Mettalex Community Update | May 10-23

May 27, 2021

A short update on the work of the Mettalex team in the past two weeks.

As promised, we are launching bi-weekly updates to keep the Mettalex community updated on the progress being made on the major Q2 goals.

Marketing Update

  • Open DeFi Hackathon – We organized and promoted Mettalex’s developers-focused challenge as part of the OpenDeFi hackathon. The Mettalex DEX and its main GitHub directory was presented during an online workshop. Mettalex will also participate in an Open DeFi DAO event in June. In total five developers applied to join the Mettalex challenge and one of them submitted work. We are currently evaluating the quality of the submission and will be distributing the reward shortly.
  • Traders-Focused Bounty – The bounty was promoted throughout May and more than 50 traders signed up. We are currently determining the eligibility of participants and will be distributing rewards shortly.
  • Influencer Outreach – The Fetch.ai and Mettalex teams have launched a joint influencer outreach program with the goal to establish long-term relationships with key opinion leaders (KOL) in the DeFi space. The collaboration with KOLs will focus on the promotion of Fetch.ai, Mettalex, and Atomix.
  • Content – We are currently working on a series of articles dedicated to hedging instruments and how Mettalex compares to them. The first one will be shared this week.
  • Online Events – A series of DeFi and commodities-focused events are to be launched. We are currently setting up the schedule, topics, and guests. The first event will be announced in the next few days.
  • Mettalex Website – A number of improvements have been made to the Mettalex website. More content has been added. A number of updates will be introduced in the next few days. A complete website overhaul is also being planned.
  • AMA Sessions – We are planning a series of AMAs in Telegram to raise awareness about the Mettalex DEX in various crypto communities. The first one is to be announced this week 
  • Mettalex Trading Competition – We have decided not to launch the trading competition before running several other promo campaigns first and establishing relations with influencers.

Developer Update

  • PancakeSwap Migration – The dev team was faced with unforeseen issues when trying to initiate the process of pool liquidity migration to V2 PancakeSwap pools. The team is currently in the testing phase.
  • MTLX Liquidity Providers Rewards – This has been a focus for the dev team in the last weeks since it is an essential prerequisite for an inflow of liquidity. The work is almost complete. Expect an announcement in early June.
  • Mettalex Amplify – The team has been working to address several issues related to the Amplify UI. Most of those are related to values not being re-calculated correctly after a transaction has been executed. The main cause has been identified to be the imperfect communication between the backend system and the Ethereum mainnet. The team has been working to identify the best possible solution and is currently considering a number of options. An overhaul of the approach of how to accumulate and access mainnet data might be required. This does not affect the safety of users’ funds.
  • Transaction History and P&L – The work here  The dev team is working on improving the way in which transaction history is being generated and the calculation of profit and loss. Developing the DEX UI so it features elements that users are used to on centralized platforms is challenging due to the need of acquiring on-chain data. Work is ongoing.
  • MTLX Governance – Work on Mettalex governance has not been initiated yet, since there are currently other priorities.
  • Index Tokens – Technical work on this has been completed. We are currently determining what assets the first index token includes. 
  • Launching the Mettalex DEX on Other Platforms – Integration with Polygon, as a Layer 2 solution for Ethereum, is currently given highest priority among available options. The biggest challenge here will be addressing the transaction history and P&L issues.
  • Mettalex Mobile App – As previously announced, a Mettalex mobile app is being developed. Work has been put into getting the various screens ready and connecting a wallet. 

We hope you will find these updates useful. Expect the next one in about two weeks.