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Description[Edit][Issue]

Metis is an EVM-equivalent Optimistic Rollup chain originally forked from Optimism. It provides support for multiple, interconnected rollups with main focus on supporting easy creation of DACs (Decentralized Autonomous Companies).

Risk summary

Technology

No automatic on-chain fraud proof system[Edit][Issue]

For additional security, any staked Validator can challenge invalid state root submitted by the Sequencer. Other Validators will then act as referees in an interactive challenge game. Dishonest Validator majority can push invalid state root on-chain, and potentially slash honest Sequencer.[1]

  • Funds can be stolen if an invalid state root is submitted to the system (CRITICAL).

All transaction data is recorded on chain[Edit][Issue]

All executed transactions are submitted to an on chain smart contract. The execution of the rollup is based entirely on the submitted transactions, so anyone monitoring the contract can know the correct state of the rollup chain.[2]

    Operator

    The system has a centralized sequencer[Edit][Issue]

    While proposing blocks is open to anyone the system employs a privileged sequencer that has priority for submitting transaction batches and ordering transactions.[3]

    • MEV can be extracted if the operator exploits their centralized position and frontruns user transactions.

    Users can force any transaction[Edit][Issue]

    Because the state of the system is based on transactions submitted on-chain and anyone can submit their transactions there it allows the users to circumvent censorship by interacting with the smart contract directly.[2]

      Withdrawals

      Regular exit[Edit][Issue]

      The user initiates the withdrawal by submitting a transaction on L2. When the block containing that transaction is finalized the funds become available for withdrawal on L1. The process of block finalization usually takes several days to complete. Finally the user submits an L1 transaction to claim the funds. This transaction requires a merkle proof.[4]

      • Funds can be frozen if the centralized validator goes down. Users cannot produce blocks themselves and exiting the system requires new block production (CRITICAL).

      Other considerations

      EVM compatible smart contracts are supported[Edit][Issue]

      Metis uses the Optimistic Virtual Machine (OVM) 2.0 to execute transactions. This is similar to the EVM, but is independent from it and allows fraud proofs to be executed.[5]

      • Funds can be lost if there are mistakes in the highly complex OVM implementation.

      Smart Contracts[Edit][Issue]

      The system consists of the following smart contracts:

      The current deployment carries some associated risks:

      • Funds can be stolen if a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).

      References

      1. MVM_Verifier.sol#L133 - Metis source code
      2. CanonicalTransactionChain - Etherscan source code
      3. CanonicalTransactionChain#L735 - Etherscan source code
      4. Withdrawing from Metis - Metis documentation
      5. MVM repository - Metis source code