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Small-scale altcoins recorded a significant rise in the last quarter of 2023, and MetisDAO (METIS) was one of them. METIS’s price surged by 350 percent in just the last 15 days, which translates to a sevenfold increase, triggered by hints of promising updates planned for this year by MetisDAO.
METIS Prepares for a Strong 2024
MetisDAO recently announced that they have great things planned for 2024. These plans, along with the majority of analysts predicting a strong altcoin season, are keeping METIS vibrant. The analysts’ predictions of a strong altcoin season may signal an even bigger mega bull run on top of the recent rise.
One of the significant developments surrounding MetisDAO was the recent activation of the Ecosystem Development Fund (EDF), which holds over 4.6 million METIS or over 360 million dollars. The EDF is a major milestone for the Metis network. This special fund aims to foster development and adoption within the Metis ecosystem by creating a conducive environment for increased user activity and project participation.
Moreover, significant growth has been recorded in projects within the Metis ecosystem. Tokens such as MAIA from the Maia protocol and HERMES from Hermes have seen impressive rises of 25 percent and 70 percent, respectively, demonstrating the vitality and strength of the Metis ecosystem.
There have also been serious yield increases in the ecosystem’s liquidity pools. In particular, annual fee rewards of up to 200 percent are now being offered for HERMES and METIS. For those seeking more action-packed trading opportunities, potential rewards of up to 350 percent are available for certain trading pairs. This situation opens the door to significant user interest and participation, contributing to the network’s continuous expansion.
The decentralized perpetual trading protocol of the Metis ecosystem, Tethys, is another success story. The protocol has seen a notable increase in transaction volume, surpassing 18 million dollars in the last 24 hours. Concurrently, the price of the TETHYS token also rose by 20 percent. This indicates a developing and expanding trading environment for MetisDAO.
What is MetisDAO?
Among a group of Layer 2 scaling protocols, Metis enables users to perform faster and more cost-effective transactions on the Ethereum Blockchain while developing its own ecosystem projects and tools. In a recent development, the MetisDAO Foundation, which governs Metis, implemented the EDF. The EDF, totaling 4.6 million METIS, is designed to foster growth within the Metis ecosystem, increase liquidity, encourage activities, and promote adoption.
According to MetisDAO, in 2023, it reached a significant milestone by being the third-largest DeFi platform in terms of total value of assets locked on the network among all other Ethereum Layer 2 competitors.
