Detailed Explanation of ENKI, the First LSD Platform on Metis
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Detailed Explanation of ENKI, the First LSD Platform on Metis
ENKI is the first and largest liquid staking protocol on Metis.
Navigating Web3 tides with focused insightsWritten by: TechFlow
With the start of Metis Sequencer Season Two community testing, market attention has returned to the Metis ecosystem. In the official community guide, Enki is listed first in the introduction to Season Two, underscoring its significance. In this article, let's take a deep dive into Enki, the first LSD platform on Metis.
ENKI: The First Liquid Staking Protocol on Metis
ENKI is the first and largest liquid staking protocol on Metis, designed to simplify and democratize participation in the Metis Sequencer node ecosystem, enabling ordinary investors to earn rewards by staking Metis Sequencer nodes. At the same time, it provides a secure, simplified, and DeFi-centric platform for passive income on Metis.
ENKI addresses the complexity and limitations of traditional Metis Sequencer node staking, offering opportunities for everyday users to participate regardless of how many METIS tokens they hold. This helps drive growth and composability within the Metis ecosystem.
For example, staking Metis Sequencer nodes on Ethereum currently involves the following challenges:
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Ordinary users cannot participate;
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A minimum of 2,000 METIS tokens is required;
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Liquidity is locked;
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Requires setting up and managing a node server.
ENKI makes mass participation possible:
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No barriers—any user can join;
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No minimum METIS amount required;
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Liquidity remains freely usable for trading, lending, and other activities;
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No need to set up or manage a node server.
ENKI holds significant value both for users interested in sequencer node staking and for onboarding new users into the Metis ecosystem.
ENKI’s Metis Sequencer Node Staking
First, ENKI employs a dual-token model—eMetis (ENKI Metis) and seMetis—similar to Lido's stETH and wstETH, and Frax’s frxETH and sfrxETH. eMetis functions as a stablecoin loosely pegged to Metis. It leverages Metis Sequencer node staking to enhance composability within the Metis ecosystem. seMetis, on the other hand, is the yield-accruing version of eMetis. Most profits generated by Metis sequencer nodes are distributed to seMetis holders.
By staking eMetis to receive seMetis, users earn staking rewards, which can be claimed when converting seMetis back to eMetis. The mechanism works as shown below:
In practical terms, users first convert METIS into eMetis. On the Mint interface, enter the desired amount and send METIS to the ENKI Metis Minter. The Minter efficiently converts METIS to eMetis on a strict 1:1 basis, ensuring full value preservation.
After obtaining eMetis, users can stake it to receive seMetis. This staking process allows users to accumulate yield, with profits from Metis sequencer nodes primarily distributed to seMetis holders.
Tokenomics
$ENKI is the protocol’s native governance token, granting holders decision-making power to vote on fee structures, protocol upgrades, and overall ecosystem development. Within the eMetis staking flywheel, $ENKI also enhances staking rewards. The team has committed that ENKI will be an integral part of the ecosystem, gaining broader utility beyond just governance, aligning user incentives with ENKI’s long-term success.
The maximum expected supply of ENKI tokens is 10 million. Any issuance beyond this cap will be subject to a 28-day timelock. Before any change to the maximum supply, a community governance vote will be initiated to ensure transparency and fairness.
According to project documentation, the initial ENKI allocation plan is as follows:
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10%, or 1 million ENKI, allocated to its Genesis Program "Fantasy" stage, including marketing, partners, and early community supporters.
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90%, or 9 million ENKI, will be gradually released over time in various forms, with further details to be published soon on the Litepaper.
The ENKI team has made a key announcement: the team will not hold any token allocations, nor conduct fundraising. All token releases will follow a fair launch model.
Roadmap
According to the roadmap displayed on its official website, in Q1 2024, ENKI will undergo public release and subsequent product upgrades—the final steps in its rollout—featuring major events such as the launch of the native $ENKI token. Let’s explore the key upgrades ENKI will introduce in February:
ENKI Genesis Program—Fantasy
On February 8th of this year, ENKI officially launched its Genesis Program "Fantasy." This cornerstone initiative covers key elements most important to investors, including ENKI tokenomics, airdrops, and NFTs.
During testnet trials, Vest is an essential feature requiring ENKI as a staking token. While most projects only launch their tokens after mainnet deployment, ENKI’s token already has utility. Therefore, the team decided to initiate the "Fantasy" Genesis Program before ENKI’s official mainnet deployment. This program aims to boost early supporter engagement through a series of marketing activities and distribute the first 10% of ENKI tokens (1 million) as incentives. This approach also ensures that circulating supply remains capped at 10% until the release plan for the remaining 90% is finalized.
Phase One—Early Marketing Activities & Testnet (Now Live)
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Community Engagement & Trivia Tasks: 25,000 ENKI (0.25% of total supply).
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Testnet Participation: 25,000 ENKI (0.25% of total supply).
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Testnet Bug Bounty & Marketing Partnerships: 100,000 ENKI (1% of total supply).
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Ecosystem Partner Airdrop: 100,000 ENKI (1% of total supply), rewarding loyal users from partner communities within Metis (e.g., liquidity miners).
All users who participate in the above activities will be eligible to mint an Early Supporter NFT on the Metis mainnet after Phase One concludes. This NFT will serve as proof for claiming future airdrops.
Phase Two—After Deployment on Metis Mainnet (Not Yet Started)
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Metis Staking Airdrop: 200,000 ENKI (2% of total supply), distributed proportionally to users staking METIS in the ENKI protocol.
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Referral Staking Campaign: 400,000 ENKI (4% of total supply). Users holding eMetis or seMetis are eligible to participate. They can mint a special Referrer NFT and receive a unique referral code. Users who stake via this code will contribute points to the referrer’s NFT, provided each referred user contributes at least 0.1 METIS to the staking pool. Point calculation: Points = 100 × number of referrals + 200 × total staked amount by referrals. After the campaign, airdropped tokens will be distributed based on point share. The Referrer NFT will serve as proof for claiming rewards.
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ENKI Liquidity Incentives: 150,000 ENKI (1.5% of total supply), with specific details to be announced.
Overall, Enki not only provides ordinary users with access to Metis Sequencer node staking, lowering the high barriers associated with $METIS node participation, but also injects new vitality into the composability and growth of the Metis ecosystem. By increasing the METIS staking ratio, it positively impacts the price performance of METIS itself. As ENKI continues to evolve and fulfill each step of its roadmap, we look forward to Enki playing a pivotal role within the Metis ecosystem. Stay tuned.
Official Twitter: https://twitter.com/ENKIProtocol
Testnet: https://testnet.enkixyz.com/home
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