The Cancun upgrade is just around the corner, and some L2 projects are eager to start investing money?

Author: DeMan

The Ethereum Cancun upgrade is about to launch, and L2 projects including Metis may benefit from it. Recently, Metis's data performance has attracted widespread attention.

Metis's core technologies include an optimistic governance mechanism based on the Optimistic Rollup concept, as well as the Metis Virtual Machine (MVM). These technologies together support complex business and data processing while providing high scalability and flexibility. Metis's technological innovations also include support for microservices architecture, allowing developers to flexibly build and expand applications.

Metis employs IPFS technology for privacy protection, ensuring the security of sensitive data. Additionally, its virtual machine is compatible with the Ethereum Virtual Machine (EVM), lowering the learning curve for developers and enabling more developers to easily use the Metis platform.

Here are some recent data achievements and technical performances of Metis.

Short-term Growth: Metis's Total Market Cap, Trading Volume, and Token Price Continue to Rise

In a recent official tweet from MetisDAO, it showcased that the total value locked (TVL) in its ecosystem grew by 300% within a week, reaching a total of $400 million, a significant growth clearly illustrated in the chart.

Looking at the latest data from L2BEAT, its TVL has reached $550 million, with a 403.95% increase over 7 days, ranking 5th among Layer 2 projects, comparable to zkSync Era's $570 million.

From November 26, 2023, to December 25, 2023, some key indicators, including market cap and trading volume, show that Metis experienced a dramatic surge in a short period. Its market cap increased from $82,675,117 on November 26, 2023, to $208,633,629 on December 25, 2023, with a growth rate of approximately 152.5%; its trading volume rose from $2,646,640 on November 26, 2023, to $21,537,835 on December 25, 2023, with a growth rate of about 714.1%.

Metis Ecosystem Development Fund Established, Decentralized Sequencer to Launch Soon

The previous tweets mentioned the Metis EDF, which may be one of the key reasons for this fluctuation. This is a $100 million Metis Ecosystem Development Fund created by the MetisDAO Foundation to accelerate the growth of its ecosystem.

As described by the official statement, the establishment of Metis EDF not only marks MetisDAO's deep investment in its ecosystem but also demonstrates its ambition and innovative capabilities in the blockchain technology field. The fund will allocate 4.6 million METIS tokens to support various activities, including sequencer mining, retrospective funding, and new project deployments, further promoting the diversification and sustainable development of the Metis ecosystem.

Notably, before the allocation of the Metis EDF fund, Metis has another significant initiative, which is expected to officially launch its decentralized sequencer in the first quarter of 2024. At that time, Metis is expected to become the first OP rollup to decentralize its sequencer, a move that is anticipated to further enhance the efficiency and transparency of its network, bringing new development opportunities to the Metis ecosystem.

The sequencer is a key component of Layer 2 networks, responsible for packaging user transactions and relaying them to the main Ethereum blockchain. A decentralized sequencer will distribute power, reduce the possibility of transaction censorship and manipulation, and improve the stability and reliability of the network. This mechanism not only enhances transaction efficiency but is also a crucial aspect of ensuring network security.

It is worth mentioning that as a Layer 2 DAO foundational protocol located in Toronto, Canada, MetisDAO focuses on the creation and management of Decentralized Autonomous Companies (DACs). It is named after the Greek goddess of wisdom, Metis, symbolizing wisdom and strategy. MetisDAO promotes the development of decentralized applications in a highly efficient, scalable, and low-cost environment through its unique DAC framework.

Introduction to Metis's Team: Core Founders Mainly Female, Including Vitalik Buterin's Mother

Metis provides a multifunctional blockchain infrastructure based on Layer 2 technology, aimed at supporting various applications such as NFT platforms, decentralized social media, and developer communities. This highly scalable infrastructure makes it an ideal platform for supporting diverse blockchain applications.

Co-founder and CEO Elena Sinelnikova is one of the driving forces behind Metis. She is not only a co-founder of Metis but also the founder of the blockchain non-profit organization Crypto Chicks. Crypto Chicks is a women-focused organization dedicated to blockchain education, aiming to provide women with opportunities to learn and enter the blockchain field. Sinelnikova's background not only showcases her deep understanding of blockchain technology but also reflects her commitment to promoting diversity and inclusivity in the industry.

Closely related is her good friend Natalia Ameline, who is also the mother of Ethereum co-founder Vitalik Buterin. She is another founder of Crypto Chicks. Ameline's involvement not only adds extra credibility to Metis but also brings deep industry connections and influence to the project, which is one of the reasons many people say that Vitalik's mother supports Metis.

Other co-founders of Metis include Kevin Liu and Yuan Su, who co-founded this Ethereum Layer 2 scaling solution based on Optimistic Rollup in 2018. Since its establishment in 2018, Metis has successfully completed $1 million in angel and seed funding in 2021, as well as $3 million in Series A funding, further demonstrating the market's confidence and expectations for the Metis project.

The Future of Metis is Uncertain, but L2 Development Will Provide Technical Convenience for Web3

Metis's technological innovations, ecosystem growth, and team background all indicate its potential in the blockchain technology and decentralized finance fields. However, like any emerging technology or project, Metis's long-term success will depend on various factors, including market acceptance, the stability and sustainability of the technology, and its ability to continuously adapt to the ever-changing industry environment.

Therefore, for investors or technology observers interested in Metis, staying informed and continuously monitoring its development will help better understand its performance and potential impact in the market.

As time goes on, whether Metis can achieve its ambitious goals and secure a place in the competitive blockchain space will be a topic worth watching.