRs.ExplainerL1/L2Ethereum

20 Apr 2023Centralization in zk-rollups: sequencers, provers and client diversityArgues zk-rollups promise Ethereum-grade security but are largely centralized today across sequencers, provers and client diversity. Maps the projects working on each problem: sequencer rotation, shared sequencers, prover outsourcing and multiple clients.Market takeZKL1/L2Ethereum

2022 6

22 Sep 2022Index: rollups, zkEVM, data availability and airdrop threads (Sept 2022)Thread of threads organizing the author's modular scaling research: rollup intro and landscape, zkEVM, protocol deep dives, DA problem, EIP-4844, Celestia, Cevmos, Avail and airdrop guides.MapEthereumL1/L2

06 Sep 2022State of Arbitrum, Sept 2022: users, TVL, fees and ecosystem dataData-driven look at Arbitrum with Token Terminal, Dune and L2BEAT numbers on active users, bridge flows, contract deployments, fees, TVL and ecosystem, concluding fundamentals are bullish with growth that is organic and token-free.DataEthereumL1/L2

15 Jun 2022Index: rollup scaling, data availability and L2 airdrop threads (June 2022)Thread of threads indexing the author's rollup work: scaling intro, rollup landscape, EIP-4844, Optimism, Arbitrum, Metis, L3, dAMM, airdrop guides and the DA and Celestia series.MapEthereumL1/L2

01 Jun 2022EIP-4844 explained: proto-danksharding and cheaper data for rollupsExplains why rollups need cheaper data and how EIP-4844 adds blob-carrying transactions with their own EIP-1559-style fee market as a step toward full danksharding, without yet sharding the chain.ExplainerEthereumL1/L2

19 May 2022Ethereum rollup landscape: optimistic and ZK rollups comparedLandscape thread covering optimistic rollups (Optimism, Arbitrum, Boba, Metis) with fraud proofs and challenge periods, and ZK rollups (Starknet, StarkEx, zkSync, Immutable X) including the L3 recursion idea.MapEthereumL1/L2ZK

12 May 2022Metis bull case: sequencer rotation, native DA and low feesArgues for Metis as an optimistic rollup with rotating sequencers, EVM equivalence, a native storage and data availability layer, and the lowest tx cost among Ethereum L2s. Cites its rank as 5th largest L2 by TVL.ThesisL1/L2Ethereum

Often covered with

Arbitrum65 Optimism61 Starknet39 L2BEAT14 zkSync41 Celestia145 Blast7 Manta Network45

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