Metis Q2 2024 Brief

Key Insights

Analysis

Following a six-month period where METIS’s circulating market cap increased 10X, it retraced along with the rest of the market in Q2 2024. METIS ended Q2 2024 with a circulating market cap of $272.8 million (-50.9% QoQ) while the fully diluted market cap fell to $479.8 million (-53.4% QoQ). METIS’s market cap ranking fell from 159

Metis reported revenue of 5,400 METIS, a decrease of 72.9% QoQ. The revenue in USD also fell sharply to $370,000, marking an 81.2% decrease QoQ. This decline was driven by decreased transactions and a reduction in the average transaction fee due to lower network activity. Notably, Metis saw a massive spike in revenue on January 18th and 19th with $325,000 and $737,000 respectively.

Metis network activity slowed with average daily active addresses of 4,700, a decrease of 22.9% QoQ; the average daily new addresses were 1,000, a decrease of 52.2% QoQ; and the average daily returning addresses were 3,700, a decrease of 7.0% QoQ. Despite the overall slowdown, returning addresses fell the least, indicating that core users remained active on the network.

The Total Value Locked (TVL) in USD on Metis was $70.7 million, a decrease of 28.3% QoQ, while the TVL in METIS was 1.5 million METIS, an increase of 54.0% QoQ. The increase in TVL METIS indicates a positive net capital flow into the network.

In Q2, the community approved the Metis Liquid Staking Blitz

Metis’s stablecoin market cap has been consistent over the past year, with the overall stablecoin market cap at $32.9 million, a decrease of 17.4% QoQ. USDC holds a market cap of $16.0 million (-25% QoQ), and USDT holds a market cap of $15.6 million (-4% QoQ). Metis ranks 29th

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