Cryptocurrency token MetisDAO grew by 225% in a week

MetisDAO’s native layer two (L2) network token (METIS) soared by more than 50% in the moment. Meanwhile, the total value of the blocked funds (TVL) in the protocol has reached $ 695 million.

Metis is an L2 solution built on Ethereum. The protocol is designed to solve the scalability trilemma and ensure security and decentralization. One of its tasks is to create an accessible environment for applications, business, and DAO development.

It should be noted that in mid-December, MetisDAO developers introduced the Ecosystem Development Fund (EDF) in the amount of 4.6 million METIS. It is intended to stimulate liquidity and activity in the ecosystem of the project, whose team includes Бутерін" href="https://noworries.news/biography/vitalij-buterin/" data-bio-id="3642">Vitalik Buterin's mother, Natalia Amelina.

At the time of writing, EDF’s total investment is $ 360 million. It is expected that in January, the fund will start distributing these funds among decentralized applications (dApps) created on the basis of the Metis network.

According to CoinGecko, the value of the METIS token has increased by 28.5% over the past day. At one point, the indicator jumped by 50%. The asset is currently trading at $ 88.90.

In the weekly range, the coin rate jumped by 224.9% at once. The market capitalization of METIS is now $ 411 million, and the trading volume over the past 24 hours has exceeded $ 144 million.

As a reminder, Metis (METIS) has recently risen sharply by 25%. The increase in the price of the virtual coin was stimulated by the announcement of a fund for developers for 4.6 million METIS (approximately $ 184 million), which is scheduled for distribution in the first quarter of 2024.