The native cryptocurrency of the Metis blockchain, METIS, along with other assets in its ecosystem, has seen a surge of tens of percentage points following the announcement of grants totaling $360 million. According to CoinGecko, the price of Metis (METIS) increased by 50% within a day. Interest from investors in METIS and other coins within the ecosystem began after the announcement of grants totaling $360 million.
Metis is a second-layer scaling protocol that enables users to conduct transactions on the Ethereum blockchain faster and more cost-effectively, while also providing its own projects and ecosystem tools. Natalia Amelina leads the Genesi DAC fund, valued at $100 million, which supports startups within the Metis network and is part of the team behind the protocol. Notably, Natalia Amelina is the mother of Ethereum’s co-founder, Vitalik Buterin.
In mid-December, MetisDAO developers introduced the Ecosystem Development Fund (EDF), consisting of 4.6 million METIS tokens, aimed at stimulating project development and increasing activity within the Metis ecosystem.
At the time of the announcement, the Metis token was trading at around $22. By December 26, the asset’s price had risen to $79. At current prices, the fund’s value is approximately $360 million. Payments to projects are expected to commence in the first quarter of 2024.
Over the week, the price of the native cryptocurrency of the network has surged by 177%. Tokens of some ecosystem projects have more than doubled in value in the past week: MAIA token increased by 116%, HERMES by 263%, and TETHYS by 163%. The meme coin BARSIK, launched on December 21, experienced a price increase of thousands of percent.
