Metis, a layer 2 network, experienced a significant increase in network activity and transactions in Q4 2024. That is according to a new report released by Messari today.
According to the report, Metis witnessed massive growth in the fourth quarter of 2024 as user activity in the network rose significantly. This positively impacted its profitability during the same period.
In the wider crypto market, Metis is currently the 281th largest virtual currency in the entire crypto ecosystem based on its market valuation. However, the platform is the 20th largest L2 network on the Ethereum ecosystem.
Metis active addresses reached new heights
As per data shared by Messari today, Metis experienced a tremendous increase in its network activity in October, November, and December 2024.
During this period, it witnessed an expanded network activity due to the following reasons. First, active addresses on its network rose 229% QoQ and increased 1,210% YoY.
Daily transactions also rose massively over the same period. The network recorded increased transactions by 123% QoQ to 62,000, which represented a rise of 265% YoY.
However, the network saw a drop in its average transaction fee by 63% QoQ to $0.01 because of the implementation of a fee scheduling improvement. This upgrade decreased its L2 submission costs significantly.
Despite the decrease in transaction fees, Metis’s revenue rose significantly, driven by greater activity boosted by increased active addresses and user transactions.
Lastly, the rise of Metis network activity was also boosted by a surge of gaming applications like Arena of Faith, BUZZ, ScoreMilk, and DeFi Kingdoms on the platform.
Metis price analysis
Metis’s remarkable performance across major metrics in Q4 2024 corresponded with the price surge of its native cryptocurrency, METIS during the same period.
METIS started seeing an impressive price rise in mid-October when it emerged as a top crypto performer, after experiencing a price jump of 50% for a week. As a result, the rally and positive sentiment strengthened investors’ confidence in the asset. The surge became noticeable, which signified increased user engagement with the layer 2 scaling solution and its native token, METIS.
A substantial increase in the asset’s trading volume and market valuation reflected rising confidence in the token’s potential for long-term growth, especially when crypto adoption rose during that time. In November, the token saw a greater price uptick alongside other cryptocurrencies driven by Trump’s election as US President.
However, towards the end of December, Metis started witnessing a slump, which coincided with the wider market correction that began late last month. Broader crypto markets cooled their bullish momentum and since then continued consolidating their values.
Today, Metis’ trading volume is down 6.40% in the last 24 hours, indicating a recent decrease in market activity. Its price has been down 9.50% in the last seven days, meaning it is underperforming the global digital asset market which has been up 4.40% during the same period.
