Mettalex Community Update | September 2021
Sep 13, 2021
- Partnership with OpenDAO & OCP – Two new anyMTLX-related pools added – We continued building upon our partnership with OpenDAO and OCP throughout August. Apart from using anyMTLX as collateral for stablecoin minting or borrowing, holders can now start yield farming on the newly created USDO/anyMTLX and OCP/anyMTLX farms. Learn more about it here.
- OpenDAO Vaults on Beefy Finance – Thanks to the integration between OpenDAO and Beefy Finance, the USDO/anyMTLX farm has been supercharged. Liquidity providers have the opportunity to deposit their LP tokens to Beefy and thus, maximize their returns through auto-harvesting and auto-compounding. The OpenDAO team has provided more details here.
- AMA with OpenDAO and OCP – Mettalex’s partnership with OpenDAO and OCP has introduced many new lucrative opportunities for holders, but it has surely posed some questions. Fortunately, Logan Fulcher – OpenDAO’s Communications Lead together and OTOMO, OCP’s anon Communications Lead joined the Mettalex’s Official Telegram group for an Ask-Me-Anything session on September 2nd and addressed them. Follow this Telegram message link to jump to the start of the AMA session. Here are a few highlights:
- OCP aims at being a DeFi conglomerate, a user-centric ecosystem focused on maximizing returns from assets people would ordinarily just ‘hodl’. OCP is an OpenDAO grant recipient, and as such, they maintain the USDO stablecoin minter. Their development team is anonymous.
- The OCP governance token is a key digital synapse in the latest deployed OmniFARMS. It enables users to enter a recursive farm, augmenting the return far beyond what they would expect from just “hodling”. Having recently completed audits with Quillhash, DAO voting governance will also be opened up to token holders.
- What is auto-compounding? – Essentially, reward tokens are used to buy back the tokens users have staked, continually adding to their deposited value. No more daily Check, Harvest, Restake. It’s logarithmic – as staked value increases so too do overall return. This could have diverse effects depending on the farm tokens and the token in which the yield is generated. But of course, users must decide for themself if they are bullish on their stake or the reward token. This is how the Beefy Finance mechanism works. OmniTRADE LP tokens can also be used there.
- OCP is also looking to introduce their own auto-compounding mechanism – i.e. enabling users to stake their farm liquidity as collateral to mint USDO.
- What collateral is currently backing the USDO stablecoin? – A broad selection! The collateral will be moving from liquid on-chain assets (like BTC and ETH) to stocks and highly liquid off-chain assets first. The next step will be semi-liquid off-chain assets like receivables, leases, IP. Finally, USDO will be backed by off-chain illiquid assets, like real estate projects. From the very beginning, OpenDAO’s key requirement for USDO stablecoin was to be multicollateral, so OCP has expanded the OmniCOMP minter to support a range of assets with varying collateral ratios, depending on overall “asset strength”.
- How is the USDO price kept stable? – It fluctuated very initially, due to very low liquidity and lack of use-case. As the ecosystem developed, with OpenDAOs input, the TVL has grown tenfold whilst maintaining the peg. Currently, the peg is maintained by true value and comes from the demand of users wanting to trade it. The launch of the OmniTRADE platform which uses a curve-like bonding trade helped massively
- Exploring other networks apart from Binance Smart Chain – OpenDAO is DEFINITELY going to be expanding to other chains, as they foresee a multichain world in the near term, at the very least. Any project that wants to exist in the future, should probably be considering this. Technically OmniCOMP is already live on Polygon/Matic – they used it as a live testing ground for 4hr Time Weighted Average Pricing feeds. Partners and asset integrations are not as yet live, but soon there is much lined up. Not to mention REEF finance and their mainnet chain which has recently gone live. They’re also eyeing Solana, Avalanche, and a few others, but with no immediate plans.
- Mettalex Amplify Extension – Mettalex’s long-term yield farming program got extended for a second time. Amplify’s pools on both Ethereum and Binance Smart Chain received an additional 200,000 MTLX tokens. Stay tuned for more yield farming opportunities in the future.
- Mettalex’s First Bounty Campaign – The month of August was the ideal time to have some fun so we announced our first bounty campaign. Big thanks to our MettaTitans for the numerous, super-creative Mettalex-inspired memes, videos, and gifs we received. The five winners who will share $500 in MTLX or anyMTLX, will be revealed soon. More such initiatives will be announced in the future.
- Q3/Q4 Roadmap – We have not forgotten! Actually, this is at the top of our list. We know that you are all eager to find out what we are planning to focus on until the end of 2021 and we can promise that we won’t disappoint. A presentation of all our recent achievements and future goals is scheduled to take place in the coming weeks.
- Mettacast Events – With the end of the summer holiday season, we are looking into resuming our Mettacast event series. Details on the guests we are about to welcome for our next episode will be shared soon. Find the recordings of the previous three editions on YouTube.
- Influencer Outreach – We continue our efforts to reach out to Key Opinion Leaders and crypto influencers. More collaborations will be announced soon. If you are following any cool crypto influencers and would like to see Mettalex featured in their content – let us know in Twitter or Telegram. Tag us so we don’t miss it!
- Automated Liquidity Migration – The dev team has started working on automating the process of migrating liquidity between markets on the DEX. Whenever a market gets settled, the funds staked to it will be automatically redirected to the newly created commodity band.
- LP Tokens Collateral – We continue our research into enabling and designing the use of liquidity provider tokens as DEX collateral. Currently, the dev team is contemplating two options of putting it into action – either each LP token is used to back a specific Mettalex market or a mix of all MTLX-related LP tokens, and MTLX is staked to mint an internal stablecoin which in turn is used as collateral.
- UI/UX and Performance Improvements – We noticed and fixed some intermittent errors in the DEX’s user interface such as the displayed values when the MAX button is used. Additional UI/UX and backend bugs have been addressed. The UI/UX improvement will go live by the end of this week (the week starting on September 13).
- Mobile App – The development of the Mettalex Mobile App is progressing. There is a working prototype that we plan to showcase to the community later this month.