The Mettalex exchange has announced the launch of a new incentive programme that will allow FET owners of Fetch.ai to stake their tokens to earn the first batch of MTLX tokens.
Mettalex is a decentralized platform for trading cryptocurrencies and commodity derivatives, powered by Fetch.ai. Starting from today it will start to reward FET token holders with a first pool of one million MTLX tokens to be distributed in the next 21 days, and with another million to be distributed in the future.
The drip rate will be around 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 will staking on the exchange work?
Initially, MTLX governance tokens will be used to vote on system parameters, such as the creation of new markets, foreign exchange fees, the percentage of pool spreads, and repurchase and lending rates from the liquidity pool.
Thanks to this decentralized governance, MTLX token holders will have a say in network maintenance and the policies of the Mettalex ecosystem.
In addition, the decentralized exchange will also use a portion of the exchange fees 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 cryptocurrencies. 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.
The CEO and founder of Mettalex, Humayun Sheikh, said:
“Mettalex is offering something that is not possible within traditional markets. On Mettalex, traders will be able to create tokenized spread contracts for some of the most in-demand commodities on the market with USD/BTC/ETH pairs. At launch, we will support spreads on traditional and digital commodities like compute cycle price, gas costs, cloud compute and more traditional commodities like steel and iron ore, gold and silver, lithium and cobalt, oil, and the stock market index”.