Metis, a prominent player in the layer-2 sector, has recently secured the eighth position on CoinMarketCap with a capitalization of $168.55 million. Over the past 24 hours, the token has showcased remarkable performance, and in the last 30 days alone, it has witnessed an impressive 106% increase. Such outstanding results have solidified Metis as a standout performer within its own ecosystem.
The surge in the price of Metis can be attributed to the announcement of a groundbreaking initiative, which aims to provide $100 million in support for the growth and development of the Metis ecosystem. This initiative is scheduled for distribution in the first quarter of 2024 and is set to facilitate sequencer mining, retroactive funding, and the creation of new projects. The management of this community-driven approach will be overseen by the MetisDAO Foundation and token holders.
One of the key distinguishing features of Metis lies in its storage strategy. Unlike traditional layer-1 solutions that store transaction data on-chain, Metis adopts an off-chain storage approach. This is achieved through the utilization of Memo Labs storage by the Sequencer. The implementation of this strategy not only ensures streamlined data management but also significantly reduces storage costs when compared to Ethereum’s layer 1.
It is important to note that this article was originally published on U.Today.
