Ethereum Scalability Solution Metis Raises $4 Million in Growth Round

Metis is a protocol that addresses Ethereum (ETH) scalability with innovative Layer 2 solutions. It announces the completion of its growth funding round.

$5 million raised before IDO

The team at MetisDAO shared the details of its last "growth" funding round. The protocol has raised $4 million from seasoned blockchain-focused venture capitalists.

This round was led by Block Dream Fund, DFG, Master Ventures, Parsiq, Autonomy Capital and a number of minor supporters. Earlier this year, the platform secured $1 million in angel investments.

Splendid closed funding allows the protocol to deliver on its roadmap and set new progress goals. This is reflected by impressive explosive growth of its alpha testnet, notes Elena Sinelnikova, Metis CEO and co-founder:

Our Layer 2 Alpha testnet recently launched, with 12,632 wallets created, 6,856 DACs (Decentralized Autonomous Companies) registered, and 166,859 on-chain transactions made in three weeks.

This capital will fuel the release and promotion of Metis Rollup, the Layer 2 Ethereum (ETH) platform tailored for decentralized finances (DeFis) use cases.

Bringing L2 scalability to NFT segment

Venture capitalists that backed MetisDAO are super excited about its prospects. Jason Tolliver, co-founder of Autonomy Capital and an investor in the platform, stresses the importance of MetisDAO progress for the entire Web 3.0 ecosystem:

Metis aims to become the backbone of the Web 3 decentralized economy by focusing on scalability, decentralization, and user experience. Due to the company's long-term vision, team, and strategic partners, we believe that Metis will achieve this goal, and that the company is poised to position itself as the dominant Layer 2 solution for Ethereum.

Also, the protocol is going to empower NFT marketplaces with its Layer 2 functionality. Recently, more than 2,500 users joined "Rebuilding the Tower of Babel" digital collectibles auction on MetisDAO.

METIS token's initial decentralized exchange offering will take place on PAID Network's IGNITION launchpad and Gate.io on May 13, 2021.