Metis' native token METIS surges 40% in 24-hour trading as news emerges of an impending incentive program for the ethereum layer 2 protocol.
According to data from CoinGecko, the METIS token soared more than 40% on December 26, reaching a price of $77.1.
The market capitalization of the token, as of press time, is $345.6 million.
With its sudden increase in value, a intensified discussion In the crypto community surrounding the launch of the $350 million incentive program is taking place on X.
<img decoding="async" width="1024" height="446" src="https://crypto.news/app/uploads/2023/12/bylsgdf-1024×446.png” alt=”Metis TVL Reaches $550 Million as Multi-Million Dollar Incentive Program Looms – 1″/>
The growing interest in the incentive program has also resulted in a substantial increase in liquidity within the Metis ecosystem. According to data from L2Beat, the total value locked (TVL) on Metis recently increased by 400%, surpassing the $550 million threshold, a level not seen since April 2022.
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🌿 (@MetisL2) December 18, 2023
In mid-December, Metis Announced the Ecosystem Development Fund (Metis EDF) with an initial endowment of 4.6 million METIS tokens to accelerate the adoption and development of the Metis ecosystem.
The first round of investments, expected in the first quarter of 2024, will focus on supporting product development by allowing existing Metis projects to improve features and undergo necessary audits. The fund will also focus on several areas, including decentralized finance, real-world assets, and nft startups.
Established in November 2021 by Elena Sinelnikova, Kevin Liu, and Yuan Su, Metis is an ethereum Layer 2 protocol equivalent to EVM intended to solve ethereum's scalability, transaction speed, and high gas fee issues.
