Staking · Review
ActiveENKI Protocol Review 2026: Liquid Staking on Metis
ENKI Protocol is a liquid staking protocol on Metis that gives stakers a liquid seMETIS token while they earn sequencer rewards. It is a small, early-stage protocol, so size and depth are the main caveats.
By the DappsAtlas editorial team · Updated
DappsAtlas score
5.2/10
Mixed
Our verdict on ENKI Protocol
5.2/10ENKI Protocol suits Metis users who want to earn sequencer-linked rewards without locking their METIS and who accept early-stage risk. Its main strength is a focused product: stake METIS, receive seMETIS, and keep that capital usable in Metis DeFi. The main caveat is size. TVL is about $250,000, fees and the audit firms are not published, and the token's liquidity appears thin. Treat it as a small, speculative position.
Score breakdown
How ENKI Protocol scores
- Security
- 5.0/10
- Ease of use
- n/a
- Fees
- n/a
- Features
- 5.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is ENKI Protocol?
ENKI Protocol is a liquid staking protocol on Metis, the Ethereum layer-2 network. It describes itself as a liquid staking solution built on top of the Metis decentralized sequencer, giving users a simpler way to earn rewards from sequencer nodes while their tokens stay usable.
The project was listed in April 2024 and was described at the time as backed by Metis and in the final stages of testnet. It has its own token, ENKI, and issues seMETIS to stakers. Metis ecosystem coverage from that period mentioned it alongside another sequencer-mining protocol, Artemis Finance.
It is small. Total value locked is around $250,000, down about 14% over the latest seven-day window. The protocol shows continued activity through a 2025 HyperHack community partnership and an incentive programme, but depth and adoption remain modest.
How ENKI Protocol works
Metis uses a decentralized sequencer, the set of nodes that order and process transactions on the network. Running or backing a sequencer earns rewards. ENKI sits on top of this, so METIS holders can take part without operating a node.
When you stake METIS with ENKI, you receive seMETIS. This is a receipt token for your staked position, so your assets stay liquid and can go into lending markets, liquidity pools or other apps on Metis. One report describes this as a dual-token architecture, with seMETIS for stakers and ENKI as the protocol's own token.
The usual trade-off with liquid staking applies. You earn staking-style yield and keep flexibility, but you take on smart-contract risk and the risk that the liquid token trades below the value of what it represents.
6 features
Key features
01
Liquid staking on Metis
Stake METIS and receive a liquid token instead of locking funds with no use. The staked position keeps earning sequencer-linked rewards.
02
Sequencer reward access
Built on top of the Metis decentralized sequencer, giving stakers a simpler route to rewards from sequencer nodes.
03
seMETIS receipt token
Stakers receive seMETIS, part of a dual-token architecture alongside the ENKI token.
04
DeFi composability
seMETIS can be used in other DeFi applications on Metis, so the stake can be put to work elsewhere.
05
Netswap liquidity for ENKI
The ENKI token has been paired in liquidity pools on Netswap, a Metis DEX, according to a published guide.
06
Ecosystem partnerships
The protocol has announced a HyperHack community partnership and an incentive programme, reflecting efforts to grow the Metis ecosystem.
Pros and cons
What we like
- Focused on a clear niche: liquid staking for the Metis sequencer
- Stakers keep a liquid seMETIS token usable across Metis DeFi
- Two audits are listed for the protocol
- Own token, ENKI, with liquidity pools reported on Netswap
- Early entrant among Metis liquid staking projects, with ecosystem partnerships
Watch out for
- Small TVL of roughly $250,000, so liquidity and community scrutiny are limited
- TVL fell about 14% over the most recent seven-day window
- Depends entirely on the Metis network and its decentralized sequencer design
- Fee schedule, team and audit firms are not published in the material reviewed
- The seMETIS token carries smart-contract and depeg risk, and may be thinly traded
ENKI Protocol fees
ENKI does not publish a fee schedule in the material reviewed. Liquid staking protocols commonly take a share of staking rewards, but the rate for ENKI is not stated here.
Check the staking interface and documentation for any reward commission, plus network gas fees on Metis. Swapping seMETIS back to METIS on a DEX can also add slippage, especially with shallow liquidity.
Is ENKI Protocol safe?
Two audits are listed for ENKI, but the auditors, scope and findings are not named in the material reviewed. An audit reduces but does not remove smart-contract risk. The team and governance structure are also not described.
The protocol's small TVL means less capital and public scrutiny behind it than established liquid staking protocols. Users face smart-contract risk, Metis network risk, and the chance seMETIS trades below the value of the METIS it represents. No hacks or incidents are mentioned in the material reviewed. Do your own research and never stake more than you can afford to lose.
6 steps
How to get started with ENKI Protocol
- 1
Read the official ENKI site and documentation, and check the linked audit reports before depositing.
- 2
Set up a wallet that supports Metis and add the Metis network.
- 3
Fund the wallet with METIS and a small amount for gas.
- 4
Connect to the ENKI staking interface and stake the amount you choose.
- 5
Receive seMETIS and hold it, or use it in other Metis DeFi applications.
- 6
Monitor the position, and check withdrawal or swap options before you need to exit.
Who ENKI Protocol is for
ENKI is for existing Metis holders and DeFi users comfortable with small, early-stage protocols who want staking-style rewards while keeping a liquid token. It is less suited to anyone who needs deep liquidity, a long track record or fully documented fees.
ENKI Protocol FAQs
What is ENKI Protocol?
ENKI is a liquid staking protocol built on Metis. It lets holders stake METIS toward sequencer rewards and receive a liquid token, seMETIS, in return.
What is seMETIS?
Stakers receive seMETIS, which represents their staked position and can be used in other DeFi applications on Metis. Sources describe this as part of a dual-token design alongside the ENKI token.
Which blockchain does ENKI run on?
The protocol runs on Metis. It is listed with a single chain and no other networks are indicated.
Does ENKI have a token?
ENKI has its own token with the ticker ENKI. One report from April 2024 said 10% of the supply was earmarked for testnet airdrops. Other tokenomics details are not covered here.
Has ENKI been audited?
Two audits are listed for the protocol, but the auditors and findings are not named in the material reviewed. Staking still carries smart-contract risk, so read any audit reports yourself.
Is ENKI safe?
No. TVL is only about $250,000, the protocol is young, and its token and seMETIS may trade thinly. Stake only what you can afford to lose and confirm details on the official site.
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How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.