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Ethereum Layer 2 network Metis‘ native asset METIS has started to rise after the allocation of 4.6 million tokens for the ecosystem development fund caught the attention on social media and increased investor interest in the token and related projects. Not only METIS but also the tokens of projects in the Metis ecosystem have seen rises, doubling and even exceeding that.
$360 Million Allocation Boosts Interest
According to CoinMarketCap data, METIS has seen an increase of up to 50% in the last 24 hours. With this surge, the altcoin’s gain over the last 30 days has exceeded 240%, and the altcoin’s trading volume has risen from just $2 million at the beginning of December to $50 million today.
The MetisDAO Foundation, responsible for the development of Metis, announced earlier this month that 4.6 million METIS tokens worth $360 million were allocated to the Ecosystem Development Fund (EDF) to boost bootstrapping development, liquidity, activity, and adoption in the Metis ecosystem.
Payments from the EDF are expected to begin in the first quarter of 2024, following the launch of Metis’ decentralized sequencer or technology distributing nodes that process transactions worldwide. Users will try to receive a share of these rewards as they use applications built on the Metis network. According to data, this has helped the value of assets locked in projects within the Metis ecosystem to rise from just under $100 million last week to over $500 million.
As is known, Metis is part of a group of Layer 2 scaling protocols that allow users to transact on the Ethereum Blockchain with faster and cheaper transaction fees, but only with their ecosystem projects and tools.
Tokens of Projects on the Ecosystem Also Rise
On the other hand, last week it was observed that the prices of some project tokens in the Metis ecosystem increased more than twice: Maia’s MAIA token increased by 97% while the swap protocol Hermes’s HERMES token increased by 140%. According to the swap protocol’s data, the annual rewards offered in the popular liquidity pool for HERMES and MATIS increased to 200%, while more risky trading pairs offered rewards up to 350%.
The trading volume on the decentralized perpetual trading protocol Tethys also rose to over $18 million in the last 24 hours, up from an average of less than $10 million in previous weeks, and with this increase, the price of the TETHYS token increased by over 60%.
