Metis TVL hits $550m as multi-million dollar incentive program looms

Metis native token METIS surges by 40% in 24 hour trading as news emerges of an imminent incentive program for the layer-2 Ethereum protocol.

According to data from CoinGecko, the METIS token soared by over 40% on Dec. 26, reaching a price of $77.1.

The token’s market capitalization — as of press time — is $345.6 million.

With its sudden increase in value, a heightened discussion in the crypto community surrounding the launch of the $350 million incentive program is taking place on X.

Growing interest in the incentive program has also resulted in a substantial increase in liquidity within Metis’ ecosystem. According to L2Beat data, the total value locked (TVL) in Metis recently surged by 400%, surpassing the $550 million threshold, a level not seen since April 2022.

In mid-December, Metis announced the Ecosystem Development Fund (Metis EDF) with an initial endowment of 4.6 million METIS tokens to accelerate the adoption and development of the Metis ecosystem.

The first round of investments, anticipated in Q1 2024, will be focused on supporting product development by enabling existing Metis projects to enhance features and undergo necessary audits. The fund will also concentrate on various areas, including decentralized finance, real-world assets, and NFT startups.

Established in November 2021 by Elena Sinelnikova, Kevin Liu, and Yuan Su, Metis is an EVM-equivalent Ethereum layer-2 protocol aimed at solving Ethereum’s scalability, transaction speed, and high gas fees issues.