METIS Surges After Announcement of Ecosystem Development Fund

The Ethereum Layer 2 scaling protocol Metis has dedicated 4.6 million $METIS tokens toward the new Metis Ecosystem Development Fund. The Fund will begin disbursing grants in the first quarter of 2024.

The Metis Ecosystem Development Fund was allotted 4.6 million METIS, worth over $100 million, that will be used to fund grants for dApps, sequencer mining and other product development projects, the protocol said in a statement. Metis will begin giving out funding starting in the first quarter of 2024.

Metis aims to be the first fully decentralized Ethereum Layer 2 by the end of 2023.