In the last month, $METIS outperformed other Layer2s such as Optimism, Loopring, and Polygon. This was despite Optimism’s airdrop and yield farming, and Polygon’s immense number of partnerships.
So, why has it surged triple digits percentages in a few months, and does it really have a future in the L2 space?
A Refresher on Metis
Metis is an Ethereum Layer-2 scaling solution that was founded by Elena Sinelnikova in 2019.
she also founded Crypto Chicks in 2017, a non-profit educational hub that helps women get started with blockchain technology.
To further supplement her past experience and expertise in blockchain, she has assembled a strong team of competent leaders to bring Metis to greater heights. Among her team is Natalia Ameline, who is the mother of Ethereum co-founder Vitalik Buterin.
Metis is a hard fork of Optimism, and uses optimistic rollups for transactions.
Building In The Bear
One reason for Metis’ recent price surge is their implementation of Chainlink.
The oracle, which helps track price feeds across blockchains, has become the backbone of DeFi everywhere. Thanks to the addition, user experience has vastly improved on Metis, attracting more funds to the chain.
However, the larger reason comes not solely from this, but a whole infrastructure for builders.
Also Read: A Look At The MetisDAO Ecosystem: Aims, Applications And Developments On Andromeda Mainnet
The Metis Marathon
In July, MetisDAO announced the “Metis Marathon”, a 26 week long builder program to spur “fierce development of the Metis ecosystem”
By leveraging their high throughput and reputation system, they are incentivizing a range of protocols to build with them. This will be supported by grants and funding.
For individuals, driving engagement to Metis may be rewarded with Metis tokens, as part of their ambassador program. As part of this campaign, they stand to win thousands of dollars weekly, simply by participating in the ecosystem.
As the bear market rages on, teams that have a strong warchest and continue to build will emerge victorious on the other side.
Polygon is partnering with Web2 companies, such as Disney, Coca-Cola, and Mercedes Benz. Optimism is launching airdrops and and incentivizing TVL.
Metis is taking their own steps, which are especially important as a young blockchain. By developing their ecosystem and pushing for a better user experience, it is hard to say which of these Layer 2s will emerge victorious.
Also Read: Is Anyone Really Winning The Layer 2 War? Here’s What The Stats Say
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief