Token of a project involving Vitalik Buterin's mother grew by 25% in one day
The coin of the Metis project (METIS), whose top manager is Natalia Amelin, mother of Ethereum co-founder Vitalik Buterin, has risen by 25% in 24 hours.
At the time of writing, the asset is trading at $40. According to CoinMarketCap, its market capitalization has reached $183 million.
On a monthly basis, METIS has risen by 130%, taking the eighth place in the top largest coins of second-layer networks.
The token's growth is likely linked to the recent announcement of a $4.6 million METIS fund for developers (approximately $184 million), with distribution planned for the first quarter of 2024.
Metis is a permissionless L2 network that facilitates the operation of next-generation decentralized applications. The protocol is built on the Optimistic Rollups stack, ensuring fast and cost-effective transactions.
A distinctive feature of the project is its data recording strategy. While traditional first-layer solutions store on-chain information in the chain, Metis uses off-network storage, utilizing the Memo Labs platform from Sequencer.
The main goal of the protocol is to solve the "blockchain trilemma," which states that a network cannot be decentralized, secure, and scalable at the same time.
Since Metis's launch in 2021, users have made more than 9.7 million transactions with an average gas fee of $0.0131. The total volume of locked assets in the network has reached $306 million.
In addition to her involvement in the L2 project, Natalia Amelin is the founder of CryptoChicks — a non-profit educational organization supporting women.
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