The price of METIS, the native token of the MetisDAO ecosystem, has surged over 350% in the past 15 days. This massive price increase comes as MetisDAO revealed plans to establish an Ecosystem Development Fund (EDF) worth 4.6 million METIS tokens.
In a series of tweets, MetisDAO highlighted strong progress over the past year, noting it achieved the third highest total value locked among Ethereum layer two solutions. The project says 2024 will see “great things” for the Metis ecosystem.
The newly created EDF aims to drive infrastructure development and mass adoption within the Metis network. Valued at around $360 million, the sizable fund is expected to catalyze growth across ecosystem projects like Maia, Hermes, and Tethys.
Key metrics indicate the positive impact of the EDF announcement. The tokens of ecosystem projects MAIA and HERMES jumped 25% and 70% respectively. Liquidity pools like HERMES-METIS now offer annual yields up to 200%, attracting large volumes.
Trading protocol Tethys has led the surge, with volumes exceeding $18 million in the last 24 hours. The value of TETHYS tokens rose 20% during this time, demonstrating a thriving trader community.
Analysts suggest the upcoming year looks bright for METIS. With projections of a bullish altcoin market and ongoing progress within its decentralized finance environment, MetisDAO appears well positioned for strong price performance in 2024 and beyond.