During the current Ethereum rally, the Metis token—which is linked to MetisDAO and is being directed by Natalia Ameline, the mother of Ethereum creator Vitalik Buterin—has had a notable 36% increase in the last 24 hours, hitting the $39 per token milestone.
Based on a recent layer-2 sector token ranking by CoinMarketCap, Metis has a capitalization of $168.55 million, placing it in eighth position. The coin has established itself as a standout performer in the Metis ecosystem with its outstanding performance over the past 24 hours and its remarkable 106% gain over the last 30 days.
The announcement of a $100 million plan to encourage the expansion of the Metis ecosystem is what caused the price of Metis to soar.
The money, which is expected to be distributed in the first quarter of 2024, will support the creation of new initiatives, retroactive financing, and sequencer mining, promoting a community-driven strategy overseen by token holders and the MetisDAO Foundation.
What is Metis?
Metis is unique in the layer-2 market because of its successful use of Optimistic Rollups, which combine several transactions into a single batch, enabling speedy and economical transactions on the Ethereum blockchain.
One of Metis’s unique selling points is its storage design. Unlike conventional layer-1 systems, which keep transaction data off-chain, Metis uses the Sequencer’s Memo Labs storage to store data off-chain. This guarantees efficient data management and, in comparison to Ethereum’s layer 1, drastically lowers storage costs.
