Community Update | October/November 2021

Nov 10, 2021

Marketing Update

  • End of the Amplify Program – After achieving its goals to perform the initial distribution of the MTLX token and to attract liquidity to the Mettalex project, the Amplify yield farming program came to an end. As of November 1st, 2021, Amplify no longer distributes MTLX rewards. Liquidity providers can go to Amplify on Ethereum and Binance Smart Chain to claim any accumulated rewards and withdraw their funds. Users holding LP tokens from any of the three Uniswap pools (MTLX/USDT, MTLX/ETH, MTLX/FET) and the PancakeSwap pool (anyMTLX/BUSD) will continue to receive trading fees, but not MTLX tokens. 

Liquidity providers who hold LP tokens from the anyMTLX/BUSD PancakeSwap pool can continue to yield farm MTLX on the Mettalex DEX (see below). 

  • Yield Farming on Mettalex DEX – After the end of Amplify, liquidity providers are invited to migrate their funds to the Binance Smart Chain DEX to keep generating MTLX rewards. Apart from BUSD and USDO, a third collateral type was introduced specifically for the Amplify liquidity providers on Binance Smart Chain, namely MTLXBUSD LP tokens. 

If you have farmed anyMTLX on PancakeSwap by staking anyMTLX and BUSD, you can use the “Unstake” option on the Amplify interface to get MTLXBUSD LP tokens and then deposit them in the Mettalex DEX to generate rewards at ~40% APY (currently ~120%). Watch this short walkthrough video to learn what you need to do. 

If you are not familiar with the whole process of how to deposit liquidity on PancakeSwap to get LP tokens, here’s another useful walkthrough video you can have a look at. 

  • Mettalex DEX Will Not Launch on Ethereum –  Similarly to the PancakeSwap LP tokens, we have initially planned to introduce the Uniswap LP tokens as collateral types on the DEX on Ethereum. However, after much deliberation and research, it turns out that launching the Mettalex DEX would be extremely costly, technically challenging, and overall inefficient. Make sure to read our argumentation here. We confirm that for the foreseeable future the Mettalex DEX will function on Binance Smart Chain only.
  • Mettalex Website Update – Yield Farming Section – The Mettalex website was updated to feature all the information concerning farming MTLX tokens in a concise and accessible manner. Find the Yield Farming website page here and get all your questions on liquidity types, APYs, and associated risks answered. 
  • Mettalex Website Update – Home Page – We introduced a new section at mettalex.com to help newcomers quickly understand who are the three primary types of users that the DEX aims to serve. 

We have also added a strip with revolving text for important news and announcements.

We are currently working on preparing a “What is Mettalex” animated video that will help new users quickly understand what Mettalex is and what it offers. Once finalized, the video will be available on the Mettalex homepage.

  • Polars Partnership – We are happy to share that we have partnered with Polars with the aim of attracting prediction market traders. Polars is about to organize a Big Trading Competition which Mettalex is sponsoring. Read further here on how to participate.
  • Vlad to Lead an NFT Session at GeckoCon – We are thrilled to announce that Mettalex’s Marketing Manager Vlad Dramaliev will participate in CoinGecko’s GeckoCon. Vlad will be moderating a panel dedicated to living in the Metaverse. Mark November 17th on your calendars and get your promo tickets here
  • Mettacast Event Series – Our meetings with industry experts and opinion leaders under the framework of the Mettacast Events are getting more and more exciting. Mettacast 06 took place on October 28th and wecomed Pascal Tallarida from Jarvis. We had a great discussion on the challenges DeFi is facing, its path to mass adoption, and the role of stablecoins. If you have missed it, you can watch the recording here

Mettacast 07 will be announced soon and will most probably welcome a team member from Omniscia, the smart contract auditing company that has analyzed the Mettalex and Atomix code bases. We will keep you posted. 

  • MettaInsights Series – We continue exploring the most interesting and trending commodity assets in our MettaInsights blog post series. Our goal is to showcase what different factors may influence each commodity’s price, usage, and supply and demand cycles. Our latest entries explored Brent Crude Oil and Uranium. Taking into consideration the impending power crisis in Europe and around the world, the Mettalex team is working to list energy commodity derivatives and to offer more opportunities for speculating and hedging. 

An exciting announcement is coming up!

Development Update

  • Launch of the Mettalex’s Binance Smart Chain Testnet – In order to be able to more effectively showcase the Mettalex DEX to traders and companies, we have launched a BSC Testnet version of the DEX. Anyone can use it to test out trading on Mettalex even if they don’t have a MetaMask wallet installed – the Torus wallet option enables you to create a wallet address using Google, Facebook, Github, or several other types of platforms.

To use the testnet, go to dex.mettalex.com and select the “Torus (BSC Testnet)” option. Follow the steps to generate a Torus wallet and then go to the Faucet to get some test BNB and xUSDT. Alternatively, if you already have a MetaMask wallet added to your browser – switch your network to Binance Smart Chain testnet (find the BSC testnet RPC details here) and then go to dex.mettalex.com.

  • Trading Fee Information Added to the Trading Screen – Traders can now see what fee they will pay for a specific trade. Previously, the fee was displayed per long/short token only. The fee per token is still displayed.
  • Automated New Market (Band) Creation and Liquidity Migration – Once a market’s price band is breached, a new market with a new price band range is now created automatically and all deposited liquidity is migrated to it. Work is ongoing to enable the DEX’s UI to recognize that staked liquidity is moved to a new market.
  • Indicators for Markets That Support MTLX Rewards – A UI fix that will enable easier identification of markets that support MTLX token rewards for liquidity providers is currently being reviewed. It should become available on production next week.
  • MTLX Rewards Drip Rate Per Market – The Mettalex dashboard will soon feature information about the MTLX drip rate per market and in total. We also plan an update of the liquidity page to enable liquidity providers to check how much trading fees they have earned based on their initially deposited liquidity.
  • Updated APY Values – The dev team addressed an issue which caused APY values (generated by trading fees) to be unrealistically high. 
  • R&D – Single Collateral Pool and Multi-Token Collateral Pool – We are currently trying to identify the best software development partner to help us develop these two major DEX upgrades. We are in touch with several companies and should have news soon.
  • Various Backend and Frontend Fixes – In the past few weeks, the Mettalex developer team has addressed numerous backend issues that resulted in front-end errors or that negatively impacted the user experience. 

The most significant challenge for the developer team is to ensure that blockchain-related and price data-related values are reliably delivered to the DEX UI. Progress has been made but the work continues.

Rounding of numbers that resulted in errors when inputting “MAX” values, or in some open positions not being detected by the system due to their very low value.

Improved consistency in values throughout the DEX. Once the fix is applied to production, most values will be rounded to three decimal places throughout the exchange.

Auto-update of trade history once a trade or deposit/withdrawal operation is performed. With this improvement in place, the trade and deposit histories will be updated immediately after an action (trade, deposit, or withdraw) by the user is performed