The Mettalex Commodity Derivatives DEX is LIVE!

Feb 26, 2021

Mettalex’s Vega Release is now live on both Ethereum’s Kovan and Binance Smart Chain featuring 15 unique DeFi markets, and incorporating the top provider of metal market intelligence — Davis Index.
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We are thrilled to announce that the first publicly available release of the Mettalex commodity derivatives DEX is now accessible on both Ethereum’s Kovan testnet and Binance Smart Chain (BSC)! BSC users will be able to trade on Mettalex using test BUSD (MUSD).

Mettalex’s metal commodities markets are powered by secure data feeds supplied by the top provider of metal market intelligence — Davis Index.
Javelin Global Commodities, a leading trading firm of bulk commodities, will be among the first clients to use Mettalex’s platform to manage risk on commodities exposure.

The Vega Release will prepare the Mettalex DEX for mainnet launch by:

  • Generating UI/UX-related feedback from the community
  • Evaluating user preferences for market types
  • Enabling thorough examination of live smart contract code by internal and external security auditors
  • Examining the performance of Mettalex’s advanced Autonomous Market Maker and Fetch.ai-powered agent-based oracles
  • Kick-starting liquidity for all markets

 

With the Vega Release Mettalex is bringing 20 commodities, spreads, and Forex/indices to the DeFi space to serve traders, physical commodity holders, and liquidity providers.

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Interested in trying them out? Here is how.

Accessing the Mettalex DEX on Ethereum and Binance Smart Chain

To start trading on the live Mettalex DEX on, go to:

dex.mettalex.com

Using Mettalex on Ethereum

You need to have your MetaMask set to the Kovan testnet. You can acquire test USDT and ETH tokens from DEX-integrated faucet.

Using Mettalex on Binance Smart Chain

You need to have your MetaMask set to the Binance Smart Chain mainnet. If you haven’t added BSC mainnet to MetaMask yet, go to “Settings” > “Networks” > “Add Network” and enter:

Network name: BSC Mainnet

RPC URLhttps://bsc-dataseed.binance.org/

Chain ID: 56

Currency Symbol: BNB

Block Explorerhttps://bscscan.com

You can acquire test BUSD (MUSD) tokens from the DEX-integrated faucet. Since this is the main BSC network, transactions will require BNB. To request some BNB, please fill-in this form.

Watch this short walkthrough video to get acquainted with the Mettalex Vega Release.

Mettalex Vega Release: Markets

Commodities

True to Mettalex’s original vision to bring the $20T commodities market on-chain, we are launching the first public Mettalex release with 11 commodity markets, 9 of which unique in DeFi!

Spreads

However, Mettalex will not be focusing on commodities only! We are also listing carefully selected markets for digital assets. To serve DeFi traders who are looking for new market pairs, several spread markets have been added, 5 of which are unique to crypto!

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  • AAVE/COMP — DeFi lending platforms are getting more popular by the day! Do you think that AAVE’s flexibility will help the protocol earn market share against the more conservative Compound? Short or long this pair accordingly.
  • LINK/BAND — Do you think Chainlink will continue to dominate the decentralized oracle space vis-a-vis Band Protocol? If so, long this market. If you are rooting for Band protocol — let it show by shorting it.
  • BTC/XAU — Digital or physical gold? Long this market if you think bitcoin will continue to gain ground against gold, or short it if you think gold still has some fight left in it.
  • BTC/TSLA — Tesla now owns $1.5b worth of bitcoins! Will its market capitalization move in tandem with that of bitcoin or will BTC perform better? If you believe bitcoin’s price will perform better than Tesla stock, go long! If you believe Tesla is still undervalued against BTC, go short!
  • BTC/ETH — The perfect market to trade on if you want to have exposure to bitcoin or ether’s market dominance against each other. Short the spread if you think that the price of BTC will be increasing slower than that of ETH, and long it if you believe bitcoin will perform better than ether.
  • sDEFI/sCEX — What will do better — DeFi blue chips or centralized crypto exchanges? Bet on decentralization by longing this spread, or short it if you believe centralization will lead to faster value increase.
  • Steel Rebar/Steel Scrap — The perfect spread for physical commodity holders who process steel scrap to produce steel rebar. Steel Mills can use it to hedge their exposure to the price of both commodities.

Forex and Indices

Mettalex Vega is bringing the popular Financial Times Stock Exchange (FTSE) index to the DeFi space! Traders will be able to use it to get exposure to the 100 companies listed on the London Stock Exchange with the highest market capitalization. Typical market behavior is that traders will prefer to go long if they believe that an economic recovery is due after the pandemic soon. They may short it if they think that the effects of the pandemic will continue to have negative effects on the British economy.

With Fetch.ai and Mettalex headquartered in the UK, we couldn’t escape adding the British Pound to the mix of markets. Traders may prefer to go long if they think Brexit may have positive effects on the GBP, or short it if they think the pound will continue its decline against the USD.

Blockchain-specific Markets

To incentivize users to try the Mettalex DEX on both Ethereum and Binance Smart Chain, we have featured several unique markets on both. Here they are.

Live Webinar with Mettalex’s Founder and CEO — Humayun Sheikh — 03.03.21 @ 3:00 PM GMT

To celebrate the launch of the Mettalex Vega Release, we are organizing a live video discussion with Humayun Sheikh, Mettalex’s Founder and CEO. During the event, Vlad and Humayun will discuss the Vega Release, the initial markets on both Ethereum and Binance Smart Chain, the next steps in Mettalex’s development, and answer any questions coming from the community.

You can watch a recording of the webinar on YouTube.

Simulated Trading Competitions

To incentivize user activity on the Mettalex DEX, in the coming days we will announce two trading competitions — one on Binance Smart Chain and one on Ethereum’s Kovan.

Each competition will feature a MTLX reward of 500 MTLX.

Details will be shared soon!

We urge you to access the Mettalex DEX and send us your comments and recommendations!
Let’s get the Mettalex DEX ready for mainnet launch together!

Please submit your feedback using this short formUsers who send us relevant feedback will have the chance to win MTLX tokens. Details will be shared soon.