Metis
(METIS),
the
native
cryptocurrency
of
layer
2
network
Metis,
surged
as
much
as
50%
in
the
past
24
hours
before
giving
back
some
gains,
as
a
previously
announced
grant
made
the
rounds
in
crypto
circles
on
X,
galvanizing
investor
interest
in
the
token
and
related
projects.
The
price
surge
extended
30-day
gains
to
over
240%,
data
tracked
by
Coingecko
show,
as
trading
volumes
for
the
tokens
jumped
to
over
$50
million
on
Tuesday
from
just
$2
million
at
the
start
of
December.
Metis
is
part
of
a
cohort
of
layer-2
scaling
protocols
that
allow
users
to
transact
on
the
Ethereum
blockchain
faster
and
for
cheaper
fees
but
with
their
own
ecosystem
projects
and
tools.
Earlier
this
month,
the
MetisDAO
Foundation,
which
maintains
Metis,
unveiled
an
Ecosystem
Development
Fund
(EDF) of
4.6
million
METIS dedicated
to
bootstrap
development,
liquidity,
activity,
and
adoption
in
the
Metis
ecosystem.
The
amount
is
worth
over
$360
million
as
of
Tuesday
at
current
prices.
Disbursements
to
projects
are
expected
to
start
in
the
first
quarter
of
2024
after
the
release
of
the
Metis
decentralized
sequencer,
or
a
technology
that
distributes
nodes
that
process
transactions
all
over
the
globe.
Users
widely
expect these
rewards
to
trickle
down
to
them
as
they
use
applications
built
on
the
Metis
network.
That
has
helped
bolster
the
value
locked
on
Metis
projects
to
over
$500
million
as
of
Tuesday
from
just
under
$100
million
last
week, data
shows.
Metis
Ecosystem
heats
up
Tokens
of
some
ecosystem
projects
have
more
than
doubled
in
the
past
week:
staking
tool
Maia’s
MAIA
token
has
surged
97%,
and
swapping
protocol
Hermes’
HERMES
token
has
jumped
140%.
Annualized
rewards
on
the
popular
HERMES
and
METIS
liquidity
pool
have
jumped
to
200%,
while
riskier
trading
pairs
offer
as
much
as
350%, data from
Hermes
shows.
Trading
volumes
on
the
decentralized
perpetual
trading
protocol
Tethys spiked
to
over
$18
million in
the
past
24
hours
from
an
average
of
under
$10
million
in
the
prior
weeks,
bumping
prices
of
the
TETHYS
tokens
by
60%.
