Mettalex Community Update | May 24 – June 6

Jun 11, 2021

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

Here is the next update from the Mettalex team.

Marketing Update

  • Traders-Focused Bounty – The first-ever bounty organized by Mettalex was dedicated to traders and traders’ referrers. It ran between May 5 and May 26 and more than 50 traders signed up. At the beginning of June the bounty rewards got distributed – most registered traders who managed to generate over 1000 BUSD of volume on the Mettalex DEX received anyMTLX tokens. Expect more traders-focused bounties in the future!
  • MTLX Airdrop on Binance – Binance.com users who have been holding an average amount of 10,000 FET tokens in their Binance.com wallets during the period between April 13 and June 1, 2021 were eligible to receive free MTLX. On June 9 Binance announced the completion of the MTLX rewards distribution. The MTLX token deposits and withdrawals are now available on Binance.com.
  • Mettacast Events – Since our last community update, the Mettacast Events series has grown from just an idea to a must-visit event if you are interested in the intersection between DeFi and commodities. The first Metttacast took place on June 10 with special guest Phillip Price – an experienced commodity trader and strategist. The discussion was focused on the current issues in traditional commodities trading and how Mettalex and DeFi may play a role and provide an alternative. You can watch the recording here. The next editions will be announced soon!
  • Mettalex DEX LP Rewards Launch Campaign – The launch of liquidity providers rewards in the Mettalex DEX is close. The marketing team is currently planning the launch campaign.
  • AMA Sessions – As planned, we managed to launch a series of AMAs in Telegram to raise awareness about the Mettalex DEX. The first crypto community we visited was Crypto Players India – the largest and oldest group of crypto enthusiasts and traders in India. The AMA we held there on May 28 was highly successful. We are looking forward to the next AMA events.
  • Influencer Outreach – As we announced already, 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. Over the last two weeks, we managed to connect with a number of KOLs and start discussing the frameworks of our collaboration with the aim of promoting all Fetch.ai, Mettalex, and Atomix. We are also considering TikTok. 
  • Twitter Game – We decided to celebrate the piece of news that El Salvador adopted Bitcoin as a legal tender with an improvised game on Twitter. We sent out anyMTLX to 3 people who engaged and retweeted.

Developer Update

Inability to stake the migrated tokens in the V2 Pool. This was due mainly to an insufficient number of anyMTLX in the contract. Users can now stake their V2 tokens in the Amplify pool and start accumulating anyMTLX rewards.

Lost anyMTLX rewards. Due to a condition in the smart contract code, claiming of accrued anyMTLX rewards resulted in users receiving 0 anyMTLX after initiating the migration (upon liquidity withdrawal) or claiming rewards. The team is currently calculating the rewards for each affected wallet. Users can rest assured that they will receive all rewards that their liquidity deposits have generated. We will share more information as soon as possible.

Discrepancy between LP V1 and LP V2 token numbers. This is a non-issue. LP tokens represent a percentage of pool liquidity and are not expected to be the same before and after migration.

UI – Staked Amount. The value of the staked amount will change after migration since this is a new pool with new LP tokens. The value will most probably be lower than the originally staked amount since the price of the MTLX token may be lower. However, this does not mean that an impermanent loss is made permanent. The migration process does not involve any selling of tokens.

Despite these issues, user funds have never been at risk.

IMPORTANT: The 5% withdrawal fee will be reinstated on June 16, an extension from June 10.

  • Mettalex DEX LP Rewards Launch – This has been the primary focus of the dev team. The reward functionality was implemented on staging and the UI has been updated. Tests are ongoing, but so far everything is working as expected.
  • Mettalex Mobile App – The team incorporated web3 functionalities in the mobile app and has been conducting tests in an emulator. 
Expect the next one in about two weeks.