With a price increase of over 190% in one week, what are the potential projects worthy of attention in the Metis ecosystem?

METIS, the 100x coin, is back?

Selected text: Kaori

Recently, the ecological popularity of Metis, a Layer 2 project born in the last cycle, has continued to rise, attracting market attention.

Metis is a Layer 2 expansion solution for Ethereum developed based on Optimistic Rollup. It is a Layer 2 expansion and general infrastructure project co-founded by Elena Sinelnikova, Kevin Liu and Yuan Su in 2018. Metis has successively completed $1 million in angel and Seed financing, Series A financing of US$3 million.

Elena Sinelnikova is the founder of the blockchain non-profit organization Crypto Chicks, a women’s organization dedicated to blockchain education, which mainly provides women with opportunities to learn and enter the blockchain field. Since Natalia Ameline, another founder of Crypto Chicks, is the mother of Vitalik Buterin, the founder of Ethereum, many people think that Metis is the project of “V God”'s mother.

Today, according to CoinGecko data, as of the time of writing, the price of Metis’s native token METIS exceeded US$70 and reached US$76, with a 7-day increase of 191.3%. According to L2BEAT data, Metis’ total lock-in volume (TVL) climbed to 540 million. The U.S. dollar rose 399% on the 7th.

Previously, the increase in the price of the Optimism token was considered to be the stepping stone for the gradual recovery of the Layer 2 sector. Metis followed suit and started a rising price pattern. The community generally believed that it was related to the ecological support fund it released.

On December 18, the MetisDAO development organization MetisDAO Foundation announced the creation of a fund of approximately US$100 million to accelerate the growth of its ecosystem. The fund, called the Metis Eco Development Fund, will allocate 4.6 million METIS tokens for “sequencer mining, retroactive funding, deployment of new projects and other efforts.” Based on current token prices, the fund is already worth $322 million.

In addition, according to the official blog post, Metis is expected to become the first Optimistic Rollup of the decentralized sorter early next year, and the distribution of the Metis Ecological Development Fund will take place one week after the Metis decentralized sorter goes online. Metis marketing director Jose Fabrega said in an interview that the initial incentive for the sequencing pool came from the Metis Ecological Development Fund.

There has been a lot of attention on the innovative introduction of Metis technology since its launch. Recently, with the recovery of the entire encryption market and the meme craze on various public chains, coupled with the support of the MetisDAO Foundation, Metis is booming. The Metis ecosystem on Defilama includes 44 protocols, some of which are multi-chain deployment projects, including AAVE, Stargate, Synapse, Beefy, Sushiswap, etc.

In the future, with the launch of the decentralized sorter and the encouragement of ecological funds, new projects in the Metis ecosystem are still worth looking forward to. In this regard, BlockBeats has compiled noteworthy projects in its ecosystem for readers’ reference.

DeFi

Hermes

Hermes is a DEX built on Metis, a forked version of Solidly on Metis. Hermes is positioned as a highly capital-efficient AMM that can provide users with low-cost, near-zero slippage transactions. Its V2 version adds major upgrades such as full-chain expansion, unified liquidity, decentralized liquidity management and a new Gauge system.

According to CoinGecko data, as of the time of writing, the price of its native token HERMES is currently US$0.09, with an increase of 221.7% in the past seven days. According to DefiLlama data, Hermes’ TVL is currently $9.4 million.

Netswap

NetSwap is the first DEX in the Metis ecosystem. Swap transactions can be performed on the Metis network. In addition to integrating the basic functions of DEX currently on the market, NetSwap also has functions such as liquidity mining, staking, and Launchpad.

According to CoinGecko data, as of the time of writing, the price of its native token NETT is US$0.57, with an increase of 387.0% in the past seven days.

Hummus

The Hummus protocol is a unilateral AMM built on Metis that allows users to exchange stablecoins with extremely low losses. Its native token is HUM. Users can stake stablecoins to earn HUM and use the staked HUM rewards to increase the income from staking stablecoins.

According to CoinGecko data, as of the time of writing, the price of HUM is US$0.035, with an increase of 268.4% in the past seven days.

meme coin

The meme craze pioneered by public chains such as Solana and Avalanche has become the best reflection of the current market enthusiasm. The background of the Metis project mentioned above has also brought native meme genes to the meme coin project on this chain.

VMUM

VMUM is a meme coin named “Vitalik Mother”, which was deployed on December 19. According to DEX SCREENER data, as of the time of writing, the current price of VMUM is $0.00007512, an increase of 508% in 24 hours.

BARSIK

The founder’s pets earned a lot of attention in the meme craze, and Barsik is Vitalik’s mother’s pet cat. According to DEX SCREENER data, as of writing, the price of BARSIK is $0.002994, a 24-hour increase of 292%.