Metis’ new progress has boosted currency prices and lock-up volume. These 8 ecological projects deserve attention

This article will analyze, review and take stock of Metis’ market performance and latest progress, as well as ecological projects worthy of attention inspired by ecological funds worth hundreds of millions of dollars.

Written by Nancy, PANews

Metis, a well-established Layer 2 project, has attracted much attention due to its aura of “V God Mom”, and the recent surge in currency price and TVL has once again made it the subject of heated market discussion. In this article, PANews will analyze, review and take stock of Metis’ market performance and latest progress, as well as ecological projects worthy of attention inspired by ecological funds worth hundreds of millions of dollars.

Become the third largest Layer 2, advance technology and ecological incentives together

Recently, Metis’s outstanding market performance has triggered heated discussions in the community. L2BEAT data shows that as of January 17, Metis’s TVL has exceeded US$990 million, with an increase of nearly 55.2% in the past seven days, ranking third in Ethereum L2 lock-up volume after Arbitrum One and OP Mainnet. Meanwhile, CoinGecko data shows that the price of $METIS has increased by approximately 396.8% in the past 30 days.

As a star project in the last cycle, Metis has successively received US$1 million in angel and seed round financing and US$3 million in Series A financing, and is known for its friendship between founder Elena Sinelnikova and Natalia Ameline, the mother of Ethereum founder Vitalik Buterin. Due to the relationship, he quickly became famous in the Layer 2 circuit where strong players gather. According to L2BEAT data, Metis’s TVL (total locked volume) soared by more than $700 million during 2022, but has declined since then.

Until the past month, due to the positive impact of the Ethereum Cancun upgrade, Layer 2 has become the focus of the current market. Among them, Metis has taken the lead in the market by relying on technical narratives such as decentralized sorters and huge financial incentives.

The sorter is an important component in the Layer2 architecture. It can sort and compress hundreds of transactions into a single transaction for Layer1 to confirm, thereby reducing the cost and transaction speed of sending data to Layer1. However, the centralization problem has brought about a single point. Due to the risk of downtime and monopoly risk, projects such as Arbitrum and Optimism have listed decentralized sorters as their future development direction.

Metis claims to be the first decentralized sorter and revenue-sharing Optimistic Rollup. It adopts a revenue-sharing model with all node operators, allowing token holders to stake their assets to earn revenue and mining rewards. , but the sorter operator entering the sorter pool needs to pledge at least 20,000 $METIS.

According to the latest news, MetisDAO has voted to pass the proposal to “decentralize the testnet sequencer and launch community testing”, which aims to decentralize the sequencer infrastructure deployed on the testnet and launch community testing to help Metis developers To stress test the new architecture, the first season of community testing was launched on January 15th. Metis’ product focus in the first quarter of 2024 is also focused on the launch of a decentralized POS sorter.

In addition to technological advancement, Metis also announced the launch of a US$100 million fund “Metis Ecological Development Fund” at the end of 2023 to accelerate ecological development, and will allocate 4.6 million $METIS for sequencer mining, retroactive funding, new project deployment and Other undertakings. The fund’s capital allocation plan is planned for the first quarter of 2024 and is expected to be allocated to users developing NFT, DeFi and security projects on Metis. At the latest price of $METIS, the fund’s holdings of these tokens are worth up to $540 million.

The Metis ecosystem is still in its early stages, and most of them are low market value projects.

Metis official website shows that Metis ecological projects are still in their early stages, with only 87 projects, covering many fields such as cross-chain bridges, DeFi, NFT, DEX, GemeFi and infrastructure. PANews has taken stock of 8 ecological projects worthy of attention, most of which have a market value of less than US$30 million.

However, behind the surge in TVL, the Metis ecosystem is also considered to have “false prosperity.” As previously reported by PANews, although MetisTVL is amazing, relatively few actually use the Metis blockchain compared to other Layer 2 networks. Judging from the distribution of TVL funds, only a small part is used to develop its DeFi ecosystem, and half of it is used in the lending protocol Aave. Meanwhile, half of Metis’ TVL comes from newly minted tokens, with much of the growth also coming from the surge in token prices.

