Metis TVL soars to $550m ahead of imminent multi-million dollar incentive program
The native token of Metis, METIS, experienced a significant surge of 40% in trading within a 24-hour period following the news of an upcoming incentive program for the layer-2 Ethereum protocol. CoinGecko data revealed that on December 26, the METIS token reached a price of $77.1, resulting in a market capitalization of $345.6 million.
This sudden increase in value has sparked a heightened discussion within the crypto community regarding the launch of a $350 million incentive program. Metis’ ecosystem has seen a notable rise in liquidity due to the growing interest in this program. L2Beat data indicates that the total value locked (TVL) in Metis has surged by 400%, surpassing the $550 million mark, which hasn’t been seen since April 2022.
In mid-December, Metis unveiled the Ecosystem Development Fund (Metis EDF) with an initial endowment of 4.6 million METIS tokens. The purpose of this fund is to accelerate the adoption and development of the Metis ecosystem. The first round of investments, scheduled for Q1 2024, will focus on supporting product development by empowering existing Metis projects to enhance their features and undergo necessary audits. The fund will also target decentralized finance, real-world assets, and NFT startups.
Metis, established in November 2021 by Elena Sinelnikova, Kevin Liu, and Yuan Su, is an Ethereum layer-2 protocol equivalent to the EVM. Its primary goal is to address Ethereum’s scalability issues, transaction speed, and high gas fees.
For more information, please visit MetisDAO’s official Twitter page.
