Ethereum Layer-2 Skyrockets After Earning Surprise Support From Crypto Exchange Binance

One Ethereum (ETH) layer-2 altcoin project is soaring after a sudden listing by Binance, the world’s largest crypto trading platform by volume.

As Binance announced on Monday spot trading support for ETH scaling solution Metis (METIS), the token rallied by double digits.

Says Binance,

“Binance will list Metis (METIS) and open trading for these spot trading pairs at 2024-03-11 12:00 (UTC). New Spot Trading Pairs: METIS/BTC, METIS/USDT, METIS/FDUSD and METIS/TRY.”

METIS aims to offer lower fees and faster transaction times than the leading smart contract platform Ethereum. The MetisLab Foundation project, which launched in 2021, uses optimistic roll-up technology to execute transactions outside of Ethereum’s blockchain while recording transactional data. Optimistic rollups automatically assume transactions are valid.

Binance is listing METIS with an attached seed tag, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.

Amid the Binance news, METIS rallied to a high of $147.87 on Monday, a more than 39% increase from Sunday’s low of $106.18. METIS retraced since and is trading for $137.28 at time of writing, still up 25% in the last 24 hours.

 

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