One under-the-radar altcoin that’s designed to solve several of Ethereum’s biggest challenges is stacking up massive gains as ETH and Bitcoin (BTC) consolidate into the new year.
The layer-2 scaling solution Metis Token (METIS) offers lower fees and faster transaction times than Ethereum, while still retaining the security of the leading smart contract platform.
According to the project website,
“Offloading data and execution to a second layer allows Metis to provide a more scalable and cost-efficient environment for building and interacting with Web3 applications.”
The protocol employs optimistic rollup technology to achieve its functional goals on a layer above the layer-1 blockchain but relies on this underlying layer for both security and settlements.
METIS, its native token, 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).
The project explains,
“METIS tokens also play a role in reducing spam and ensure trust between developers and users alike. Users must stake some amount of METIS to start a collaboration with others on the platform, such as the founding of a DAC.
These tokens will be returned to the initial users if the collaboration is successful. Unsuccessful collaborations can lead to users losing their stake (akin to slashing penalties). Collaborators will also be paid and rewarded in METIS for the contributions.”
The price of METIS surged 122% from December 22th to the 27th, working its way up from $73.68 to an all-time high (ATH) of $164.23.
After some choppy corrective action took the altcoin as low as $133.42 earlier this week, it’s back up another 18.3% today and touched a fresh ATH of $175.60. It is now up 134% in the last seven days.
By contrast, Ethereum has been trading flat all week and at $3,762 is down 18.8% from its monthly high of $4,631.
Bitcoin remains below $50,000 and is currently priced at $47,648.
Featured Image: Shutterstock/Sergey Nivens/Fotomay