The MetisDAO Foundation recently took a bold step into the cryptocurrency domain by launching the Ecosystem Development Fund (EDF). This move allocates 4.6 million METIS tokens to drive growth within its ecosystem. This initiative, worth approximately $360 million, aims to reinvigorate the Metis network, increasing its attractiveness for both developers and users.

METIS/USD 30-day price chart (source: CoinStats)
Following the EDF announcement, the METIS token has seen a dramatic increase in value, jumping over 374% in the last 30 days. This increase can be attributed to growing confidence in the potential of MetisDAO, especially in light of its recent integration with Bitget Wallet and broader interest in Ethereum-based projects as the potential for an Ethereum Spot ETF looms.
In the previous 24 hours, however, a bearish momentum prevailed on the METIS price, which failed to surpass the intraday high of $113.37. As a result, selling pressure pushed METIS price to a low of $102.32, where support levels intervened and stopped further decline. Despite the negative pressure, the price has recovered marginally and is currently trading around $105, a decline of 6.71% from the intraday high.

24-hour METIS/USD price chart (source: CoinStats)
2023: a year of results for MetisDAO
In the previous year, MetisDAO carved out a prominent place among Ethereum Layer-2 solutions, achieving the third highest total value locked (TVL) in this category. This achievement underlines MetisDAO’s commitment to addressing the challenges of blockchain technology, such as transaction speed, cost and scalability. With its sights set on 2024, MetisDAO promises even more notable progress, setting the stage for what many analysts predict will be a bull year for altcoins.
As MetisDAO prepares for 2024, expectations are high. The EDF is a key pillar in this journey, providing the resources needed to develop infrastructure and encourage mass adoption. The foundation’s focus extends to projects within its ecosystem, such as Maia, Hermes and Tethys, indicating a global strategy for growth. Additionally, as the design of the Metis network addresses the key concerns of the blockchain trilemma (decentralization, security, and scalability), the stage is set for an eventful year in decentralized finance (DeFi).