The native cryptocurrency of the layer 2 network, Metis, recently experienced a notable surge of up to 50% within the past 24 hours, though it retraced some gains afterward. This surge was triggered by the buzz surrounding a previously announced grant, capturing the attention of the crypto community and bolstering investor interest in the token and associated projects.
Metis Gains 50 Percent in the Ecosystem with 360 Million Dollars Grant Potential
The 30-day performance of token reveals an impressive gain of over 240%, as indicated by data from Coingecko. Trading volumes for the token surged from a modest $2 million at the beginning of December to over $50 million on Tuesday. The token is positioned within a group of layer-2 scaling protocols designed to facilitate faster and more cost-effective transactions on the Ethereum blockchain, while also supporting its own ecosystem projects and tools.
In a significant move earlier this month, the MetisDAO Foundation, the entity overseeing Metis, introduced an Ecosystem Development Fund (EDF) amounting to 4.6 million token. This fund is dedicated to catalyzing development, liquidity, activity, and adoption within the Metis ecosystem. At current prices, the fund is valued at over $360 million as of Tuesday. Project disbursements are slated to commence in the first quarter of 2024, coinciding with the launch of the token decentralized sequencer—a technology distributing nodes globally for processing transactions.
The Metis Ecosystem Gains Momentum
The tokens of certain ecosystem projects have experienced remarkable growth in the last week. The staking tool Maia’s MAIA token surged by an impressive 97%, while the swapping protocol Hermes’ HERMES token saw a substantial increase of 140%.
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