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The MetisDAO Foundation recently took a bold step in the cryptocurrency domain by launching the Ecosystem Development Fund (EDF). This move earmarks 4.6 million METIS tokens for fostering growth within its ecosystem. This initiative, valued at approximately $360 million, aims to invigorate the Metis network, enhancing its appeal to developers and users alike.
METIS/USD 30-day price chart (source: CoinStats)
Following the announcement of the EDF, the METIS token experienced an extraordinary surge in value, skyrocketing over 374% in the last 30 days. This rise can be attributed to the growing confidence in MetisDAO’s potential, especially in light of its recent integration with Bitget Wallet and the broader interest in Ethereum-based projects as the potential for a Spot Ethereum ETF looms.
In the previous 24 hours, bearish momentum, however, has prevailed in the METIS price, which has failed to breach the intra-day high of $113.37. As a result, selling pressure drove the METIS price to a low of $102.32, where support levels stepped in and halted further decline. Despite the negative pressure, the price has recovered marginally and is presently trading around $105, a 6.71% drop from the intra-day high.
METIS/USD 24-hour price chart (source: CoinStats)
2023: A Year of Achievements for MetisDAO
In the previous year, MetisDAO carved out a notable place among Ethereum Layer-2 solutions, achieving the third-highest total value locked (TVL) in this category. This accomplishment underscores MetisDAO’s commitment to addressing the challenges of blockchain technology, such as transaction speed, cost, and scalability. With its eyes set on 2024, MetisDAO promises even more remarkable advancements, setting the stage for what many analysts anticipate to be a bullish year for altcoins.
As MetisDAO gears up for 2024, expectations are high. The EDF is a critical pillar in this journey, offering the necessary resources for developing infrastructure and encouraging mass adoption. The foundation’s focus extends to projects within its ecosystem, such as Maia, Hermes, and Tethys, indicating a comprehensive strategy for growth. Moreover, with the Metis network’s design addressing key concerns of the blockchain trilemma—decentralization, security, and scalability—the stage is set for an eventful year ahead in decentralized finance (DeFi).