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This week started exceptionally well for cryptocurrency investors. Bitcoin (BTC) and altcoins have managed to stay on the optimistic side. However, while the primary cryptocurrency goes through modestly bullish moments, other cryptos soar with impressive weekly growth, and one of them is MetisDAO (METIS).
The altcoin has experienced a 20% increase in the last seven days. But before knowing what this token is and what may have driven its growth, there is a curiosity worth pointing out. MetisDAO was launched with the involvement of a woman named Natalia Ameline. But why is this important? Because she is Vitalik Buterin's, the co-founder of Ethereum's (ETH), mother.
But those who think Ameline is only involved with the METIS token are mistaken. Her journey in the crypto market is also marked by CryptoChicks, the nonprofit organization she co-founded with Elena Sinelnikova. This association focuses on educating women so that they can increase their leadership potential in the blockchain and technology sector.
But what about METIS? How did it come about?
Ironically or not, MetisDAO's idea is precisely to solve Ethereum's scalability problems. In this sense, the project is a Layer 2 of the Optimistic Rollup type, thus managing to leverage gas rates and improve the transaction processing of the ETH blockchain. The mainnet launch was carried out by Metis Labs, a member of Genesi DAC, a decentralized autonomous corporation (DAC) led by Ameline.
Metis has decentralized storage used for rollup data and fraud-proof challenge processes. This storage allows many transactions to be bundled together at once so that the costs of each transfer are lowered. This makes Layer 2 stand out in many areas, such as:
- Low gas rates;
- Excellence in DeFi;
- Excellent NFT experience;
- More functionality for decentralized applications.
Another major goal of Metis is to build more robust decentralized autonomous organizations (DAOs) that actually generate value. In this sense, the project aims to transform DAOs into DACs, decentralized autonomous corporations. In short, the second mode is built with rules, like a computer program, but transparently.
Community members control DACs. In other words, they can even function like companies seen on the traditional market, with management and HR functions, but they do not have the figure of a centralizer. Everything can be done through blockchain smart contracts transparently.
Projects on Metis
The scalability solutions provided by Metis allow multiple projects to be present on its platform. The NetSwap decentralized exchange (DEX) is one of the dApps present on Metis. DEX has a fast swap, and its gas fees cost pennies.
Still, in a tie-in with the decentralized finance sector, another Metis project is Hera Finance, a DEX aggregator that connects AMM pools regardless of the provider, making it easier for the crypto investor looking to trade at the most attractive market rates.
What is behind 20% rise of METIS token?
First, the crypto market is experiencing relief in the first days of 2023. For this reason, several altcoins are rising in price, and this optimism has helped METIS become one of the highlights.
Second, the token may be taking some of the capital being poured into Layer 2 projects such as Polygon (MATIC) and Optimism (OP), which are up 10% and 31% in one week, respectively.
As reported by U.Today, the scalability solutions sector may stand out a lot this year, as they can help Ethereum's blockchain gain more efficiency. They are an excellent option for investors and developers who do not want to give up the security of the leading altcoin by going to an ETH competitor, but at the same time do not want to lose their money with high gas fees.