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Home»ALTCOIN NEWS»Ethereum Layer 2 soars after receiving surprise support from cryptocurrency exchange Binance.
ALTCOIN NEWS

Ethereum Layer 2 soars after receiving surprise support from cryptocurrency exchange Binance.

By Crypto FlexsMarch 12, 20242 Mins Read
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Ethereum Layer 2 soars after receiving surprise support from cryptocurrency exchange Binance.
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An Ethereum (ETH) layer 2 altcoin project is soaring after its sudden listing on Binance, the world’s largest cryptocurrency trading platform.

After Binance announced spot trading support for ETH scaling solution Metis (METIS) on Monday, the token rose by double digits.

Binance says:

“Binance will list METIS and open trading for these spot trading pairs at 2024-03-11 12:00 (UTC). New spot trading pairs: METIS/BTC, METIS/USDT, METIS/FDUSD and METIS/TRY.”

METIS aims to offer lower fees and faster transaction times than Ethereum, the leading smart contract platform. Launched in 2021, the MetisLab Foundation project uses optimistic rollup technology to record transaction data while executing transactions outside of the Ethereum blockchain. Optimistic rollups automatically assume that transactions are valid.

Binance is listing METIS with a seed tag, which applies to low-liquid projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass a quiz every 90 days to ensure they are aware of the risks before trading the tokens.

Following the Binance news, METIS rose to Monday’s high of $147.87, up more than 39% from Sunday’s low of $106.18. METIS has since been on a downward trend and is trading at $137.28 at the time of this writing, still up 25% in the last 24 hours.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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