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 good points as ETH and Bitcoin (BTC) consolidate into the brand new 12 months.

The layer-2 scaling resolution Metis Token (METIS) gives decrease charges and quicker transaction occasions than Ethereum, whereas nonetheless retaining the safety of the main sensible contract platform.

According to the challenge 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 know-how 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 vital perform throughout the Metis Virtual Machine (MVM) in the course of the creation of a decentralized autonomous firm (DAC).

The challenge 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 might 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 may even be paid and rewarded in METIS for the contributions.”

The price of METIS surged 122% from December 22th to the twenty seventh, working its approach 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 the moment 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 beneath $50,000 and is presently priced at $47,648.

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Featured Image: Shutterstock/Sergey Nivens/Fotomay

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