Metis, a layer 2 network, experienced a significant increase in network activity and transactions in the fourth quarter of 2024, according to a new report released today by Messari.
According to the report, Metis witnessed tremendous growth in the fourth quarter of 2024 as user activity on the network increased significantly. This had a positive impact on profitability in the same period.
In the broader crypto market, Metis is currently the 281st largest virtual currency in the entire crypto ecosystem, based on its market valuation. However, the platform is the twentieth largest L2 network in the Ethereum ecosystem.
In Q4 2024, @MetisL2 network activity saw a significant increase, with active addresses increasing 229% quarter-over-quarter.
This wave was fueled by gaming applications such as DeFi Kingdoms, ScoreMilk, Growfitter, BUZZ and Arena of Faith.
Dive in
https://t.co/PWmjhOhMgt pic.twitter.com/hsXAprkuKr
— Messari (@MessariCrypto) January 15, 2025
Metis active addresses reached new heights
According to data shared by Messari today, Metis experienced a massive increase in its network activity in October, November and December 2024.
During this period, it witnessed extensive networking activity due to the following reasons. First, active addresses on the network increased 229% quarter-over-quarter and 1,210% year-over-year.
Daily transactions also increased dramatically during the same period. The network recorded a 123% quarter-on-quarter increase in transactions to 62,000, representing a 265% year-on-year increase.
However, the network saw a 63% quarter-over-quarter drop in average transaction fees to $0.01 due to the implementation of a rate planning improvement. This upgrade significantly reduced the cost of submitting L2.
Despite the decline in transaction costs, Metis’ revenues increased significantly, driven by increased activity, driven by more active addresses and user transactions.
Finally, the rise of Metis’ networking activity was also fueled by a wave of gaming applications such as Arena of Faith, BUZZ, ScoreMilk and DeFi Kingdoms on the platform.
Metis price analysis
Metis’s remarkable performance across key metrics in the fourth quarter of 2024 matched the price increase of its native cryptocurrency, METIS, over the same period.
METIS started seeing an impressive price increase in mid-October as it emerged as one of the top crypto performers, after experiencing a 50% price increase for a week. As a result, the rally and positive sentiment strengthened investor confidence in the assets. The increase became noticeable, signifying greater user engagement with the Layer 2 scaling solution and its token, METIS.
A substantial increase in trading volume and the asset’s market valuation reflected increasing confidence in the token’s potential for long-term growth, especially as cryptocurrency adoption increased at the time. In November, the token saw a larger price increase among other cryptocurrencies, driven by the election of Trump as US president.
However, towards the end of December, Metis began to witness a slump, coinciding with the broader market correction that began late last month. Broader crypto markets cooled their bullish momentum and have continued to consolidate their values since.
Today, Metis trading volume is down 6.40% over the past 24 hours, indicating a recent decline in market activity. The price is down 9.50% over the past seven days, meaning it is underperforming the global digital asset market, which is up 4.40% over the same period.
