The Metis token (METIS), whose top executive is Vitalik Buterin’s mother, Natalya Amelin, rose 25% in 24 hours.
As of writing, the asset trades around $40. According to CoinMarketCap, its market capitalization reached $183 million.
In monthly terms METIS rose by 130%, taking eighth place among the largest Layer-2 network coins.
The token’s rise is likely tied to the recent announcement of a developer fund of 4.6 million METIS (~$184 million), the allocations of which are planned for Q1 2024.
Metis EDF: A new chapter for Metis.
Metis Ecosystem Development Fund (EDF) is a 4,600,000 METIS on-chain fund that will be dedicated to accelerating development and adoption on the Metis ecosystem.
Read more here: https://t.co/IDrFfnqmAG
— Metis? (@MetisDAO) December 18, 2023
Metis — a permissionless L2 network enabling next-generation decentralized applications. The protocol is built on the Optimistic Rollups stack, delivering fast and economical transactions.
A distinctive feature of the project lies in its data-recording strategy. Whereas traditional first-generation solutions store on-chain information on the chain, Metis uses off-chain storage via the Memo Labs platform from Sequencer.
The protocol’s main objective is to resolve the blockchain trilemma, which states that a network cannot be decentralised, secure, and scalable at the same time.
Since Metis launched in 2021, users have completed more than 9.7 million transactions with an average gas fee of $0.0131. The total value locked in the network reached $306 million.
In addition to participating in the L2 project, Natalya Amelin is the founder of CryptoChicks — an educational non-profit organisation supporting women.
Earlier on December 21, the PancakeSwap proposed to reduce the emission of CAKE. In response to the initiative the token rose by 20%.
Meanwhile, Solana’s token prices increased by 15%, reaching nearly two-year highs.