The native token of a little-known Ethereum (ETH) scaling solution has surged by triple digits following the announcement of an incentive program.
Ethereum layer-2 METIS is up nearly 20% in the last 24 hours and is up 261% in 7 days from its opening price of $25.67 on December 20th.
METIS is trading at $92.58 at the time of this writing.
The explosive rise in the token price comes a little over a week after the Metis cryptocurrency project announced the launch of the Metis Ecosystem Development Fund (Metis EDF).
“The Metis Ecosystem Development Fund (Metis EDF) is a 4.6 million METIS fund dedicated to accelerating the adoption of the Metis ecosystem. Metis EDF will be used to support subsidizing new project deployments, product development for existing DApps, builder mining rewards, sequencer mining, etc.”
At the current price of $92.58 per METIS, the fund’s allocation is currently worth approximately $426 million. The Métis Ecosystem Development Fund is scheduled to begin disbursing in the first quarter of 2024, and funds will be distributed over 10 years.
The largest share of funds, 65.4%, is allocated to sequencer mining and 34.6% to ecosystem financing. Sequencer mining is a process in which various parties stake tokens to earn mining rewards while supporting block production.
Potential beneficiaries of Metis EDF ecosystem funds include areas such as decentralized finance, real-world asset tokenization, decentralized identity and privacy solutions, blockchain gaming, metaverse applications, and prediction markets.
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