Mettalex Community Update | June #2

Jun 30, 2021

Marketing Update

  • Open DeFi DAO Day #2Open DeFi DAO – the ever-growing community of multi-chain DeFi projects – kindly invited us to take part in their DAO Day #2 event on June 18th. If you’ve missed the Mettalex DEX showcase, watch the recording here. The Mettalex intro starts at 01:21:38.
  • Hedging Explained – A couple of weeks ago, we launched a collection of blog posts aimed at explaining what the different hedging tools are and how they compare to Mettalex’s position tokens. We outlined what hedging actually means in part one, and then looked in more detail into options and futures contracts. The last piece of the series will explore specifically commodity derivatives and what are the advantages of trading commodities on Mettalex. 
  • Mettacast Events – Mettacast is a one-of-a-kind event exploring the dynamics and evolution of the DeFi space. 

Episode 01 focused on the current state of traditional commodities markets and the trading and hedging opportunities available at Mettalex, with special guest Phillip Price.

Episode 02 welcomed Orion Protocol’s Timothea Horwell for a talk on the state of DeFi and what lies ahead for both Mettalex and Orion Protocol. She also discussed the challenges of liquidity provision, trading, and NFTs.

Episode 03 is coming soon, stay tuned!

  • MTLX Airdrop with CoinMarketCap – We are thrilled to announce Mettalex’s first airdrop on CoinMarketCap – continuing our efforts to attract new users and community members, we joined forces with the most popular crypto reference website. The airdrop runs between June 29 and July 6 and will distribute $3000 worth of anyMTLX tokens to 300 users make sure to check the rules in the link above and participate! 
  • 07.07.2021 – A historic date for Mettalex – Mettalex is about to reach another milestone in its way towards revolutionizing commodity derivatives trading. 

Follow Mettalex’s official communication channels and spread the word!

  • Influencer Outreach – We continue our efforts in establishing long-term collaborations with key opinion leaders (KOL) in the DeFi space. A collaboration with The Defiant has been secured. A video about Mettalex will be shared in July. 
  • Mettalex Website – The Mettalex website is being continuously improved. Changes have been introduced to the website menu, homepage, community page, and blog. Make sure to visit it and let us know what you think.

Developer Update

  • PancakeSwap V2 Pool Liquidity Providers Compensation – After the launch of the Mettalex Amplify liquidity migration to PancakeSwap V2 pool, a number of liquidity providers failed to migrate their funds or did not receive the full amount of anyMTLX rewards they had claimed.

Consequently, the Mettalex development team halted the migration process. The dev team managed to resolve the issues and reimbursed all affected liquidity providers. An additional 5% reward was distributed to them for the inconvenience and delay they suffered. Moreover, the 5% withdrawal fee in the Amplify PancakeSwap pool was removed and has not been reinstated as of June 30, 2021.

  • Drip Rate Adjustment – With the aim to make up for the decreased price of the MTLX token and to match the drip rate available for the Mettalex Amplify program on Ethereum, the drip rate on PancakeSwap was updated. It was increased to 0.07 anyMTLX per block. The current drip rates for Amplify on Ethereum are:

MTLX/USDT: 0.33 MTLX

MTLX/ETH: 0.23 MTLX

MTLX/FET: 0.44 MTLX

  • Mettalex Amplify on Binance Smart Chain – UI Updated – the development team noticed that the Net Value Increase value on Mettalex Amplify’s page was either slow to update or was showing an incorrect value. This was fixed. Please let us know if you experience any inconsistencies in the UI. 

Start yield farming anyMTLX with BUSD by going to: https://amplify-bsc.mettalex.com/

  • MTLX Rewards Launch – The dev team is currently finalizing the work here. Information about the MTLX rewards to be dedicated per market will be shared soon.
  • Mettalex Mobile Application – Backend and frontend functionality of the app have been expanded. The app UI screen has been updated to show the user balance. Web3 functionality has been implemented by using react-native-anywhere. 

Expect the next one in about two weeks.