Attracting liquidity has become a de facto arms race in the growing decentralized finance (DeFi) landscape. Projects constantly battle to attract investors funds by offering enticing yields for crypto holders willing to take a risk and lock up their assets and protocols use this funds to build out their products and attract attention from larger investors.
One protocol that has been gaining traction in the total value locked (TVL) race is MetisDAO (METIS), a layer-two rollup platform designed to fully support the application and business migration from Web2 to Web3.
Top 10 TVL gainers over the past month. Source: CCK Ventures
Alongside the growth in the TVL on its protocol, the METIS token has also received a boost of momentum with data from Cointelegraph Markets Pro and CoinGecko showing that the price of METIS climbed from a low of $49.83 on Dec. 14 to a new all-time high at $323.54 on Jan. 16.
METIS/USD 3-hour chart. Source: TradingView
Three reasons for the growing TVL on the Metis protocol include the launch of multiple DeFi protocols on the network, added support for METIS-based trading pairs on cross-chain protocols and the network’s ability to offer Etherum users lower transaction costs and faster processing times.
Multiple DeFi protocols launch on Metis
The largest boost in value on Metis comes from the launch of several new DeFi protocols that are exclusively on the Metis network. These include NetSwap (NETT), Agora (AGORA) and Tethys Finance (TETHYS).
Top 3 protocols on METIS by total value locked. Source: Defi Llama
Together, these three protocols account for $325.24 million out of the $353.36 million in value currently locked on Metis.
The partnership between METIS and Agora was only revealed on Jan. 19, meaning that it only took two days for the current TVL to be reached. This suggests that the overall TVL on the Metis chain will soon be headed higher.
NetSwap (NETT) is the longest-running protocol on METIS, having conducted its fair launch on Dec. 6, 2021, it currently offers APRs for liquidity…