METIS, the hundredfold currency, is back? Come and take a look at these 5 hot projects on the Ethereum Layer 2 chain.
DeFi
Hermes
Netswap
Hummus
Meme Coin
VMUM
BARSIK
Metis is a Layer 2 scaling solution based on Optimistic Rollup. It is a general infrastructure project for Layer 2 expansion on Ethereum, founded by Elena Sinelnikova, Kevin Liu, and Yuan Su in 2018. Metis has completed angel and seed rounds of funding totaling $1 million and a Series A funding of $3 million.
Elena Sinelnikova is the founder of the non-profit blockchain organization Crypto Chicks, which is dedicated to blockchain education for women, providing opportunities for women to learn and enter the blockchain field. As one of the founders of Crypto Chicks, Natalia Ameline, is the mother of Ethereum founder Vitalik Buterin, many people believe that Metis is a project endorsed by Vitalik’s mother.
According to CoinGecko data, as of the time of writing, the native token of Metis, METIS, has surpassed $70, reaching $76, with a 7-day increase of 191.3%. According to L2BEAT data, Metis’ total value locked (TVL) has reached $540 million, with a 7-day increase of 399%.
Previously, the rise in the price of the Optimism token was seen as a cornerstone for the gradual recovery and heating up of the Layer 2 sector. Metis followed suit with a surge in price, and the community generally believes that it is related to the release of its ecosystem support fund.
On December 18th, MetisDAO development organization MetisDAO Foundation announced the establishment of a $100 million fund to accelerate the growth of its ecosystem. The fund, named Metis Ecosystem Development Fund, will distribute 4.6 million METIS tokens for “sequencer mining, traceable funds, deployment of new projects, and other efforts.” Based on the current token price, the fund is already worth $322 million.
Furthermore, according to an official blog post, Metis is expected to become the first decentralized sequencer Optimistic Rollup in early next year, and the distribution of the Metis Ecosystem Development Fund will take place one week after the launch of the Metis decentralized sequencer. Jose Fabrega, Metis’ marketing director, said in an interview that the initial motivation for the sequencing pool came from the Metis Ecosystem Development Fund.
There has been a lot of attention to the innovative aspects of Metis from a technical perspective since its launch. Recently, with the recovery of the entire crypto market, the meme craze on various public chains, and the support of the MetisDAO Foundation, Metis has gained popularity. Metis ecosystem on Defilama includes 44 protocols, some of which are multi-chain projects, including AAVE, Stargate, Synapse, Beefy, Sushiswap, etc.
With the launch of the decentralized sequencer and the incentive of the ecosystem fund, new projects in the Metis ecosystem are still worth looking forward to. In this regard, BlockBeats has compiled a list of noteworthy projects in its ecosystem for readers’ reference.
Hermes is a DEX built on Metis, which is a forked version of Solidly on Metis. Hermes is positioned as a high capital efficiency AMM that provides users with low-cost, near-zero slippage transactions. Its V2 version includes major upgrades such as full-chain expansion suite, unified liquidity, decentralized liquidity management, and a new Gauge system.
According to CoinGecko data, as of the time of writing, the native token of Hermes, HERMES, is currently priced at $0.09, with a 7-day increase of 221.7%. According to DefiLlama data, Hermes’ TVL is currently $9.4 million.
NetSwap is the first DEX in the Metis ecosystem, allowing for swap transactions on the Metis network. In addition to integrating the basic functions of existing DEXs, NetSwap also has features such as liquidity mining, staking, and Launchpad.
According to CoinGecko data, as of the time of writing, the native token of NetSwap, NETT, is priced at $0.57, with a 7-day increase of 387.0%.
Hummus Protocol is a single-sided AMM built on Metis that allows users to swap stablecoins with minimal loss. Its native token is HUM. Users can stake stablecoins to earn HUM and use the staked HUM rewards to increase the yield of staked stablecoins.
According to CoinGecko data, as of the time of writing, HUM is priced at $0.035, with a 7-day increase of 268.4%.
The meme craze initiated by public chains such as Solana and Avalanche has become the best embodiment of the current market heat. The background of the Metis project mentioned earlier has also brought native meme genes to meme coin projects on this chain.
VMUM is a meme coin that bears the name of “Vitalik’s mother” and was deployed on December 19th. According to DEX SCREENER data, as of the time of writing, VMUM is currently priced at $0.00007512, with a 24-hour increase of 508%.
BARSIK, the founder’s pet, has attracted a lot of attention in the meme craze, and it is Vitalik’s mother’s pet cat. According to DEX SCREENER data, as of the time of writing, BARSIK is priced at $0.002994, with a 24-hour increase of 292%.
Meme coins are still high-risk investment targets, and readers should exercise caution. More Metis ecosystem projects can be found here.
Related Reports:
Vitalik on Layer 2 Scaling in Full: Balancing Rollups and Validiums
Can Rollups Truly Scale Ethereum or Are We Deluding Ourselves?
In-depth Analysis: Are L2 or Rollups Secure Enough?
Tags:
Hermès
Hummus
Metis
Netswap
Optimistic Rollup