With a 6-fold increase in 2 months, what are the potential projects worth paying attention to in the Metis ecosystem?

Author: Kaori

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

Metis is an Ethereum Layer 2 scaling solution based on Optimistic Rollup, a Layer 2 scaling and general infrastructure project co-founded by Elena Sinelnikova, Kevin Liu and Yuan Su in 2018, Metis has completed $1 million angel and seed rounds and $3 million Series A financing.

Elena Sinelnikova is the founder of Crypto Chicks, a Blockchain non-profit organization dedicated to Blockchain education, providing opportunities for women to learn and enter the Blockchain field. Since Natalia Ameline, another initiator of Crypto Chicks, is the mother of Ethereum founder Vitalik Buterin, many people consider Metis to be the project of the mother platform of the “Vitalik Buterin”.

Today, according to CoinGecko data, the price of Metis native Token METIS exceeded $70 at the time of writing, reaching $76, a 7-day increase of 191.3%, and according to L2BEAT data, Metis total Lock-up Position volume (TVL) climbed to $540 million, a 7-day increase of 399%.

Previously, the increase in the price of Optimism Token was considered to be a stepping stone to the gradual recovery of the Layer 2 sector, and Metis followed by a price increase mode, which the community generally believes is related to the ecological support fund released by it.

On December 18, the MetisDAO Foundation, the MetisDAO development organization, announced the creation of an approximately $100 million fund to accelerate the growth of its ecosystem. The fund, called the Metis Eco Development Fund, will allocate 4.6 million METIS Token to be used for “sequencer Mining, retrospective funding, deployment of new projects and other efforts.” Based on the current Token price, the fund is already worth $322 million.

In addition, according to the official blog post, Metis expects to become the first Optimistic Rollup of Decentralization Sequencers early next year, and the allocation time of the Metis Ecological Development Fund will take place a week after the launch of the Metis Decentralization Sequencer. Jose Fabrega, head of marketing at Metis, said in an interview that the initial incentive for sequencing pools came from the Metis Ecological Development Fund.

Recently, with the recovery of the entire crypto market, as well as the meme boom 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 Decentralization Sequencer and the incentive of the ecological fund, new projects in the Metis ecosystem are still worth looking forward to, in this regard, BlockBeats has sorted out the noteworthy projects in its ecosystem for readers’ reference.

Decentralized Finance

Hermes

Hermes is a DEX built on top of Metis and is a forked version of Solidly on Metis. Hermes is positioned as a capital-efficient AMM capable of providing users with low-cost, near-zero slippage transactions. Its V2 version adds major upgrades such as full-chain scaling, unified Liquidity, DecentralizationLiquidity management, and a new Gauge system.

According to CoinGecko data, its native Token HERMES is currently trading at $0.09 at the time of writing, up 221.7% in the last seven days. According to DefiLlama data, Hermes’ TVL is currently $9.4 million.

Netswap

NetSwap is the first DEX of the Metis ecosystem, which can be swapped on the Metis network, in addition to integrating the basic functions of DEXs currently on the market, NetSwap also has Liquidity Mining, staking, Launchpad and other functions.

According to CoinGecko data, its native Token NETT is trading at $0.57 at the time of writing, up 387.0% in the past seven days.

Hummus

The Hummus protocol is a one-sided AMM built on Metis that allows users to swap Stable Coins with very low losses, and its native Token is HUM. Users can stake Stable Coins to earn HUM and use the staked HUM rewards to increase the yield of staked Stable Coins.

According to CoinGecko data, the HUM price is $0.035 at the time of writing, up 268.4% in the last seven days.

meme coin

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

VMUM

VMUM, a meme coin under the name “Mother Vitalik”, was deployed on December 19, and according to DEX SCREENER, the current price of VMUM is $0.00007512 at the time of writing, up 508% in 24 hours.

BARSIK

The founder’s pet has made a lot of eyeballs in the meme frenzy, and Barsik is Vitalik’s mother’s pet cat. ACCORDING TO DEX SCREENER DATA, AT THE TIME OF WRITING, THE BARSIK PRICE WAS $0.002994, UP 292% IN 24 HOURS.