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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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MetisDAO TVL surges by 99,800% as the layer-2 race heats up

The total value locked on METIS rose by 99,881% in a month after the layer-2 project integrated with numerous DeFi protocols and cross-chain bridges.

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 providers (LP) that range from 56% for WETH/m.USDT to 1,034% for BNB/NETT LPs. NetSwap reached a total trading volume of $1 billion on Jan. 19 which represents $2.5 million worth of transaction fees that have been rewarded to LP providers.

Cross-chain bridge support

A second reason for the growing value hosted on the Metis network includes the added support from multiple cross-chain bridges that provide wider exposure to the Metis ecosystem.

Beefy Finance is one of the larger protocols that has added support for Metis-based tokens including METIS, NETT, and Metis-based versions of Tether (USDT), USD Coin (USDC) and Wrapped Ethereum (WETH).

Since announcing the partnership on Jan. 16, the TVL from the Metis network on Beefy Finance has reached $24.56 million.

Other cross-chain platforms that have added support for Metis include Pickle Finance, Poly Network, the Celer Network’s cBridge, BoringDAO, Relay Chain and Multichain.

Related: Blockchain assessment: How to assess different chains?

Metis goes cross-chain

The third factor attracting value to the Metis ecosystem is the low-fee, high throughput capabilities of the network that help Ethereum users save time and money.

The overall goal of Metis is to offer transactions that settle in less than a second and cost less than $1 in fees. According to the project’s whitepaper, this will be achieved by using the theoretically infinite scalability of the Metis Andromeda network.

These capabilities have led to the rapid growth of the Metis ecosystem as a whole, which now supports multiple DeFi protocols and NFT projects.

Most recently, Metis has established a partnership with Curate, a cross-chain nonfungible token (NFT) marketplace that will enable gasless transactions.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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