An underrated altcoin designed to solve some of Ethereum’s biggest challenges, ETH and Bitcoin (BTC) are making huge gains as they consolidate in the new year.
A tier-2 scaling solution Metis Token (METIS)has lower transaction fees and faster transaction times than Ethereum while maintaining the security of the leading smart contract platform. The project’s website explains its aims as follows:
“By transferring data and execution to a second layer, Metis can offer a more scalable and cost-effective environment for developing and interacting with Web3 applications.”
The protocol is designed to achieve its functional goals at a layer above the layer-1 blockchain. optimistic rollup* technology, but still relies on this base layer for both security and settlements.
The native token of the platform, METIS, can be used for staking and internal payments, but also serves an important function within the Metis Virtual Machine (MVM) during the creation of a decentralized autonomous company (DAC).
According to the project,
“METIS tokens also play a role in reducing spam and building trust between developers and users. Users must stake some METIS to initiate a collaboration with others on the platform, such as setting up a DAC.
If the cooperation is successful, these tokens will be returned to the first users. Unsuccessful collaborations can result in users losing their stakes (similar to penalties). Collaborators are also paid and rewarded with METIS tokens for their contributions.”
The price of METIS increased by 122 percent from December 22 to December 27; It rose from $ 73.68 to $ 164.23.
After a volatile corrective action that took the altcoin down as low as $133.42 earlier this week, METIC has started to rise again today, rising 30.2 percent to reach its all-time high (ATH) at $182.80 about half an hour ago.
Ethereum, on the other hand, has been trading sideways all week and is currently trading at $3,762, down 18.8 percent from its monthly high of $4,631. Bitcoin, on the other hand, is still trading below $50,000 and its current price is $47,480.
* Rollups are solutions that execute transactions outside of Ethereum’s blockchain but save transaction data. Optimistic rollups automatically assume that transactions are valid.