Metis Skyrockets 50% Amid $360M Ecosystem Project Grant Bonanza

• Metis (METIS) Experiences Significant Gain Amidst Investor Interest
• Role of Metis in Layer-2 Scaling Protocols
• Beneficiaries and Expected Disbursements
• Temperature Rises in Metis Ecosystem
• Significant Growth in Ecosystem Projects
• Increase in Trading Volumes

Metis (METIS) Experiences Significant Gain Amidst Investor Interest

Metis$91.2 24.48% (METIS), the native cryptocurrency of layer 2 network Metis, witnessed a substantial surge of 50% within the past 24 hours before a slight retraction. This surge comes after the announcement of a grant, which stimulated significant investor interest in both the token and related projects. The uptick in price brought the 30-day gains to over 240%, as per Coingecko data. It is noteworthy that trading volumes of the token rose exponentially from $2 million at the beginning of December to over $50 million this Tuesday.

Role of Metis in Layer-2 Scaling Protocols

Metis is a key player among the cohort of layer-2 scaling protocols, facilitating faster and more cost-effective transactions on the Ethereum$2,315 -2.42% blockchain. However, it does so with its unique ecosystem projects and tools. Earlier this month, the MetisDAO Foundation, responsible for maintaining Metis, introduced an Ecosystem Development Fund (EDF) of 4.6 million METIS. This fund is designed to support development, liquidity, activity, and adoption in the Metis ecosystem. As of this Tuesday, the amount is worth over $360 million at current prices.

Beneficiaries and Expected Disbursements

Disbursements from this fund to various projects are anticipated to commence in the first quarter of 2024, following the launch of the Metis decentralized sequencer. This technology enables the distribution of nodes that process transactions globally. The expectation is for these rewards to gradually benefit users of applications developed on the Metis network. This expectation has, in turn, helped increase the value locked on Metis projects to over $500 million from just under $100 million last week.

Temperature Rises in Metis Ecosystem

Significant Growth in Ecosystem Projects

Ecosystem projects have enjoyed substantial growth in the past week, with tokens more than doubling in value. For example, staking tool Maia's MAIA token surged 97%, while swapping protocol Hermes' HERMES token jumped by 140%. The popular HERMES and METIS liquidity pool witnessed a surge in annualized rewards to 200%. The pool even offered up to 350% for riskier trading pairs.

Increase in Trading Volumes

Trading volumes of the decentralized perpetual trading protocol Tethys experienced a significant increment. They spiked to over $18 million in the past 24 hours from an average of under $10 million in the preceding weeks. This surge led to a 60% increase in the prices of the TETHYS tokens.

Edited by Jonathan Stoker