The Mettalex DEX is Moving to Fetch.ai Network
Jun 13, 2022
With the Fetch.ai dapps ecosystem growing exponentially, the most logical step forward for the Mettalex DEX is to be rebuilt and deployed on the Fetch.ai network.
Up until now, Mettalex was developed as a spin-off/side project of Fetch.ai. Though, it is becoming increasingly obvious that the DEX could benefit greatly in terms of efficiency and interoperability by joining the Cosmos multichain ecosystem and launching on the Fetch.ai Cosmos zone.
The DeFi space is moving at the speed of light. We need to quickly pivot, adapt, and grasp every opportunity to better address market demands.
Furthermore, the Mettalex team has concluded that implementing the newly-proposed tokenomics design first in Solidity and then refactoring it to CosmWasm would be too demanding in terms of development resources. The Terra debacle has also cemented our view that Mettalex needs to incorporate a stablecoin that is sufficiently collateralized by multiple assets and whose risks of de-pegging are managed in the most advanced way possible.
Leaving the DEX’s tokenomics aside, several additional challenges of achieving Mettalex’s mission – bringing commodity derivatives to DeFi, were identified:
- To be able to address the pain points of traditional commodity holders, Mettalex must implement a flexible on/off ramp solution that is suitable to both retail and institutional players.
- The Mettalex DEX’s backend needs to be robust enough to generate trust in the user base, as required by a Web3 platform that manages financially valuable assets.
The Plan Going Forward
Considering the above, the Mettalex team has decided to focus on addressing the stablecoin and on/off ramp questions for the Fetch.ai network to accommodate the Mettalex DEX.
These two technological solutions when combined with Mettalex’s new tokenomics implemented on the Fetch.ai network will open a new era for the derivatives exchange and have it ready for “crypto spring”.
Winding Down MTLX Token Inflation
With the above in mind, we are planning to shut down the BNB Smart Chain’s mainnet version of the DEX and make Mettalex available on BNB Smart Chain’s testnet only. This means that all MTLX-based yield-generating programs will be discontinued by the end of June.
Users who currently have open positions or have supplied liquidity to the DEX are advised to close them and withdraw their funds. The BNB Smart Chain mainnet version of the DEX will become unavailable on August 30, 2022.
For the time being, the MTLX token will be available for trading on both Ethereum (ERC-20) and BNB Smart Chain (BEP-20). An eventual migration to the Fetch.ai mainnet will use the established client and stake migration tools used for the FET staking migration. A precise timeline for it has not been established yet, but it will certainly be communicated well in advance. We will keep the community updated about any relevant developments in this respect.
All Mettalex social media channels will remain fully operational.
We hope that you – the MettaTitans – are as excited as we are for this new chapter in the evolution of Mettalex DEX and that you will join us on this journey.
If you have any questions, we are here to help. Get in touch via Telegram, Twitter, Discord, or email.
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