Mettalex Sirius Release: Now Live!
Mar 31, 2021
Trading ETH, BTC Mini, XAG, and BTC/TSLA for BUSD is now available on Binance Smart Chain. More markets coming up!
Committed to continuous delivery, Mettalex is announcing the launch of its second major public release – Sirius.
Mettalex Sirius features the first four markets that can be traded on using a stablecoin – Binance’s BUSD. These include:
- Bitcoin Mini (BTC/1000)
- Bitcoin/Tesla Inc stocks spread
To start trading, set your MetaMask wallet to the Binance Smart Chain mainnet and go to:
In addition to speculating or hedging, Mettalex users will be able to provide liquidity and receive part of the trading fees.*
To enable gas fee-efficient, decentralized trading, Mettalex is launching on the scalable Binance Smart Chain blockchain.
*IMPORTANT: Please note that BUSD trading and liquidity provision are in beta and there is a risk of losing funds. The Mettalex team will be the initial source of liquidity in order to reduce users’ risk of loss. Use the platform with caution. Trading on Mettalex’s markets is not available to U.S. individuals.
How to Start Trading?
To trade on the Mettalex DEX on Binance Smart Chain, you will need BNB and BUSD tokens. BNB is used for payment of gas fees, while BUSD is required to purchase long or short positions.
In addition, you will need either a MetaMask wallet set to Binance Smart Chain’s mainnet or a Torus wallet. The BNB and BUSD must be available in the whichever of the two wallet options you choose after going to dex.mettalex.com.
If you don’t have BUSD and BNB tokens, to quickly start trading on Mettalex Sirius:
- Open a Binance account (if you haven’t already).
- Deposit funds there — cryptocurrencies, tokens, or stablecoins. You can also buy BUSD with fiat currency or a credit/debit card.
- Buy the amount of BUSD that you want to trade with.
- Buy some BNB tokens to pay for gas fees on BSC. $30 should be more than sufficient for 20+ trades.
- Add the Binance Smart Chain network to MetaMask. You can use this guide.
- Withdraw your BUSD and BNB tokens from Binance to your BSC MetaMask wallet (select the BEP-20 option).
- Go to dex.mettalex.com and connect your MetaMask wallet set to BSC.
- Make sure you have selected the BUSD option from the collateral dropdown-menu.
- Trade on any of the three available markets!
Walkthrough videos will be available soon.
If you experience any issues, please contact us on Telegram.
Who is Mettalex For?
Mettalex is developed to serve three main types of users:
- Physical commodities holders – The Mettalex decentralized exchange (DEX) is a cost and capital efficient tool that participants in the commodities value chain can use to hedge against unfavorable price movements during processing or transportation of raw materials.
- Traders – Speculators can utilize Mettalex’s unique banded trading mechanism to get leveraged long or short exposure to a range of physical and crypto commodities markets and spreads unavailable anywhere else in the decentralized finance (DeFi) space.
Note: More markets will be added as the Mettalex system matures.
- Liquidity Providers – Stablecoin holders can supply liquidity to Mettalex’s markets and receive rewards generated by trading fees.
Note: The original Mettalex design envisions the distribution of MTLX rewards in addition to trading fees. This feature will be integrated soon with the goal of attracting liquidity. 87.5% of all MTLX tokens will be distributed to liquidity providers.
What are Mettalex’s Advantages?
Mettalex combines existing, proven DeFi system designs with original research and innovative ideas. The goal is to continuously improve the level of accessibility and the efficiency of interacting with financial apps on a public blockchain platform.
The DEX aims to democratize the commodity derivatives market by bringing popular raw materials to DeFi. The vision is to have all commodities markets — traditional and crypto — available to blockchain users globally.
To achieve this, Mettalex offers:
- Simple User Interface — Mettalex’s interface is intentionally simplified to enable a wide range of users to effortlessly open long or short positions on any available market. We believe simplicity is the key to the mass adoption of blockchain technology.
- Integrated Risk Management — The simplicity of Mettalex’s design also relates to risk management. Accurate information about potential profit or loss is available for all trades and there are no margin calls that lead to unexpected capital depletion.
- Unique Trading Experience — All long or short positions on Mettalex exist within a price band. Oracle-reported price movements between the floor and cap of the band frequently create asymmetric opportunities that are unavailable anywhere else in the DeFi space.
- Capital Efficiency — Mettalex’s banded trading approach shares similar advantages to Uniswap V3’s most revered new feature — Concentrated Liquidity. Thanks to banded trading, users can enter long or short positions with only a fraction of the liquidity which would otherwise be required. For example, shorting one bitcoin currently requires about 8,000 USD at a spot price for the digital commodity at 58,000 USD.
- Improved Automatic Market Making — The Mettalex Autonomous Market Makers (AMMs) use a private Balancer Smart Pool to enable swapping between a stablecoin and long or short position tokens. To ensure token-rebalancing risk is properly managed, pool weights are subject to five mathematical constraints. In the future, the autonomous market-making functionality will be transferred to the Fetch.ai network to make use of more advanced optimization techniques.
- Incentivised Liquidity Provision — To ensure that the AMMs have enough liquidity for low-slippage trading, liquidity providers are incentivized by both trading fees and rewards in Mettalex’s governance token — MTLX. 87.5 % of all MTLX will be distributed to liquidity suppliers who support the DEX.
- No Third Parties — As a true DeFi application, Mettalex has disintermediated trading to enable direct user-to-contract interaction and non-custody of user’s funds.