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When was METIS coin issued? Learn about the origin of METIS coin in one article

The initial coin distribution (ICO) of METIS, the native token of the Metis Layer 2 ecosystem, occurred on February 22, 2022, raising $10 million.

Nov 18, 2024 at 03:51 am

METIS Coin: Tracing Its Origin and Issuance

1. METIS Coin Genesis

METIS is a native token of the Metis ecosystem, a Layer 2 infrastructure for the Ethereum blockchain. It was inspired by Athena, the Greek goddess of wisdom and strategy, reflecting the project's vision for providing scalable and secure blockchain solutions.

2. Issuance Date

METIS coin was officially issued on February 22, 2022. The initial coin distribution (ICO) raised $10 million, with 50% of the tokens allocated to the project, 40% for investors, and 10% for the METIS DAO treasury.

3. Purpose of METIS Coin

METIS serves several crucial functions within the Metis ecosystem:

Governance: METIS holders participate in the governance of the Metis DAO, shaping the future development and direction of the project.
Transaction Fees: METIS is used to pay for transaction fees on the Metis network, incentivizing participation and ensuring network security.
Staking Rewards: METIS holders can stake their tokens to earn rewards, encouraging long-term investment and network stability.
Liquidity Provision: METIS is used as a liquidity provider in decentralized exchanges, facilitating seamless token swaps and enhancing liquidity.

4. Total Supply and Tokenomics

The total supply of METIS coins is 1 billion, with a circulating supply of approximately 300 million at the time of writing. The tokenomics follow a carefully designed distribution plan:

Team and Advisors: 20%
Strategic Partners: 10%
Early Investors: 20%
Ecosystem Development: 10%
METIS DAO Treasury: 10%
Public Sale: 30%

5. METIS Coin Applications

Beyond its core functions, METIS coin is also leveraged in various applications within the ecosystem:

Vote Locking: METIS tokens can be locked to increase voting power in the METIS DAO.
NFT Bridging: METIS is used for bridging NFTs between the Ethereum mainnet and Metis Layer 2 for lower transaction costs.
MetaMask Swaps: METIS integrates with MetaMask, enabling direct token swaps within the popular cryptocurrency wallet.
DeFi Applications: METIS is used in decentralized finance (DeFi) applications within the Metis ecosystem, facilitating lending, borrowing, and liquidity provision.

In summary, METIS coin was issued on February 22, 2022, as the native token of the Metis Layer 2 ecosystem. It plays a vital role in governance, transaction fees, staking rewards, liquidity provision, and various ecosystem applications, promoting network stability, community engagement, and the growth of the Metis platform.

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