The MetisDAO Foundation, the organization behind layer 2 rollup Metis, said Monday that it has created a roughly $100 million fund to accelerate the growth of its ecosystem. This fund will receive 4.6 million METIS, which will be used to support projects for dApps, sequencer mining, and deployment of new projects. The distribution of funds is planned for the first quarter of 2024.
After this announcement, METIS at one point increased to $33, an increase of nearly 45%. At the time of writing, METIS is trading at $25.99, up 9.45% over the last 24 hours.
As The Block reported, Metis is aiming to become the first fully decentralized Ethereum Layer 2 by the end of 2023.
“We aim to reaffirm our stance and path towards true decentralization through Metis EDF, and believe that in the long term, the fund can grow to be self-sustainable and a public goods funding mechanism to secure the perpetual development of the Metis ecosystem.”
Metis is a Layer 2 platform using Optimistic Rollup technology on Ethereum, which is extremely easy to use with low costs and many functions supporting the transition from Web 2.0 to Web 3.0.
With Metis, using the protocol becomes easy with low costs and many extended functions. The protocol provides full support for use cases such as yield farming, DEX trading, and powering the Gig economy through dApps that provide fast and cheap micropayments.