Ethereum-Based Altcoin Quietly Rallies 122% in Five Days While Bitcoin and ETH Dip

One under-the-radar altcoin that’s designed to unravel a number of of Ethereum’s greatest challenges is stacking up huge positive factors as ETH and Bitcoin (BTC) consolidate into the brand new yr.

The layer-2 scaling answer Metis Token (METIS) presents decrease charges and sooner transaction occasions than Ethereum, whereas nonetheless retaining the safety of the main good contract platform.

According to the mission website,

“Offloading information and execution to a second layer permits Metis to supply a extra scalable and cost-efficient atmosphere for constructing and interacting with Web3 purposes.”

The protocol employs optimistic rollup expertise to attain its purposeful objectives on a layer above the layer-1 blockchain however depends on this underlying layer for each safety and settlements.

METIS, its native token, can be utilized for staking and inner funds, but in addition serves an necessary perform throughout the Metis Virtual Machine (MVM) in the course of the creation of a decentralized autonomous firm (DAC).

The mission explains,

“METIS tokens additionally play a task in lowering spam and guarantee belief between builders and customers alike. Users should stake some quantity of METIS to begin a collaboration with others on the platform, such because the founding of a DAC.

These tokens will probably be returned to the preliminary customers if the collaboration is profitable. Unsuccessful collaborations can result in customers dropping their stake (akin to slashing penalties). Collaborators will even be paid and rewarded in METIS for the contributions.”

The value of METIS surged 122% from December 22th to the twenty seventh, working its means up from $73.68 to an all-time excessive (ATH) of $164.23.

After some uneven corrective motion took the altcoin as little as $133.42 earlier this week, it’s again up one other 18.3% at this time and touched a contemporary ATH of $175.60. It is now up 134% in the final seven days.

By distinction, Ethereum has been buying and selling flat all week and at $3,762 is down 18.8% from its month-to-month excessive of $4,631.

Bitcoin stays under $50,000 and is presently priced at $47,648.

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Featured Image: Shutterstock/Sergey Nivens/Fotomay

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About the Author: Daniel