Metis Secures Another $4M in Funding and Announces IDO

Metis has been on a fundraising roll of late. Soon after netting $1 million in March, another round of fundraising has brought Metis’ pre-IDO capital injections to a total of $5M from give-again investors as well as new participants throwing their weight behind the project.

Metis’ backers include Block Dream Fund, Autonomy Capital, Genblock Capital, DFG, Master Ventures, Parsiq, CryptoMeria, Waterdrip Capital, Kernel Ventures, AU21, Consensus Lab, M6, 7 o'clock Foundation, YBB Foundation, BMW Capital, Chain Capital, AC Capital, Oasis Capital, Lotus Capital, CDF, and Titan Ventures.

An IDO campaign that began on May 5 has led to a partnership with PAID Network’s IGNITION launchpad as well as Gate.io for an upcoming token launch. Metis’ IDO will begin on May 13, and investors will be able to trade $METIS on both Gate.io and Uniswap on that date.

Funding Support to Build Web3 Solutions

According to Metis CEO and co-founder Elena Sinelnikova, “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 that will promote the coming of the Web 3.0 era.”

Metis looks forward to using this fresh capital injection to bolster the recent launch of Metis Rollup, a layer 2 solution set to help developers get their projects off the ground in a low-fee and highly functional space for development and growth.

The recent success of defi has led to incredibly high gas fees as well as increases in network congestion. These problems have hampered the development of many projects as well as defi as a whole.

Metis Rollup offers developers a layer 2 solution with exponentially lower fees and increased functionality. With Metis Rollup, developers can now deploy and manage their dApps with financial and operational freedom that has been lacking within the defi scene.

Embracing Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term’s Potential for Growth

Metis Rollup, Metis’ take on Optimistic Rollups, brings ease-of-use, scalability, and affordability to businesses seeking upgrades to Web3. One thing that separates Metis Rollup from competing layer 2 solutions is the integration of a Decentralized Autonomous Company (DAC) framework.

This simplifies the development of applications and organizing communities to such a point that Metis states it will “make building dApps and DACs on its platform so easy to do; even total blockchain novices can make it happen in a matter of minutes.”

Investor and Co-Founder of Autonomy Capital Jason Tolliver asserted that “Metis aims to become the backbone of the Web3 decentralized economy by focusing on scalability, decentralization, and user experience. Due to the company’s long-term vision, team, and strategic partners, we believe that Metis will achieve this goal, and that the company is poised to position itself as the dominant layer 2 solution for Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term.”

Once its IDO is underway, the final round of funding will provide a runway for Metis to build out its layer 2 stack while growing its community and onboarding defi projects.