Metis Token Stands Out in Ethereum Layer2 Track, Surging Nearly 50% Today and TVL Increasing by 403.95% in the Past Seven Days, Reaching $550 Million.
(Timeline:
Ethereum Layer2 Shows Strength: OP Sets New High of $3.5; ARB Surges Over 15%, Smart Money Whales Increase Holdings by 2.91 Million Tokens
)
(Background:
Decoding Metis PoS “Sorting Pool”: Decentralized Rollup Road Ahead
)
Table of Contents
Metis Surges Nearly 50% in a Single Day
Metis TVL Quadruples in Seven Days
ECO’s First DEX Token Surges Over 74% in the Past 24 Hours
What is Metis?
Last Friday, as the timetable for the Ethereum Dencun upgrade was officially confirmed, the Layer2 market experienced a general rebound. Among them, the tokens of ARB, OP, and Metis rose by 15.4%, 30.2%, and 27.5% respectively on that day. The OP token even reached a new all-time high, surpassing the $3.5 mark.
However, the upward momentum of OP, ARB, and most other Layer2 tokens seems to have stalled since then, except for Metis, which is still surging over 50% today, reaching a peak of $83.5 before the deadline, with a quoted price of $72.06.
In a longer period of 14 days, the Metis token has achieved a growth rate of 177% (308.6% since the beginning of the year). The significant surge in the past two weeks may be related to an important announcement made by Metis on December 18.
On that day, Metis announced the investment of 4.6 million Metis tokens into its ecosystem development fund, valued at over $300 million at the latest price. This fund will be used to support dApps, sorter mining, and other product development projects, and is expected to start providing funding in the first quarter of 2024 (one week after the realization of decentralized sorters).
In addition, according to data from L2BEAT, the total value locked (TVL) in Ethereum Layer2 has reached $18.24 billion, with a growth of 13.23% in the past seven days.
Among the top five protocols in terms of TVL in Layer2, Metis has shown the most significant increase, with a growth of 403.95% in the past seven days, reaching a TVL of $550 million, demonstrating the activity of its ecosystem. It is worth mentioning that Metis’ ecosystem TVL started to significantly increase on December 20, which almost coincided with the announcement of the ecosystem fund. The ranking of TVL increases from largest to smallest is as follows:
OP Mainnet ($5.73 billion, 7-day growth of 20.00%)
zkSync Era ($572 million, 7-day growth of 5.67%)
Arbitrum One ($85.9 billion, 7-day growth of 4.23%)
Base ($741 million, 7-day growth of 3.73%)
Source: L2 Beat
DeFiLlama data shows that the top three protocols with the highest TVL in the Metis ecosystem are AAVE V3 (launched in early May this year), Maia DAO, and NetSwap.
Among them, NetSwap is the first DEX in the Metis ecosystem. According to CoinGecko data, its platform token NETT is currently priced at $0.46, with a 74.5% increase in the past 24 hours and a 285.1% increase in the past seven days.
Source: DeFiLlama
Metis is an Ethereum Layer2 network developed based on Optimistic Rollup technology. It was co-founded by Elena Sinelnikova, Kevin Liu, and Yuan Su in 2018 and went live on the mainnet on November 19, 2021.
According to Rootdata, Metis completed a $1 million seed round financing and a $3 million Series A financing in March 2021.
Metis is expected to become the first Optimistic Rollup to achieve decentralized sorters in early 2024. The proposed solution is the PoS “Sorting Pool” scheme, which consists of administrators (Admin), sorter pools, and a PoS-based consensus layer, addressing the security risks and centralization issues that a single sorter may face in traditional Rollup networks.
Further reading:
Decoding Metis PoS “Sorting Pool”: Delegating Rights, Path to Decentralized Rollup
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layer2
Metis
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