The MetisDAO Foundation’s recent unveiling of an Ecosystem Development Fund (EDF) worth 4.6 million METIS, translating to over $360 million, marks a pivotal moment for the Metis network. This fund, dedicated to fostering development and adoption within the Metis ecosystem, has set the stage for a surge in user activity and project engagements.
Starting in the first quarter of 2024, these funds will enhance the network’s vitality following the release of the Metis decentralized sequencer.
Surging Token Values and Liquidity Pools
In the wake of this announcement, Metis (METIS), the native cryptocurrency of the layer 2 network, witnessed a rise in its value. This increase is part of a 30-day gain of 426%, with trade volumes hitting $76 million, up from $2 million at the start of December.
METIS/USD 24-hour price chart (source: CoinStats)
Such expansion demonstrates the growing interest in and belief in Metis’s potential. Furthermore, the METIS market capitalization increased by 0.50% to $418,569,230, indicating increased investor confidence in the initiative.
Stellar Performance of Ecosystem Projects
Additionally, ecosystem projects within Metis have shown exceptional growth. Tokens like Maia’s MAIA and Hermes’ HERMES have seen increases of 25% and 70%, respectively. These significant gains reflect the robust health and vibrant activity within the Metis ecosystem.
The ecosystem’s liquidity pools, especially for HERMES and METIS, now offer up to 200% annualized fee rewards. For the more adventurous traders, specific pairs even present opportunities with rewards as high as 350%. This lucrative environment draws substantial user interest and participation, further propelling the network’s growth.
Decentralized Trading Protocols Gain Traction
The decentralized perpetual trading protocol Tethys is another success story within the Metis ecosystem. Tethys experienced a remarkable increase in trading volumes, reaching over $18 million in the last 24 hours. Correspondingly, the value of TETHYS tokens has jumped by 20%, indicating a healthy and expanding trading environment.
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