In a noteworthy development, Metis token, associated with MetisDAO and led by Natalia Ameline, mother of Ethereum founder Vitalik Buterin, has experienced a significant 36% surge in the past 24 hours, reaching the $39 per token mark during the ongoing Ethereum rally.
CoinMarketCap's recent layer-2 sector token ranking places Metis in eighth place, with a capitalization of $168.55 million. The token has demonstrated superior performance in the last 24 hours and an impressive 106% increase in the last 30 days, positioning itself as a standout performer in the Metis ecosystem.
The surge in the Metis price can be attributed to the announcement of the creation of a $100 million initiative aimed at supporting the growth of the Metis ecosystem.
Scheduled for distribution in the first quarter of 2024, the fund will facilitate sequencer mining, retroactive funding and the development of new projects, fostering a community-driven approach managed by the MetisDAO Foundation and token holders.
What is Metis?
Metis stands out in the layer-2 landscape due to its efficient use of Optimistic Rollups, facilitating quick and cost-effective transactions on the Ethereum blockchain by consolidating multiple transactions into a single batch.
A distinctive feature of Metis lies in its storage strategy. While traditional layer-1 solutions store transaction data on-chain, Metis adopts off-chain storage, utilizing Memo Labs storage by the Sequencer. This not only ensures streamlined data management but also significantly reduces storage costs compared to Ethereum's layer 1.