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Metis Launches 4.6-Million-METIS Ecosystem Development Fund to Promote True Layer 2 Adoption

Monday, 18 December 2023 09:25 AM


Metis Launches Ecosystem Development Fund to provide 4.6 million METIS in funding to facilitate the adoption of layer 2 solutions by bootstrapping liquidity, supporting development, and accelerating adoption in the Metis ecosystem.

TORONTO, ON / ACCESSWIRE / December 18, 2023 / Layer 2 rollup Metis has created the Metis Ecosystem Development Fund (Metis EDF), which will offer grants to further the adoption and development of the Metis ecosystem. The fund will start with 4.6 million METIS (over $100m USD at launch), and funds will be allocated towards Sequencer Mining, retroactive funding, deployment of new projects, and other endeavors.

Metis EDF launches on December 18, and the first disbursements are planned for Q1 2024. Potential grant recipients do not have to be existing Metis dApps. The funds are available for a wide range of projects, including:

  • Decentralized Finance (DeFi)
  • Real World Assets (RWAs)
  • SocialFi
  • Non-Fungible Tokens (NFTs)
  • Cross-Chain Technology
  • Smart Contract Development
  • Blockchain Security
  • Decentralized Identity and Privacy Solutions

The Metis EDF funding will be used to support sequencer mining rewards and the Builder Mining Rewards (BMR), the ecosystem's longest-standing funding initiative, until BMR becomes self-sustaining. It will also be used for product development purposes to help existing Metis projects develop new features or carry out required audits. Meanwhile, new dApps deploying on Metis, new native dApps, or dApps existing in a multi-chain environment can apply for funding for protocol deployment. New DEXs, AMMs, and trading platforms can receive the funding necessary for initial liquidity at product launches. Finally, large projects whose liquidity mining campaigns will create value for the ecosystem can also apply for funding to make it happen.

Ethereum's popularity comes with a price: a high gas fee. The more transactions and smart contracts occur on the Ethereum network, the more gas fees skyrocket. That's where Metis comes in. This layer 2 optimistic roll-up solution offers blockchain projects a way to minimize the famously high Ethereum gas prices.

Metis has been working on solving the so-called Blockchain Trilemma. So far, it was impossible to address all three pillars of blockchain, security, decentralization, and scalability, without making any tradeoffs, as enhancing one usually means diminishing the others. Metis plans to change it by decentralizing its sequencer in Q1 2024 to improve security and boost true community ownership.

With that achieved, the Metis EDF will progressively evolve into a community-driven fund. It will be managed by the MetisDAO Foundation and Metis token holders, who will decide on grant allocation and project deployment on the Metis network. Further down the project roadmap, Metis hopes the fund will become self-sustaining and ensure constant growth of the Metis ecosystem.

About Metis

Metis is an EVM-Equivalent Ethereum Layer-2 protocol focused on bridging the gap between Web2 and Web3. Metis provides users with a secure, decentralized, and scalable easy-to-use network.


Colin Landers
[email protected]


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