The MetisMetis Ethereum Layer 2 project increased by nearly 50% in one day, and its TVL increased by more than 4 times within a week!

Last Friday, the Ethereum Layer 2 market ushered in a general rebound after the Ethereum Dencun upgrade schedule was officially determined. Among them, the tokens of ARB, OP and Metis rose by 15.4%, 30.2% and 27.5% respectively on the day. In particular, OP tokens reached a new all-time high, once breaking through the $3.5 mark. Behind this wave of gains are the market’s optimistic expectations for Ethereum’s Layer 2 technology upgrade, which will bring higher scalability and lower transaction fees to the Ethereum network. The increase in these tokens also reflects investors’ confidence in the Layer 2 market, which may continue to attract attention in the future.

Metis rose nearly 50% in a single day

However, although the rising momentum of most Layer 2 tokens has slowed down, Metis still performed strongly today, with an increase of more than 50%, reaching a peak of 83.5 US dollars, and the quotation was US$72.06 at the time of writing.

In the past 14 days, the Metis token has increased by 177%, and the year-to-date increase has been as high as 308.6%. This sharp rise may be related to an important news announced by Metis on December 18.

Metis announced that day that it would invest 4.6 million Metis tokens to support the ecosystem development fund. At the latest prices, the funding is worth more than $300 million. The fund will be used to fund dApps, sequencer mining, and other product development projects. Funding is expected to begin in the first quarter of 2024, with the exact timing to be determined one week after the decentralized sorter is implemented.

Metis TVL increased more than 4 times in 7 days

In addition, according to L2BEAT data, the total locked position (TVL) of Ethereum Layer 2 has reached 18.24 billion US dollars, an increase of 13.23% in 7 days .

Among the top five protocols in Layer 2’s TVL rankings, Metis has the most significant increase, with an increase of 403.95% in 7 days. The current TVL has reached 550 million US dollars, showing the activity of its ecosystem. It is worth mentioning that Metis’ ecosystem TVL has begun to grow significantly since December 20, almost coinciding with the announcement of the Ecosystem Fund. The TVL increases of the other four protocols are:

OP Mainnet (US$5.73 billion, an increase of 20.00% on the 7th)

zkSync Era (US$572 million, an increase of 5.67% on the 7th)

Arbitrum One(US$8.59 billion, an increase of 4.23% on the 7th)

Base(US$741 million, an increase of 3.73% on the 7th)

The ecosystem's first DEX platform currency has increased by more than 74% in the past 24 hours

DeFiLlama data shows that the top three protocols with the highest TVL in the Metis ecosystem are AAVEV3 (launched in early May this year), MaiaDAO, and NetSwap.

Among them, NetSwap is the first DEX in the Metis ecosystem. According to CoinGecko data, its platform token NETT is currently quoted at US$0.46, with an increase of 74.5% in the past 24 hours and an increase of 285.1% in the past seven days.

What is Metis?

Metis is an Ethereum layer 2 network developed based on Optimistic Rollup technology. It was co-founded by Elena Sinelnikova, Kevin Liu and Yuan Su in 2018, and will be launched on the mainnet on November 19, 2021.

According to Rootdata data, Metis completed a seed round of financing of US$1 million and a series A financing of US$3 million in March 2021.

Metis expects to become the first Optimistic Rollup to implement a decentralized sorter in early 2024. The solution it proposes is the POS "sorting pool" solution. This system consists of an administrator (Admin), a sorter pool and a system based on The consensus layer of PoS solves the security risks and centralization issues that a single sequencer may face in the traditional Rollup network.

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