Metis, the Ethereum Layer 2 scaling solution based on Optimistic Rollup, has gained significant attention recently with the rise of several projects on its ecosystem. Founded in 2018 by Elena Sinelnikova, Kevin Liu, and Yuan Su, Metis has completed angel and seed rounds of financing totaling $1 million and a Series A round of $3 million.
Elena Sinelnikova, the founder of the blockchain non-profit organization Crypto Chicks, is one of the co-founders of Metis. Crypto Chicks is dedicated to blockchain education for women, providing opportunities for them to learn and enter the blockchain industry. As one of the co-founders of Crypto Chicks, Natalia Ameline, is the mother of Ethereum founder Vitalik Buterin, many people see Metis as a project supported by Vitalik’s mother.
According to CoinGecko data, at the time of writing, the native token of Metis, METIS, has surpassed $70, reaching $76 with a 191.3% increase in the past 7 days. Additionally, according to L2BEAT data, Metis’ total value locked (TVL) has reached $540 million, with a 399% increase in the past 7 days.
MetisDAO Foundation, the development organization behind Metis, announced the establishment of a $100 million fund on December 18th to accelerate the growth of its ecosystem. Known as the Metis Ecosystem Development Fund, it will distribute 4.6 million METIS tokens for “sequencer mining, traceable funding, deployment of new projects, and other efforts.” With the current token price, the fund is valued at $322 million.
Metis is planning to become the first decentralized sequencer Optimistic Rollup in early 2023, and the distribution of the Metis Ecosystem Development Fund will take place one week after the launch of the Metis decentralized sequencer. According to Jose Fabrega, the marketing director of Metis, the initial motivation for the sequencer incentive comes from the Metis Ecosystem Development Fund.
In terms of technological innovation, Metis has attracted significant attention since its launch. With the recent market recovery, the meme craze on various public chains, and the support from the MetisDAO Foundation, the popularity of Metis has surged. The Metis ecosystem on Defilama includes 44 protocols, some of which are deployed on multiple chains, including AAVE, Stargate, Synapse, Beefy, and Sushiswap.
With the upcoming launch of the decentralized sequencer and the incentives of the ecosystem fund, new projects within the Metis ecosystem are highly anticipated. BlockBeats has compiled a list of noteworthy projects within the Metis ecosystem for readers to explore.
Hermes is a DEX built on Metis, serving as a forked version of Solidly on Metis. Positioned as a high capital efficiency AMM, Hermes provides users with low-cost, near-zero slippage trading. Its V2 version includes major upgrades such as full-chain extension packages, unified liquidity, decentralized liquidity management, and a new Gauge system. According to CoinGecko data, the native token of Hermes, HERMES, is currently priced at $0.09 with a 221.7% increase in the past 7 days. Hermes’ TVL is currently $9.4 million according to DefiLlama data.
NetSwap is the first DEX in the Metis ecosystem, allowing swap transactions on the Metis network. In addition to integrating basic features of existing DEXs, NetSwap also includes liquidity mining, staking, and a launchpad. According to CoinGecko data, the native token of NetSwap, NETT, is priced at $0.57 with a 387.0% increase in the past 7 days.
Hummus Protocol is a single-sided AMM built on Metis, allowing users to swap stablecoins with minimal loss. The native token of Hummus, HUM, is earned by staking stablecoins, and the staked HUM rewards are used to increase the yield of staked stablecoins. According to CoinGecko data, HUM is priced at $0.035 with a 268.4% increase in the past 7 days.
The meme craze sparked by public chains like Solana and Avalanche has become a prominent manifestation of the current market heat, and the background of the Metis project has brought native meme genes to the chain as well.
VMUM is a meme token with the name “Vitalik’s Mother” and was deployed on December 19th. According to DEX SCREENER data, VMUM is currently priced at $0.00007512, with a 508% increase in the past 24 hours.
Barsik, the pet of one of the founders, has garnered attention in the meme frenzy. Barsik is Vitalik’s mother’s pet cat. According to DEX SCREENER data, the price of BARSIK is $0.002994, with a 292% increase in the past 24 hours.
Meme coins still carry high investment risks, so readers should approach them with caution. For more projects in the Metis ecosystem, please refer to the provided interface.
Related Reports
Vitalik Buterin’s Full Explanation of Layer 2 Scaling: Rollups and Validiums
Can Rollups Truly Scale Ethereum or Are We Deluding Ourselves?
In-Depth Analysis: Are L2 or Rollups Secure Enough?
Tags:
Hermès
Hummus
Metis
Netswap
optimistic rollup