March 27, 2024
Metis Network's METIS Token: 50% Surge Sparks Investor Frenzy
Latest Cryptocurrency News

Metis Ecosystem Surges: 240% Growth in 30 Days Amidst Grant Hype

The native cryptocurrency of the layer 2 network Metis, METIS, saw a surge of up to 50% within the last 24 hours, triggered by a previously announced grant circulating in the crypto community. This grant significantly piqued investor interest in the token and its associated projects.

According to Coingecko data, this surge contributed to a 30-day increase of more than 240% in the token’s value. Trading volumes for METIS surged from $2 million at the beginning of December to over $50 million as of Tuesday. Metis operates within a group of layer-2 scaling protocols designed to enable quicker and more cost-effective transactions on the Ethereum blockchain, accompanied by its ecosystem projects and tools.

The MetisDAO Foundation, responsible for maintaining Metis, revealed an Ecosystem Development Fund (EDF) consisting of 4.6 million METIS earlier this month. This fund aims to facilitate development, liquidity, activity, and adoption within the Metis ecosystem and is currently valued at over $360 million.

Disbursements from this fund to various projects are anticipated to commence in the first quarter of 2024, following the introduction of the Metis decentralized sequencer. This technology disperses transaction-processing nodes globally.

Expectations are high among users that these rewards will permeate through applications built on the Metis network. Consequently, the value locked in Metis projects surged to over $500 million from under $100 million just last week, as indicated by the data.

Several ecosystem projects experienced substantial growth: Maia’s MAIA token from the staking tool surged by 97%, while Hermes’ HERMES token from the swapping protocol jumped by 140% in the past week. The annualized rewards for liquidity pools like HERMES and METIS reached 200%, with riskier trading pairs offering up to 350%, as reported by Hermes.

Moreover, trading volumes on the decentralized perpetual trading protocol Tethys surged to over $18 million in the last 24 hours from an average of under $10 million in previous weeks, resulting in a 60% increase in the prices of TETHYS tokens.

Image by freepik

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