Metis Ecosystem will Receive 100 Million USD

Metis Foundation recently announced a Metis ecosystem development fund with a total value of up to 100 million USD to encourage product development.

Metis Ecosystem Will Receive 100 Million Usd_65b973bfbf521.webp

Metis ecosystem will receive 100 million USD

In a post on December 18, 2023 on social networking platform X (Twitter), Metis announced the Metis ecosystem development fund (EDF) consisting of 4.6 million METIS tokens. This amount of tokens will be used to encourage product development as well as activities within the Metis Layer-2 solution.

It is known that the development fund will begin to be allocated in the first quarter of 2024, after the process of centralizing the Sequencer network on Metis takes place.

Previously in October 2023, the Metis community approved a proposal to bring Data Availability back to the Ethereum mainnet and at the same time integrate the centralized roadmap of this Layer-2 Sequencer.

The focus of EDF fund allocation will be on Sequencer Mining activities (METIS locking unit and block creation support), DApp development, Liquidity Mining activities and Smart Contract (Audit) technical audit process.

metis ecosystem will receive 100 million usd 65b973bfc4665

Notably, the proportion allocated to Sequencer units will be larger and fluctuate around 65%. Meanwhile, ecosystem development will expand across many product areas such as RWA, NFT, and Cross-chain bridges.

Related: What is Arbitrum? Things to know about Arbitrum

Chart of METIS/USDT

metis ecosystem will receive 100 million usd 65b973bfc8abb

Chart of METIS/USDT pair on tradingview at 2:37 am on December 19, 2023 (UTC)

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