Ethereum Layer-2 Token Skyrockets by Over 260% in a Week Following Launch of Ecosystem Fund
The native token of a lesser-known Ethereum scaling solution, Metis (METIS), has experienced a surge in value following the announcement of an incentive program. In the past 24 hours, METIS has risen by nearly 20% and has seen a staggering increase of 261% over the course of seven days.
Currently trading at $92.58, METIS’s price surge is attributed to the recent launch of the Metis Ecosystem Development Fund (Metis EDF). This fund, which is worth approximately $426 million at the current token price, aims to accelerate adoption within the Metis ecosystem.
Expected to commence disbursements in Q1 2024 and distributed over a decade, the Metis EDF will allocate 65.4% of its funding to sequencer mining and 34.6% to ecosystem funding. Sectors such as decentralized finance, Real World Assets tokenization, decentralized identity and privacy solutions, blockchain gaming and metaverse applications, and prediction markets are among those that could benefit from the ecosystem funding.
Hot Take: METIS Surges Amidst Launch of Ecosystem Fund
The announcement of the Metis Ecosystem Development Fund has propelled METIS token to new heights. With a remarkable increase of over 260% in just one week, this surge reflects growing interest in Ethereum layer-2 solutions and their potential for scalability. The fund’s substantial allocation and focus on sequencer mining and ecosystem development indicate a strong commitment to driving adoption within the Metis network. As more projects benefit from the ecosystem funding, METIS could continue its upward trajectory as it solidifies its position in the Ethereum ecosystem.
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