Mettalex Joins Binance’s DeFi Ecosystem
Dec 21, 2020
Mettalex partners with Binance Smart Chain to enable low transaction fees to commodity derivatives traders and liquidity providers.
We are thrilled to announce that the Mettalex smart contracts have successfully been deployed on Binance Smart Chain (BSC), making the Mettalex commodity derivatives exchange available to two blockchain platforms — BSC and Ethereum.
The integration brings major benefits to both Mettalex and Binance users.
Extremely Low Transactions Fees
With the deployment, Mettalex traders and liquidity providers will be able to interact with the exchange without paying exorbitant gas fees. With an average gas price of 20 gwei, transactions on the Binance Smart Chain cost around $0.03, a significant improvement in comparison to the most popular DeFi chain — Ethereum. In addition, users will be able to pay gas fees in BNB, Binance’s primary token with a market cap of over $4b.
Binance Chain Liquidity
The Binance Smart Chain is also interoperable with the Binance Chain where popular crypto-assets such as USDT, BUSD, SUSD, BTC, LTC, ETH, and XRP are already available. This will enable stablecoin holders on the Binance Chain to seamlessly transfer their liquidity between Binance’s DEX and Mettalex’s commodity derivatives exchange. Supplying liquidity in both BUSD and USDT may be available at the official platform launch on BSC’s mainnet.
BSC also offers a development environment that is almost identical to that of Ethereum. It supports the Ethereum Virtual Machine and features tokens closely resembling the well-known ERC-20 standard. Thanks to that, the most popular DeFi wallet — MetaMask — is easily configurable to work with Binance Smart Chain. This enables Mettalex traders and liquidity providers to use the same ETH wallet address when interacting with the Mettalex DEX on both BSC and Ethereum.
Part of the Binance DeFi Ecosystem
Finally, Mettalex becomes a valued member of Binance’s thriving DeFi ecosystem and enables Binance users to speculate or hedge in commodity markets without leaving the scalable Binance blockchain. All DeFi protocols on the Binance Smart Chain including Venus, PancakeSwap, and CREAM will become potentially integratable with Mettalex opening the doors to new partnerships.
Join the Mettalex No-Risk Trading Competition on BSC!
Since the Mettalex DEX is already available on BSC’s testnet, we are planning to organize a Binance Smart Chain-dedicated simulated trading competition. During the event, Binance ecosystem participants will be able to trade unique commodity derivatives and cryptocurrency pairs and compete based on the highest profit. To join the competition and win MTLX rewards, all you have to do is register. We will keep you informed about the launch date!
A lot more exciting news is coming up! Stay tuned!
Mettalex is a decentralized commodities derivatives trading platform powered by Fetch.ai. Founded with the mission to bring the $20 trillion commodities market on-chain, Mettalex provides the technology needed to scale the DeFi ecosystem to meet the needs of today’s global financial markets. For more information, please visit https://www.mettalex.com.
About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible dApps. For more information on Binance Smart Chain, visit https://www.binance.org/#smartChain.