The group that launched layer 2 rollup Metis, the MetisDAO Foundation, announced on Monday that it has established a fund of about $100 million to spur the expansion of its ecosystem.According to a news release, the 4.6 million METIS tokens that will be distributed by the Metis Ecosystem Development Fund (Metis EDF) will be used for “sequencer mining, retroactive funding, deployment of new projects and other endeavors.”
At press time, the price of METIS tokens was $22.56, indicating an 8% decrease in the previous day’s value.The funds are expected to be distributed in the first quarter of 2024, with potential recipients including those aiming to develop blockchain security, decentralized finance, smart contract development, and non-fungible tokens (NFTs) inside the Metis ecosystem.A blog post states that Metis hopes to be the first rollup to decentralize its sequencer, a crucial part of a layer-2 network that gathers user transactions and forwards them to the Ethereum main chain, early in the following year.
One week following the scheduled launch of the Metis decentralized sequencer, the recently announced ecosystem funding will be distributed.
“So the initial incentives for the sequencer pool will come from this fund,” Jose Fabrega, head of marketing at Metis, said.
One notable member of the Metis team is Natalia Ameline, mother of Ethereum co-creator Vitalik Buterin. The team is overseen by co-founder Elena Sinelnikova.
“The MEDF 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,” the Metis team wrote in a press release. “Further down the project roadmap, Metis hopes the fund will become self-sustaining and ensure constant growth of the Metis ecosystem.”