Ethereum Layer 2 protocol Metis Raises $5M Funds in Total

Metis is an Ethereum Layer 2 protocol that has raised $5 million in a new funding round that features new and existing investors. Moreover, the announcement follows Metis’ financing round beginning of this year. However, when the blockchain startup got $1 million in angel, seed, and private investment.

More so, the new capital injection was led by Block Dream Fund, DFG, Master Ventures, Parsiq, Autonomy Capital, Genblock Capital, CryptoMeria. In addition, Waterdrip Capital, Kernel Ventures, AU21, Consensus Lab, M6, 7 o’clock Foundation. Also, YBB Foundation, Chain Capital, AC Capital, BMW Capital, Oasis Capital, Titan Ventures, Lotus Capital, CDF, and many community supporters.

However, this funding is considered the latest funding deal in recent months. In line with this, the early backers doubled down on their investment in the startup creating the infrastructure for the Web 3.0 economy.

Moreover, Metis has experienced huge growth in the last few months. Notably, Layer 2 Alpha testnet launched recently. However, in three weeks 12,632 wallets were created, 6,856 DAC (Decentralized Autonomous Company) registered, and 166,859 on-chain transactions made.

Even more, the first-ever community-minting Non-fungible Token (NFT) is also a huge success. More so, 12,118 wallets connected to the event, and 2,560 Tribes developed to achieve the goal of minting the NFT artwork, “Rebuilding the Tower of Babel”.

Metis CEO and Co-Founder Elena Sinelnikova said,

”We have never been so confident that we are on the right track to provide the easy-to-use and highly scalable Layer 2 infrastructure to promote the coming of the Web 3.0 era.”

The recently released Layer2 Decentralised Autonomous Organisation (DAO) framework is empowered by Matis. However, the initiative allows DeFi projects to create and manage their own DApps. However, with Metis Rollup,DeFi projects and DApp developers could work within an ultra-low-fee and more-function environment.

Co-Founder of Autonomy Capital Jason Tolliver also explained his opinion. Jason mentions that Metis aims to become the backbone of the Web 3 decentralized economy by aiming at scalability, decentralization, and user experience. Even more, they believe that Metis will achieve this goal and that they poised to position themselves as the dominant Layer 2 solution for Ethereum.

IDO campaign kicked off by Metis. Even more, it will collaborate with PAID Network’s IGNITION launchpad for an Initial DEX Offering on May 13.

The schedule of events related to the IDO

May 10: Lottery winners and IDO details announcements, 1-2 pm UTC
May 13: Metis IDO – First pools open at 11 am UTC

All in all, Metis is building an easy-to-use, low-cost, highly scalable, and fully functional Layer 2 framework. In order to fully support the application and business migration from Web 2.0 to Web 3.0. Moreover, it integrates the Decentralized Autonomous Company (DAC) framework in its Layer 2 infrastructure.

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Source: https://coinquora.com/ethereum-layer-2-protocol-metis-raises-5m-funds-in-total/