What's Hot

    VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform – Press release Bitcoin News

    26/05/2022

    Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why

    26/05/2022

    ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News

    26/05/2022
    Facebook Twitter Instagram
    • Polls
    • Questions
    Thursday, May 26
    Trending
    • VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform – Press release Bitcoin News
    • Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why
    • ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News
    • Former Binance executives launch $100 million venture fund
    • Will It Rise In The Future?
    • What is WinkLink? Is WINK Coin a Good Investment in 2022?
    • Enhance Basic Tech Capacity & Provide All-encompassing Products & Services
    • No Tax Amnesty for Russian Crypto Miners as Lawmakers Withdraw Proposal – Mining Bitcoin News
    Login
    Weekly Crypto | Designed by Koios students Weekly Crypto | Designed by Koios students
    • Home
    • Live chart
    • Koios
    • Join Discord!
    • Account
      • Register
      • Login
      • My Account
      • My Posts
    Weekly Crypto | Designed by Koios students Weekly Crypto | Designed by Koios students
    Home»Business»MetisDAO TVL surges by 99,800% as the layer-2 race heats up
    Business

    MetisDAO TVL surges by 99,800% as the layer-2 race heats up

    adminBy admin21/01/2022No Comments4 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Attracting liquidity has become a de facto arms race in the growing decentralized finance (DeFi) landscape. Projects constantly battle to attract investors’ funds by offering enticing yields for crypto holders willing to take a risk and lock up their assets, and protocols use these funds to build out their products and attract attention from larger investors. 

    One protocol that has been gaining traction in the total value locked (TVL) race is MetisDAO, a layer-two rollup platform designed to fully support the application and business migration from Web2 to Web3.

    Top 10 TVL gainers over the past month. Source: CCK Ventures

    Alongside the growth in the TVL on its protocol, the METIS token has also received a boost of momentum, with data from Cointelegraph Markets Pro and CoinGecko showing that the price of METIS climbed from a low of $49.83 on Dec. 14 to a new all-time high at $323.54 on Jan. 16.

    METIS/USD 3-hour chart. Source: TradingView

    Three reasons for the growing TVL on the Metis protocol include the launch of multiple DeFi protocols on the network, added support for METIS-based trading pairs on cross-chain protocols and the network’s ability to offer Etherum users lower transaction costs and faster processing times.

    Multiple DeFi protocols launch on Metis

    The largest boost in value on Metis comes from the launch of several new DeFi protocols that are exclusively on the Metis network. These include NetSwap, Agora and Tethys Finance.

    Top three protocols on METIS by total value locked. Source: Defi Llama

    Together, these three protocols account for $325.24 million of the $353.36 million in value currently locked on Metis.

    The partnership between METIS and Agora was only revealed on Jan. 19, meaning that it only took two days for the current TVL to be reached. This suggests that the overall TVL on the Metis chain will soon be headed higher.

    NetSwap is the longest-running protocol on Metis, having conducted its fair launch on Dec. 6, 2021, it currently offers APRs for liquidity providers (LP) that range from 56% for WETH/m.USDT to 1,034% for BNB/NETT liquidity providers. NetSwap reached a total trading volume of $1 billion on Jan. 19, which represents $2.5 million worth of transaction fees that have been rewarded to liquidity providers.

    Cross-chain bridge support

    A second reason for the growing value hosted on the Metis network includes the added support from multiple cross-chain bridges that provide wider exposure to the Metis ecosystem.

    Beefy Finance is one of the larger protocols that has added support for Metis-based tokens, including METIS, NETT and Metis-based versions of Tether (USDT), USD Coin (USDC) and Wrapped Ethereum (WETH).

    Welcome @MetisDAO to the Beefy family!https://t.co/A5bk5ZNAaE is building a hub for the Web3 economy: Layer 2 #Ethereum scaling with fast and cheap transactions.

    #Metis is live on Beefy with 11 @netswapofficial vaults.

    Check Metis Vaults at https://t.co/pJcEr4tgoG pic.twitter.com/MEu61vCYB1

    — Beefy Finance (@beefyfinance) January 16, 2022

    Since announcing the partnership on Jan. 16, the TVL from the Metis network on Beefy Finance has reached $24.56 million.

    Other cross-chain platforms that have added support for Metis include Pickle Finance, Poly Network, the Celer Network’s cBridge, BoringDAO, Relay Chain and Multichain.

    Related: Blockchain assessment: How to assess different chains?

    Metis goes cross-chain

    The third factor attracting value to the Metis ecosystem is the low-fee, high throughput capabilities of the network that help Ethereum users save time and money.

    The overall goal of Metis is to offer transactions that settle in less than a second and cost less than $1 in fees. According to the project’s white paper, this will be achieved by using the theoretically infinite scalability of the Metis Andromeda network.

    These capabilities have led to the rapid growth of the Metis ecosystem as a whole, which now supports multiple DeFi protocols and nonfungible token (NFT) projects.

    Most recently, Metis established a partnership with Curate, a cross-chain NFT marketplace that will enable gasless transactions.

    New partner: @curateproject! Curate is a cross-chain NFT marketplace allowing anyone to mint & buy/sell NFTs completely GASLESS(!), incl import/export of ETH/SOL/ALGO/BSC NFTs!

    Curate will deploy on $METIS Andromeda network end of Jan. https://t.co/sbX71ooYGc to get started! pic.twitter.com/ONGHiCJM6M

    — Metis (@MetisDAO) January 13, 2022

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.