Metis token, associated with MetisDAO and led by Natalia Ameline, mother of Ethereum founder Vitalik Buterin, has experienced a significant surge of 36% in the past 24 hours amid the ongoing Ethereum rally. The token reached the $39 per token mark, making it one of the standout performers in the recent market movements.
According to CoinMarketCap, Metis is currently ranked eighth in the layer-2 sector tokens, with a market capitalization of $168.55 million. The token has shown impressive performance not only in the last 24 hours but also with a notable 106% increase in the last 30 days.
The surge in Metis’s price is attributed to the announcement of a $100 million initiative aimed at supporting the growth of the Metis ecosystem. The fund, scheduled for distribution in the first quarter of 2024, will support sequencer mining, retroactive funding, and the development of new projects. The initiative follows a community-driven approach managed by the MetisDAO Foundation and token holders.
Metis stands out in the layer-2 landscape due to its efficient use of Optimistic Rollups, enabling quick and cost-effective transactions on the blockchain by consolidating multiple transactions into a single batch. The platform’s unique storage strategy involves off-chain storage, utilizing Memo Labs storage by the Sequencer, which reduces storage costs compared to Ethereum’s layer 1.
The recent surge in Metis’s price highlights the growing interest and positive sentiment surrounding the project, especially with Natalia Ameline, the mother of Ethereum’s co-founder, being associated with its leadership.