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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