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Decentralized Commodity Derivatives Exchange Mettalex Launches a Long-Term Yield Farming Program

  • Liquidity providers can now farm MTLX with USDT at more than 275% APY

Mettalex, a decentralized token-based derivatives exchange focused on commodity markets, announced the launch of a long-term yield farming program – Mettalex Amplify – allowing users to farm MTLX with USDT at more than 275% APY (in USD equivalent). Additionally, participants will also receive a proportionate share from the Uniswap trading fees for the MTLX/USDT pair.

The launch of Mettalex Amplify will further decentralize Mettalex and broaden the distribution of its native currency, MTLX, allowing stablecoin liquidity providers to earn rewards and participate in Mettalex governance.

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Mettalex is a decentralized crypto commodities exchange on a mission to make financial commodity markets significantly more accessible to physical-asset holders, small and medium-size enterprises in the commodities sector, and retail investors. Founded with the vision to bring the $20 trillion commodities market on-chain, the Mettalex DEX aligns the incentives of physical asset holders, traders, and liquidity providers.

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In preparation for its launch on Ethereum and Binance Smart Chain mainnets, Mettalex has announced its first yield farming initiative with the goal to bootstrap initial liquidity for its autonomous market makers. Once the Mettalex DEX goes live later this year, the Mettalex Amplify program will enable users to earn additional rewards generated by trading fees and spreads.

In its first round, Mettalex Amplify will reward USDT liquidity providers with 1,000,000 MTLX governance tokens. The program will run until the entire MTLX rewards pool is exhausted. Using the dedicated yield farming page, liquidity providers can deposit USDT and start receiving rewards without the need to acquire MTLX. USDT deposits are automatically converted to 50% USDT and 50% MTLX and staked in the Uniswap pool.

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In order to participate in the Mettalex Amplify program, users must have a USDT balance in their MetaMask wallet. They can then access the Mettalex’s yield farming website, connect their MetaMask, and select the amount in USDT they would like to stake.

The MTLX tokens (MTLX) can be used to vote on system parameters such as the choice of which autonomous market makers to back with liquidity from the liquidity pool, the opportunity to vote on the creation of new markets, the usage of exchange fees, the percentage of the spread going to the pools and the buyback and borrowing rates from the liquidity pool.

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