Mettalex Community Update | September / October 2021
News from the MTLX Coin Development team on November 3, 2021
A concise summary of the most important developments around Mettalex in the last few weeks.
AMA With Humayun Sheikh — On October 8th, we organized an Ask-Me-Anything session with Mettalex’s Founder and CEO to discuss goals and plans for Q4 and beyond. We used the occasion to review all objectives that the team has managed to achieve so far and to present our vision for the future. Read the session highlights here.
Mettalex Amplify to Run Until October 31st, 2021 — One of the main announcements made during the AMA with Humayun Sheikh concerned the end of the Amplify program. The reason behind that decision is the need for more liquidity to be directed towards the DEX.
Although Amplify will stop distributing MTLX rewards as of October 31st, liquidity providers will be able to continue generating yields in MTLX tokens by migrating their liquidity to the DEX. Uniswap and PancakeSwap LP tokens will be integrated as collateral types on the Mettalex DEX, so liquidity providers can just withdraw them from Amplify and deposit and stake them in the DEX. In this way they will make use of three rewards streams: 1. Uniswap/PancakeSwap trading fees; 2) Mettalex DEX trading fees; 3) MTLX rewards.
Additional details and instructions will be released soon.
USDO-Backed TSLA Market — We are thrilled to share that a second stablecoin collateral type is already available on the Mettalex DEX, namely USDO, and it is backing a Tesla Inc. market. Surprises do not stop here — not only can you trade Tesla shares, but you can also yield farm MTLX rewards at ~40% APY by depositing and staking USDO tokens. Learn how to do it here.
The Mettacast Events Are Back! — After a short summer break, the Mettacast event series is now resumed. Episode 04 welcomed Torus Wallet’s CEO Zhen Yu for a conversation on DeFi’s future, including regulations, real-world assets tokenization, self-sovereign identity, and much more. Watch the recording here.
Mettacast 06 has already been scheduled — on October 28, 2021 Pascal Tallarida, Founder of Jarvis, will share his wisdom on stablecoins and their fundamental role in DeFi. How will the upcoming regulations affect stablecoin projects? What will be the stablecoin design of the future? Register to get these and many other questions answered.
MettaInsights Series — Our new blog posts series — MettaInsights — has launched! Each article is focused on a trending commodity type that could be listed on the Mettalex DEX. The aim is to showcase where a certain raw material is mostly used, how it performed this year, and where its price could go in the future.
Bounty Winners — The winners of our first bounty campaign have been announced — check who they are here. We are eternally grateful to all MettaTitans who submitted their original Mettalex-themed memes, videos, and gifs! Expect more similar initiatives in the future!
UI/UX and Backend Fixes — The dev team has been working hard on improving the DEX’s functioning by fixing various UI and backend bugs. For instance, the team identified and fixed a discrepancy between Stake, Unstake, and Claim values when trading small amounts of long/short tokens, as well as wallet balance inconsistencies and faulty error messages.
New Feature — Users can now see information about the trading fee per trade, as opposed to “per token”.
Binance Smart Chain Testnet — The team is working on offering an option for users to connect to the Binance Smart Chain’s Testnet using Torus Wallet. That could be useful for pre-production testing, as well as doing demos of the platforms to partners and traders.
Performance Optimization — The platform’s UI load time has been improved by decreasing the amount of network calls.
Fiat On-Ramp Integration — The work of incorporating a fiat on- and off-ramping services into the DEX is ongoing. We are looking into solutions that could enable users to quickly exchange fiat for stablecoins and/or cryptocurrencies to be used on the DEX and then sell those for fiat so they can enjoy their potential profits in the real world.
Improving DEX Reliability — A lot of work was put into making sure that all displayed information on the DEX is reliable. A number of cloud functions have been upgraded.
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