Token linked to Vitalik Buterin’s mother jumps 25% in 24 hours

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.