Mettalex Community Update | July #1

Jul 21, 2021

Marketing Updates:

  • Launch of MTLX DEX Rewards – On July 14th, 2021, Mettalex reached an important milestone and achieved the long-time goal of launching MTLX rewards in the DEX. Several new traditional and crypto commodity markets went live and became yield farms. 

Traders and hedgers can now take long or short positions on the following markets:

  • Copper (DeFi-first)
  • SteelScrap (DeFi-first)
  • ETH
  • MATIC
  • BNB
  • BTC / GOLD

More information about the specifics of each market can be found here.

BUSD holders can now provide liquidity and start earning rewards at one of the highest variable APYs in the space, receiving 0.15 MTLX/day/1000 BUSD. 

Yield farming on the Mettalex DEX is initiated in just a few simple steps: 

  • Acquire BUSD and some BNB for gas fees;
  • Select the market/pool you want to provide liquidity to;
  • Deposit BUSD; 
  • Stake mxBUSD to start generating anyMTLX rewards.

You can read a detailed explainer blog post here or just watch the walkthrough video.

  • Mettalex’s Airdrop with CoinMarketCap – Mettalex’s first airdrop with CoinMarketCap ran between June 29 and July 6, attracted an overwhelmingly high number of participants. We managed to select 300 winners who received their rewards in anyMTLX tokens on July 15, 2021. Details on the distribution can be found here
  • AMA with CryptoBelievers – After announcing the launch of Yield Farming in the Mettalex DEX, we immediately organized an Ask-Me-Anything session to provide you with an opportunity to ask questions. The AMA served another purpose as well – to spread awareness about Mettalex among other communities and to attract new users and fans to the platform. We had a great time meeting the members of the CryptoBelievers group on Telegram and we are happy they were eager to learn about Mettalex. 
  • Mettacast Events – Striving to make each Mettacast episode more interesting and engaging, we dedicated the third one to oracles and to their major role in DeFi. Our special guest this time was Ioana Surpateanu – Chief Strategy Officer at DIA Association and Principal for DIALabs. The topics at hand spread from the latest trends in the DeFi space to real-asset tokenization, NFTs, and regulation. You can watch the recording here

Episodes 01 and 02 are also available on our YouTube page.

  • Hedging Explained – The fourth and final part of our hedging-dedicated blog post series looks specifically into Commodities Trading – what commodities are, who is trading them, what requirements one needs to satisfy in order to be able to trade on a commodity exchange. If you have missed our previous posts, find them here: learn what hedging is and why you should practice it, and explore the most popular hedging instruments – options and futures.
  • Gleam Campaign – We are happy to announce Mettalex’s first Gleam campaign. Continuing our efforts to spread the news about the launch of MTLX DEX rewards, we will be distributing $1000 in anyMTLX tokens to 100 winners. The launch of the campaign is July 21st – visit this link to learn how to participate.
  • Q3/Q4 Roadmap – The Mettalex team is currently working on a summary of all Q2 achievements and a roadmap of the main goals we plan to pursue in Q3/Q4 of 2021. More information will be shared soon.
  • “Name The Community” competition – A while ago, we held a contest in which we asked the Mettalex users and fans to come up with an original name for the community. We received a huge number of cool name suggestions and we haven’t been able to decide on a winner up until now. We are currently holding internal voting round to determine the winning entry. 

Development Updates:

  • MTLX DEX Rewards – The dev team was mainly focused on the latest major upgrade of the DEX, mainly turning Mettalex markets into yield farms. Initially, the release was set to go live on July 7th, but striving to be just and fair towards all liquidity providers, the team decided to postpone it by one week. Sourcing from the experience gained from running the Mettalex Amplify program and aiming at having more flexibility with the DEX rewards metrics, the team came up with a different approach:

A target of 0.15 anyMTLX per 1000 USD per day is set and is based on weekly TVL.

You can consult our preliminary calculations here, but bear in mind that they are likely to change. 

  • DEX UI Improvements – With MTLX rewards live on the DEX, the dev team will now spend some time improving the information delivered by the UI. Front-end-available info like APYs, P&L, transaction history, and other elements are being updated in order to deliver a better user experience.
  • Mettalex Mobile app – the dev team continues its work towards launching a Mettalex DEX mobile application. The work so far has been focused on UI – screen designs, reusable components design, liquidity deposit screens, and other elements. Several internal demos of the app have been held.