Metis Records High Network Activity in Q4 2024, Here’s What Drove the Surge

Metis, a layer 2 community, skilled a big improve in community exercise and transactions in This fall 2024. That’s in line with a brand new report launched by Messari as we speak.

Based on the report, Metis witnessed large development within the fourth quarter of 2024 as person exercise within the community rose considerably. This positively impacted its profitability throughout the identical interval.

Within the wider crypto market, Metis is at the moment the 281th largest digital forex in the whole crypto ecosystem primarily based on its market valuation. Nevertheless, the platform is the twentieth largest L2 community on the Ethereum ecosystem.

Metis lively addresses reached new heights

As per information shared by Messari as we speak, Metis skilled an incredible improve in its community exercise in October, November, and December 2024.

Throughout this era, it witnessed an expanded community exercise as a result of following causes. First, lively addresses on its community rose 229% QoQ and elevated 1,210% YoY.

Day by day transactions additionally rose massively over the identical interval. The community recorded elevated transactions by 123% QoQ to 62,000, which represented an increase of 265% YoY.

Nevertheless, the community noticed a drop in its common transaction charge by 63% QoQ to $0.01 due to the implementation of a charge scheduling enchancment. This improve decreased its L2 submission prices considerably.

Regardless of the lower in transaction charges, Metis’s income rose considerably, pushed by larger exercise boosted by elevated lively addresses and person transactions.

Lastly, the rise of Metis community exercise was additionally boosted by a surge of gaming purposes like Area of Religion, BUZZ, ScoreMilk, and DeFi Kingdoms on the platform.

Metis worth evaluation

Metis’s exceptional efficiency throughout main metrics in This fall 2024 corresponded with the value surge of its native cryptocurrency, METIS throughout the identical interval.

METIS began seeing a formidable worth rise in mid-October when it emerged as a high crypto performer, after experiencing a worth bounce of fifty% for every week. Consequently, the rally and constructive sentiment strengthened buyers’ confidence within the asset. The surge grew to become noticeable, which signified elevated person engagement with the layer 2 scaling answer and its native token, METIS.

A considerable improve within the asset’s buying and selling quantity and market valuation mirrored rising confidence within the token’s potential for long-term development, particularly when crypto adoption rose throughout that point. In November, the token noticed a larger worth uptick alongside different cryptocurrencies pushed by Trump’s election as US President.

Nevertheless, in the direction of the tip of December, Metis began witnessing a hunch, which coincided with the broader market correction that started late final month. Broader crypto markets cooled their bullish momentum and since then continued consolidating their values.

At present, Metis’ buying and selling quantity is down 6.40% within the final 24 hours, indicating a latest lower in market exercise. Its worth has been down 9.50% within the final seven days, which means it’s underperforming the worldwide digital asset market which has been up 4.40% throughout the identical interval.