Metis Launches $100M Fund Ahead of Ethereum Layer-2 Sequencer Debut

• MetisDAO Foundation Announces $100 Million Fund to Boost Metis Ecosystem
• Metis EDF to Disburse 4.6 Million METIS Tokens
• Distribution Plan and Potential Recipients
• Metis: The First Decentralized Optimistic Rollup
• Management of the MEDF
• Evolving into a Community-driven Fund

MetisDAO Foundation Announces $100 Million Fund to Boost Metis Ecosystem

The MetisDAO Foundation, responsible for the layer 2 rollup Metis$91.2 24.48%, has revealed the creation of a fund worth approximately $100 million. This fund, known as the Metis Ecosystem Development Fund (Metis EDF), is intended to aid the growth of the Metis ecosystem.

Metis EDF to Disburse 4.6 Million METIS Tokens

The Metis EDF is set to distribute 4.6 million METIS tokens. The allocation of these tokens is aimed at providing support for sequencer mining, retrospective funding, the inauguration of new projects, and other initiatives. The most recent value of the METIS token was identified as $22.56, showing an 8% decline in the last 24 hours.

Distribution Plan and Potential Recipients

The intended plan is to distribute funds during the first quarter of 2024. Potential beneficiaries of this distribution include parties interested in developing non-fungible tokens (NFTs), decentralized finance, smart contract development, and blockchain security within the Metis ecosystem.

Metis: The First Decentralized Optimistic Rollup

Metis is looking forward to becoming the first optimistic rollup to decentralize its sequencer by the start of next year. This sequencer, a crucial part of a layer-2 network, aggregates transactions from users and forwards them to the primary Ethereum$2,315 -2.42% blockchain. The distribution of the newly established ecosystem funds will commence a week after the Metis decentralized sequencer goes live.

Management of the MEDF

Jose Fabrega, the head of marketing at Metis, has confirmed that the initial incentives for the sequencer pool will be sourced from this fund. The Metis team, led by co-founder Elena Sinelnikova, includes recognized names like Natalia Ameline, mother of Ethereum co-creator Vitalik Buterin.

Evolving into a Community-driven Fund

The expectation is that the MEDF will gradually mature into a community-driven fund, managed by the MetisDAO Foundation and Metis token holders. This team will dictate the allocation of grants and the initiation of projects within the Metis network. Metis has ambitious hopes for the future of the fund, as outlined in their project roadmap, notably that the fund will become self-sustaining and ensure the steady growth of the Metis ecosystem.

Edited by Jonathan Stoker