Altcoin News

Metis Pumps 50% as Projects Eye $360M in Grant Rewards

Metis Pumps 50% as Projects Eye $360M in Grant Rewards

Metis (METIS), the native cryptocurrency of the layer 2 network Metis, experienced a significant surge of up to 50% in the last 24 hours. This sudden increase in value followed the circulation of a previously announced grant within crypto circles on X, sparking a surge in investor interest in both the token and related projects.

Over the past 30 days, the price surge has contributed to gains of over 240% for METIS, according to data from Coingecko. Trading volumes for the token also saw a substantial rise, jumping from just $2 million at the beginning of December to over $50 million on Tuesday.

Metis operates as one of several layer-2 scaling protocols designed to facilitate faster and more cost-effective transactions on the Ethereum blockchain. Alongside this primary function, it offers an ecosystem featuring its own set of projects and tools to support various functionalities within its network.

Earlier this month, the MetisDAO Foundation introduced an Ecosystem Development Fund (EDF) amounting to 4.6 million METIS, specifically dedicated to jumpstarting development, enhancing liquidity, encouraging activity, and fostering adoption within the Metis ecosystem. At current prices, this amount is valued at over $360 million as of Tuesday.

Disbursements to various projects are anticipated to commence in the first quarter of 2024, coinciding with the launch of the Metis decentralized sequencer. This technology involves distributing nodes responsible for processing transactions across the globe.

Expectations among users are that these incentives will gradually benefit them as they engage with applications developed on the Metis network. This anticipation has contributed to a notable increase in the total value locked within Metis projects, surpassing $500 million as of Tuesday, compared to just under $100 million reported last week, according to available data.

The Metis Ecosystem is experiencing a surge in activity. Over the past week, the staking tool Maia’s MAIA token soared by 97%, while the swapping protocol Hermes’ HERMES token surged by an impressive 140%.

The annualized rewards for the widely used HERMES and METIS liquidity pool have sharply risen to 200%, presenting a lucrative opportunity for participants. For those seeking higher yields, riskier trading pairs are offering as much as 350%, as per Hermes’ data.

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