The native token for the Ethereum Layer 2 protocol Metis spiked on Monday after the announcement of a development fund for the ecosystem. 

The Metis Ecosystem Development Fund was allotted 4.6 million METIS, worth over $100 million, that will be used to fund grants for dApps, sequencer mining and other product development projects, the protocol said in a statement. Metis will begin giving out funding starting in the first quarter of 2024. 

Metis aims to be the first fully decentralized Ethereum Layer 2 by the end of 2023, The Block previously reported.

"We aim to reaffirm our stance and path towards true decentralization through Metis EDF, and believe that in the long term, the fund can grow to be self-sustainable and a public goods funding mechanism to secure the perpetual …