The MetisDAO Foundation, the organization behind layer 2 rollup Metis, announced Monday the creation of a $100 million fund to accelerate the growth of its ecosystem.
The Metis Ecosystem Development Fund (Metis EDF) will distribute 4.6 million METIS tokens for “sequencer mining, retroactive funding, deployment of new projects, and other endeavors,” according to a press release shared with Coinbrit.
As of press time, the METIS token price was $22.56, down 8% in the previous 24 hours.
The funds will be distributed in the first quarter of 2024 to those interested in developing non-fungible tokens (NFTs), decentralized finance, smart contract development, and blockchain security in the Metis ecosystem.
According to a blog post, Metis expects to be the first optimistic rollup to decentralize its sequencer, a key component of a layer-2 network that bundles user transactions and sends them to the main Ethereum blockchain, early next year.
The newly announced ecosystem funds will be distributed a week after the Metis decentralized sequencer is set to go live.
“So the initial incentives for the sequencer pool will come from this fund,” Metis’s head of marketing, Jose Fabrega, told Coinbrit
Natalia Ameline, the mother of Ethereum co-creator Vitalik Buterin, is a member of the Metis team, which is led by co-founder Elena Sinelnikova.
“The MEDF will gradually transform into a community-driven fund.” The MetisDAO Foundation and Metis token holders will manage it, deciding 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.”
