New Mettalex exchange incentive program
The Mettalex exchange has announced the launch of a new incentive program that will allow FET owners of Fetch.ai to stagger their tokens to earn the first batch of MTLX tokens.
Mettalex is a decentralized platform for trading cryptocurrency and commodity derivatives, powered by Fetch.ai. Starting today it will start to reward FET token holders with a first pool of one million MTLX tokens that will be distributed in the next 21 days, and with another million that will be distributed in the future.
The drip rate will be about 8.2 MTLX tokens per block, for a total of 120,960 blocks during the first phase.
MTLX has a maximum supply of 40 million tokens, of which 35 million will be allocated to reward FET owners over the next four years.
Mettalex, how the staking on the exchange will work
Initially, MTLX governance tokens will be used to vote on system parameters, such as the creation of new markets, exchange rate commissions, pool spread percentage, and repurchase and loan rates from the liquidity pool.
Thanks to this decentralized governance, MTLX token holders will have a say in network maintenance and Mettalex ecosystem policies.
In addition, the decentralized exchange will also use a portion of the trade commissions earned on the platform to algorithmically repurchase MTLX tokens directly from the market.
On the Mettalex exchange traders can take short or long positions on a range of reference assets, commodities and cryptocurrency. Lenders can also provide liquidity to the smart contract and earn MTLX tokens using stablecoins such as USDT and USDC, or other more volatile assets in the future.
Mettalex CEO and founder, Humayun Sheikh, said:
„Mettalex offers something that is not possible in traditional markets. At Mettalex, traders can create tokenized spread contracts for some of the most popular commodities in the market with USD / BTC / ETH pairs. At the time of launch, we will support spreads on traditional and digital commodities such as the calculation cycle price, gas costs, cloud computing and more traditional commodities such as steel and iron ore, gold and silver, lithium and cobalt, oil and stock market index“.