Metis to allocate $5 million to develop DeFi protocols in its ecosystem

Metis announced the launch of a program The Metis Journey valued at $5 million, aimed at boosting community engagement within the project’s ecosystem. The platform’s press release notes this.

As part of the program, the project team transferred 100,000 METIS (about $1.1 million at the time of publication) to the lending protocol Aave V3, which manages one of the largest liquidity markets in the DeFi sector.

“The goal of the campaign is to accelerate the growth of the Metis ecosystem by distributing incentives among users and developers dapp. Its core objective is the development of existing and deployment of new DeFi protocols, starting with Aave V3. Similar programs have been launched in Polygon (L2 DeFi), Avalanche (Avalanche Rush) and OP Mainnet (OP Summer),” said Metis executive director Tom Ngo.

The funds will also go to:

• an automated market maker, Hummus;
• cross-chain bridges Stargate and Synapse;
• a decentralized exchange, Unimaia.

The Metis team emphasizes that the program to stimulate DeFi protocols will be the first of a number of initiatives aimed at rapid and sustainable expansion of the ecosystem and the project’s user base.

Metis — an L2 scaling platform for Ethereum and deploying smart contracts on the Metis network.

Earlier, ForkLog published a detailed review of Metis and the technology of hybrid rollups.