Metis (METIS), the native cryptocurrency of the Layer 2 network Metis, recently experienced a significant surge, increasing by 50% in just 24 hours. This rally extended its 30-day gains to over 240%, with trading volumes jumping from $2 million to over $50 million. The surge is attributed to the MetisDAO Foundation's announcement of an Ecosystem Development Fund (EDF) of 4.6 million METIS, worth over $360 million. The fund aims to boost development, liquidity, activity, and adoption within the Metis ecosystem. The disbursements to projects are set to begin in the first quarter of 2024, following the release of the Metis decentralized sequencer. The surge in Metis' price has bolstered the value locked in Metis projects to over $500 million.
Additionally, tokens of some ecosystem projects, such as the staking tool Maia and the swapping protocol Hermes, have more than doubled in the past week. The annualized rewards on the HERMES and METIS liquidity pool have risen to 200%, with riskier trading pairs offering up to 350% rewards. Trading volumes on the decentralized perpetual trading protocol Tethys also spiked, pushing the prices of TETHYS tokens up by 60%.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
