One project, in particular, that has caught the investors’ eye is MetisDAO. This protocol is a layer-two rollup platform that has been designed to support the application and business migration from Web2 to Web3. The METIS token has received a boost with its price climbing to the highs of $323.54 on January 16 from a low of $49.83 on December 14.
Analysts attribute the gains to the launch of multiple DeFi protocols on the network, additional support for METIS-based trading pairs on cross-chain protocols, and low transaction costs and faster processing times. The gains achieved by METIS token come from the launch of several new DeFi protocols – Agora, NetSwap, and Tethys Finance. These are exclusive to the Metis network only. Moreover, the three protocols account for $325.24 million of the total $353.36 million in value locked on the network.
METIS and Agora partnership was just revealed on January 19 – the gains have been extraordinary and massive at the same time. This indicates that the overall TVL on the Metis chain is headed higher. The network highlights NetSwap as the longest-running protocol on Metis. Currently, it offers APRs for liquidity providers (LP) that range from 56% for WETH/m.USDT to 1,034% for BNB/NETT. This protocol reached $1 billion in total trading volume on January 19. This represents $2.5 million worth of transaction fees rewarded to liquidity providers.
Experts believe added support from multiple cross-chain bridges that provide wider exposure to the Metis ecosystem has boosted the value of the tokens. One of the larger protocols that has given support for Metis-based tokens is Beef Finance. With is, Metis network has reached $24.56 million. Low fee, high throughput capabilities of the network has also helped the network attract value.