Token Description & Project Background

Metis DAO is a Layer-2 scaling solution that uses optimistic rollup technology.

It empowers developers to run applications, process transactions and store data on top of blockchains such as Ethereum. It claims to offer improved speed and low gas fees while preserving Ethereum’s security. 

METIS is the network’s native token. It is used to cover gas fees, and to validate transactions via staking. The METIS token launched in May 2021. 

The project was  founded by Elena Sinelnikova (CEO), Kevin Liu (Product Lead) & Yuan Su (Tech Lead).

Sinelnikova is the CEO of Metis Labs, which is responsible for supporting Metis DAO’s technological growth.

Risks of METIS

Like an investment in other crypto assets, there are some general risks to investing in METIS. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in METIS is subject to the following specific risks:

• The Layer-2 field is becoming increasingly crowded, with many established players such as Optimism, Polygon, and Arbitrum already in the market. Any potential success associated with the METIS token is therefore dependent on the Metis solution’s rate of adoption by projects and developers, as well other factors such as the growth of optimistic rollup technology.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with METIS. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The METIS community and Metis Labs are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of METIS have no recourse to the METIS community, Metis Labs, or Uphold if METIS declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing METIS on the Uphold Platform, Uphold performed due diligence on METIS and determined that METIS is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of METIS, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of METIS.
• Marketing materials put forward by the METIS social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with METIS, including any code defects, security breaches and other threats concerning METIS and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with METIS, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of METIS. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 5, 2023.