Mettalex, a decentralized crypto and commodities derivatives trading platform powered by Fetch.ai, announced today that more than 130 million FET tokens have put in staking through its portal within 48 hours of launching the first program for participants to qualify for the initial issuance of the MTLX governance token.
Upon the completion of this phase of Mettalex’s token genesis program today, FET liquidity providers will begin to receive drips of MTLX tokens over the next 21 days, leading up to the DEX’s anticipated launch in early Q4.
Humayun Sheikh, CEO of Fetch.ai and Mettalex, said:
“The issuance of the MTLX governance token to platform stakeholders is a critical step toward launching a decentralized crypto and commodities derivatives platform. Through this program, we will be able to ensure the fair distribution of MTLX tokens to participants so they can be empowered to take an active part in helping build the world’s first exchange to bridge digital assets with the traditional commodities market.”
How Mettalex works
Mettalex will launch as a decentralized exchange for market participants to gain exposure to traditional commodities such as steel and iron ore, gold and silver, lithium and cobalt, oil, and the stock market index, alongside digital commodities like compute cycle price, gas costs, cloud compute and more.
Each position taken by a trader will be represented by a token that tracks the reference asset price, which is powered by multiple price feeds over a decentralized oracle network and aggregates commodities data from the major international commodity indices.
According to management consulting firm, Oliver Wyman, traders have begun relying more on proprietary intelligence to gain an advantage on investments since commodity trading margins have declined by 20 percent in the last five years.
However, in doing so, it has raised the barrier to entry for market participants who cannot afford sophisticated systems or dedicated teams to perform predictive analytics or draw valuable insight from commonly available data sources.
“A critical byproduct of the Mettalex platform is the transparency it will bring to the pricing data around the world’s most valuable commodities. By making this type of market intelligence and ability to trade more readily accessible, Mettalex aims to bring one of the oldest forms of trade in human history into the present century.”
Mettalex will be opening for initial beta trials of its derivative products in the next month, and interested parties are suggested to apply for an account via the contact form at mettalex.com
Founded with the mission to bring the $2.5 trillion commodities market on-chain, Mettalex provides the technology needed to scale the DeFi ecosystem to meet the needs of today’s global financial markets, while Fetch.ai is building the infrastructure required for autonomous software agents to begin performing useful economic work on behalf of individuals, businesses and organizations.