Wagmi (WAGMI)

Wagmi is a DeFi product suite developed by well-known developer Daniele Setagalli. It is also Sestagalli’s rebranding of the cross-chain income platform Popsicle Finance. It aims to deploy a decentralized exchange that allows the creation of permissionless fund pools. Wagmi was officially deployed to Metis recently and received US$2 million in funding from the Metis Ecosystem Development Fund, which is also the first official grant from the Metis Ecosystem Development Fund. Not long ago, Wagmi also announced a cooperation with DWF Labs, which purchased 26.6 million WAGMI with 500,000 USDT (average price of $0.01879).

CoinGecko data shows that as of January 17, the price of HUM was nearly US$0.022, with a circulating market value of over US$30.81 million.

Hera Finance（HERA）

Hera Finance is an AI-driven multi-chain DEX aggregator that aims to provide a friendly user experience and provide developers with powerful development tools for seamless swap in on-chain programs. It has cooperated with Arbitrum, Metis, Avalanche, Base, BNB Chain, Ethereum, Fantom, Mantle and Optimism integrations.

CoinGecko data shows that as of January 17, HERA’s price was approximately US$5.71, with a circulating market value of approximately US$22.526 million.

NetSwap（NET）

Netswap is a DEX running on Metis Andromeda. It uses the same AMM model as Uniswap and provides multiple functions such as trading, liquidity mining, staking and Launchpad. DeFiLlama data shows that as of January 17, NetSwap’s TVL reached US$12.84 million. TVL has increased by 260% in the past month, making it the second largest native project after Maia DAO.

CoinGecko data shows that as of January 17, the price of NETT was approximately US$1.63, with a circulating market value of over US$14.011 million.

Tethys Finance（TETHYS）

Tethys Finance is a decentralized trading and lending protocol launched in 2021 to provide the Metis Andromeda network with a fast, secure, reliable and advanced native decentralized trading application to handle various trading needs. Late last year, Tethys Finance launched TethysUSD, a yield-based stablecoin.

CoinGecko data shows that as of January 17, the price of HUM was approximately US$0.71, with a circulating market value of over US$7.571 million.

Hermes（HERMES）

Hermes is a DEX launched in 2022. It is a Fork version of Solidly and aims to provide users with low-cost and near-zero slippage transactions. Currently, Hermes has launched the V2 version, allowing users to exchange between any chains by using centralized and unified liquidity. Hermes’ token HERMES can be used for voting, staking, and boosting rewards.

CoinGecko data shows that as of January 17, the price of HERMES was approximately US$0.079, with a circulating market value of approximately US$7.386 million.

Maia DAO（MAIA）

Maia DAO is the first decentralized community-owned reserve currency protocol on Metis, which includes DEX Hermes, transparent automated liquidity full-chain strategy TALOS, and full-chain liquidity protocol Ulysses. According to DeFiLlama data, as of January 17, Maia DAO’s TVL exceeded US$14.93 million, an increase of 155% in the past month.

Maia DAO’s token MAIA adopts a fair launch method by the community. After staking, you can obtain rights such as voting, governance and dividends. The official website shows that 60.4% of the tokens are in a pledged state.

CoinGecko data shows that as of January 17, MAIA’s price was approximately $37.7, with a fully diluted valuation of $6.791 million.

Hummus Exchange（HUM）

Hummus Exchange is a unilaterally pledged decentralized AMM designed to exchange stablecoins USDT, USDC and DAI on the Metis blockchain, eliminating the risk of impermanent losses for liquidity providers and providing traders with ultra-low slippage.

CoinGecko data shows that as of January 17, the price of HUM was approximately US$0.032, with a circulating market value of over US$3.567 million.

Revenant（GAMEFI）

Revenant is the first decentralized gaming platform on the Metis network for gamers, game developers and investors, and has launched its first flagship game, Battle of Olympus.

CoinGecko data shows that as of January 17, the price of GAMEFI was approximately US$1.63, with a circulating market value of over US$3.076 million.