Metis Ecosystem Accelerates Post-Growth Incentive Package Announcement
Metis' recent move is reviving the entire ecosystem in general and the flagship project in particular.
Metis Ecosystem Accelerates Post-Growth Incentive Package Announcement
On December 18th, the MetisDAO Foundation announced the Ecosystem Development Fund (EDF) valued at 4.6 million METIS. Initially equivalent to about $100 million USD, this budget has now surged to $360 million USD due to a rapid increase in the METIS token value over the past week.
According to the announcement, the EDF is intended to stimulate product development and activities surrounding the Metis Layer-2 solution. Disbursement from the fund is set to begin in Q1 2024, following the successful deployment of the decentralized Sequencer network, which is essentially a node distribution technology for global transaction processing.
After the creation of the #MetisEDF, and a very active week for the ecosystem, TVL on Metis is up 300% and is currently standing at $400M.
— Metis🌿 (@MetisL2) December 25, 2023
Data: @l2beat pic.twitter.com/ZgkYuxaU5I
This initiative has garnered significant attention and is expected to channel new capital deep into the entire ecosystem, already showing substantial impacts on the network.
So @MetisDAO just announced a $330m incentive program following the launch of the sequencer pool in Jan.
— Thor Hartvigsen (@ThorHartvigsen) December 26, 2023
A breakdown of Metis and how you can take advantage of this ecosystem boost👇
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1) The Impact of Ecosystem Incentives
Metis recently announced that 4.6m… pic.twitter.com/NmMnMp1LPk
Data from L2Beat shows that the total value locked (TVL) on Metis has surpassed $500 million USD, marking a fivefold increase compared to previous lackluster weeks.
Metis is a prominent Layer-2 solution on Ethereum, offering fast and cost-effective transactions. The native METIS token has recently surged nearly 50% within 24 hours on the back of this news. Its volatility over the last 30 days stands at 270%. Trading volumes have also seen a noticeable uptick, recording over $50 million USD in the past day, compared to just $2 million USD earlier in December.
Chart for METIS/USDT trading pair on OKX. Snapshot taken at 11:05 PM on December 26, 2023.
Metis Ecosystem Gearing Up for the New Year
A 9-figure grant is coming to @MetisDAO for their decentralized sequencer launch in January.
— Louis (@LouisCooper_) December 25, 2023
Here's an overview of the $METIS ecosystem, and the projects positioned to capitalize:@tethysfinance $TETHYS - Perp. DEX & Fork of $GMX tokenomics (You can currently yield >330% APR by…
The momentum isn't limited to the flagship project alone; several tokens within the ecosystem are also experiencing impressive rebounds this week.
Notably, MAIA token from the Maia staking platform and HERMES token from the swap protocol of the same name have soared by 98% and 142%, respectively.
Price fluctuations of MAIA and HERMES since September 2022. Source: CoinMarketCap
Annual returns from HERMES and METIS liquidity pools have also surged to 200%, while higher-risk trading pairs are offering yields up to 350%.
Trading volume on the Tethys DEX has reached impressive figures, surging to over $18 million USD in the past 24 hours from an average below $10 million USD in previous weeks, with the TETHYS token experiencing a pump exceeding 60%.
