TL;DR:
Bgdlabs conducted a technical analysis of the Metis Andromeda network, an early-stage Layer 2 optimistic rollup, for its potential to host the Aave v3 protocol. Despite some concerns, such as the lack of Proof-of-Reserve feeds and RPC endpoint providers, Metis was found to be an acceptable candidate due to its compatibility with Ethereum RPC standard, chain-agnostic wallets, and security measures, but the community needs to consider the risks of centralization in optimistic rollups.
The discussion primarily revolved around the technical analysis of the Metis Andromeda network, conducted by Bgdlabs, as a potential host for the Aave liquidity protocol. Metis, an early-stage Layer 2 optimistic rollup with EVM compatibility, was evaluated for its suitability to host Aave v3. The analysis was comprehensive, covering aspects such as oracle availability, blockchain explorer functionality, Ethereum RPC standard compatibility, wallet support, and security measures.
Bgdlabs found that Metis has Chainlink price feeds and L2 Sequencer Uptime, but lacks Proof-of-Reserve feeds. The Metis network explorer, based on Blockscout, was deemed sufficient for Aave users and developers, despite some data visualization issues. Metis's full compatibility with the Ethereum RPC standard and Ethereum account format was highlighted as a crucial factor for Aave and other protocols. However, concerns were raised about the lack of RPC endpoint providers like Alchemy, Infura, or QuickNode.
Metis's compatibility with chain-agnostic wallets, the presence of Gnosis Safe contracts on-chain, and the commitment of the Metis community to maintain the open-source fork of metissafe.tech were also noted. The network's support for asset bridging and bi-directional generic message passing, similar to Optimism, was seen as a positive. Metis's security measures, including an Immunefi bug bounty campaign and procedures to react to security incidents, were also discussed.
The Metis network's control mechanism, security model, and storage system were also analyzed. Metis's governance, exercised via a Gnosis Safe 4-of-6 multi-sig, can upgrade smart contracts or change different parameters. The network's security model involves the Metis team controlling the Block Producers and Sequencers, with a whitelist system for reporting potential fraud. Metis uses Memo, a decentralized storage system, which Bgdlabs noted as being in its early stages.
In conclusion, Bgdlabs found Metis to be an acceptable candidate for hosting the Aave v3 protocol, with no hard blockers. However, they emphasized the need for allocating development resources for setup, maintenance, and monitoring, and the importance of evaluating network security. They suggested that the community should weigh the risks from the degree of centralization in optimistic rollups. The next steps proposed involved risk reporting from ChaosLabs and Pauljlei from Gauntlet, followed by a final Snapshot vote for the community to approve a deployment and activation of Aave v3 on Metis Andromeda.
Posted a year ago
Last reply a year ago
Summary updated 2 months ago
Last updated 09/12 13:52