Metis (METIS), the native cryptocurrency of layer 2 network Metis, experienced a significant surge of up to 50% in the past 24 hours. However, the token later retraced some of its gains. The surge in price was attributed to a previously announced grant that garnered attention within the crypto community, sparking investor interest in the token and related projects.
According to data tracked by Coingecko, Metis has seen a remarkable 30-day gain of over 240%. Additionally, trading volumes for the token skyrocketed from just $2 million at the beginning of December to over $50 million on Tuesday.
Metis is part of a group of layer-2 scaling protocols that enable users to conduct transactions on the Ethereum blockchain at a faster pace and with lower fees. These protocols also come with their own ecosystem projects and tools.
Earlier this month, the MetisDAO Foundation, responsible for maintaining Metis, introduced the Ecosystem Development Fund (EDF). This fund, consisting of 4.6 million METIS, aims to support the development, liquidity, activity, and adoption within the Metis ecosystem. At current prices, the fund is valued at over $360 million. Disbursements to projects are expected to commence in the first quarter of 2024, following the release of the Metis decentralized sequencer.
Users are eagerly anticipating the rewards that will be distributed to them as they utilize applications built on the Metis network. This anticipation has contributed to a significant increase in the value locked in Metis projects, which has surged from under $100 million last week to over $500 million as of Tuesday, as per available data.
The Metis ecosystem has been heating up, with tokens from various ecosystem projects experiencing substantial growth. For instance, the staking tool Maia’s MAIA token has surged by 97%, while the swapping protocol Hermes’ HERMES token has jumped by 140% in the past week.
Data from Hermes reveals that annualized rewards on the popular HERMES and METIS liquidity pool have surged to 200%. Moreover, riskier trading pairs offer rewards of up to 350%.
The decentralized perpetual trading protocol Tethys has also witnessed a surge in trading volumes, reaching over $18 million in the past 24 hours compared to an average of under $10 million in previous weeks. This increase in activity has led to a 60% price bump for the TETHYS tokens.
In conclusion, Metis (METIS) has experienced a significant surge in price, driven by a previously announced grant that has generated excitement within the crypto community. The token’s value has soared over the past month, and trading volumes have seen a substantial increase. The Metis ecosystem, including various projects and tools, has also witnessed significant growth, with tokens from these projects experiencing substantial gains.