Metis, a layer 2 network, has seen a significant uptick in network activity and transactions in the fourth quarter of 2024, as reported by Messari. The platform experienced substantial growth during this period, leading to increased profitability.
In the broader crypto market, Metis currently ranks as the 281th largest virtual currency overall, but stands out as the 20th largest L2 network within the Ethereum ecosystem.
One of the key highlights of Metis’ performance in Q4 2024 was the surge in active addresses, which saw a remarkable increase of 229% quarter-over-quarter and a staggering 1,210% year-over-year. This growth was accompanied by a surge in daily transactions, which rose by 123% QoQ to 62,000, marking a 265% increase YoY.
Despite the increase in network activity, Metis managed to reduce its average transaction fee by 63% QoQ to $0.01, thanks to a fee scheduling improvement that significantly lowered its L2 submission costs. This optimization, in turn, contributed to the platform’s increased revenue driven by higher user engagement.
Furthermore, the rise in Metis’ network activity was further fueled by the integration of popular gaming applications such as Arena of Faith, BUZZ, ScoreMilk, and DeFi Kingdoms on the platform.
The positive performance metrics of Metis in Q4 2024 were reflected in the price surge of its native cryptocurrency, METIS. The token witnessed a significant price increase in mid-October, becoming one of the top-performing cryptocurrencies with a 50% price jump in a week. This rally boosted investor confidence in the asset and highlighted increased user engagement with the layer 2 scaling solution and its native token.
However, towards the end of December, Metis, like the broader crypto market, experienced a correction as prices cooled off from their bullish momentum. Currently, Metis’ trading volume has decreased by 6.40% in the last 24 hours, and its price is down by 9.50% over the past week.
Overall, Metis’ performance in Q4 2024 showcased its growing presence in the L2 network space and its ability to attract users and developers through innovative solutions and partnerships. Despite the recent market correction, the platform remains well-positioned to capitalize on the growing interest in layer 2 scaling solutions within the Ethereum ecosystem.