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Metis, Ethereum Layer-2 Network, Creates $100M Fund as Decentralized Sequencer Launch Nears

The MetisDAO Foundation, the organization behind layer 2 rollup Metis, said Monday that it has created a roughly $100 million fund to accelerate the growth of its ecosystem. The fund, called the Metis Ecosystem Development Fund (Metis EDF), will allocate 4.6 million METIS tokens, which will all go to “sequencer mining, retroactive funding, deployment of new projects and other endeavors,” according to a press release shared with CoinDesk. The METIS token price was $22.56 as of press time, down 8% over the past 24 hours. The distribution of funds is planned for the first quarter of 2024, and potential recipients include those looking to build non-fungible tokens (NFTs).

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