Mettalex Community Update | December 2021
Dec 17, 2021
Polars Partnership – We already reported that Mettalex has partnered with Polars.io to attract prediction market traders to the DEX. However, their Big Trading Competition with a prize pool of more than $300K was launched on December 3rd and participants from the Mettalex community had to opt in the White or the Black team. Results and winners will be announced soon.
Mettacast Series – Our Mettacast Series continue to follow the latest trends in DeFi up close and to introduce you to prominent experts and opinion leaders. Mettacast 07 welcomed Yvan Nasr – Founder and CEO of Omniscia.io – one of the most respectable smart contract auditing firms in DeFi. We reflected on the methods of ensuring smart contracts security, the state of the auditing industry in 2021, and how to select the right auditing partner for your project. Listen to the conversation to learn what are the challenges an auditing firm faces in terms of clients, resources, and development talent.
MettaInsights Series – The MettaInsights blog post series keeps focusing on trending and sometimes exotic markets. Since 2021 was a real roller coaster for commodities, we found it interesting to analyze the factors that influence each asset’s performance and to try to predict where its price will go next.
The first agricultural commodity we explored was Wheat, since it is an essential food product for millions of people around the world and experienced an impressive price growth over the past few months. Read the article to learn what political events, weather conditions, and supply chain disruptions may affect the price in the future.
Our latest MettaInsights piece examines the largest carbon market in the word, that of European Union Emission Allowances (EUAs). EUAs are designed to boost the energy efficiency of industry and manufacture by making polluting the environment more and more expensive over time. However, the recent rise of some of the energy commodity prices combined with stricter legislation on climate change measures pushed EUAs’ prices up, beating experts’ 10-year forecasts. Read about how this market is expected to develop in the coming years.
Mettalex Research Series – We are thrilled to present our new blog post series called Mettalex Research. The series will feature articles based on internal research conducted by the Mettalex team and will dig deeper into exciting new trends in DeFi or commodity trading. Our first edition explores DeFi 2.0 and its fascinating new approach to liquidity mining – owning it rather than renting it. OlympusDAO and its Binance Smart Chain fork MetaversePRO are some of the representatives of that novel movement. Find out more about these DeFi 2.0 structure and objectives.
User Feedback Form – Striving to make the Mettalex DEX as user-friendly as possible and to specially design it to satisfy the needs of its users, we launched a dedicated Feedback Form. Use it to propose a UI/UX feature, a new commodity market, or another collateral type. We already received the first suggestions from our community members and are working towards implementing them. Let’s improve Mettalex together!
Partnerships – If you have read our previous community updates, you should know that we have hinted at a major partnership being announced soon. We were hoping to be able to share it with you by the end of 2021, but unfortunately a legal review delayed it to early 2022 (hopefully January). A number of other exciting partnerships are also in the works and will be announced as soon as they are finalized.
DeFi 2.0 – We are exploring the potential application of DeFi 2.0 principles into Mettalex’s tokenomics. No final decision has been taken yet.
Migration to a New Google Cloud Platform Project – Moving to a new GCP project improved CI/CD pipeline for more rapid development and testing of features, allowed the Mettalex team to to scale resources and allocate costs more easily, and will speed up the integration of more price data feed providers. It also enhanced Mettalex’s backend security. The Mettalex DEX smart contracts are running on decentralized blockchain networks (BSC mainnet and BSC testnet), but in order to cache blockchain transaction data and improve UI performance, we need to use GCP.
Getting Blockchain Data – The biggest challenge for the Mettalex developer team remains ensuring that transaction data from Binance Smart Chain mainnet and testnet is properly recorded in the database. Tackling this issue will make the P&L table, trading history, and dashboard information more reliable. The task is of the highest priority for the team and work is ongoing.
dApp Load Time Improvements – The dev team is currently also focusing on improving the load time of the DEX dashboard and trading pages. The second set of load speed enhancements will be deployed to production next week.
UI Improvements – The developer team is working on substituting the current Mettalex start screen with the dashboard page. In addition, we will be removing the connect wallet pop-up that appears upon DEX load. Connecting without a wallet will be the default state of the DEX. This will make browsing available markets, liquidity, and APYs more straightforward for users.
The P&L table on the Trading page will be updated to better suit the needs of traders. The mint and redeem functions there will be hidden behind an “advanced” on/off button so they don’t confuse users.
The Liquidity page is being updated and rearranged to feature essential information like total user deposited liquidity and total amount of user-earned trading fees.
The Account page is also being updated to better serve Mettalex’s traders and liquidity providers.
Incorporating a Fiat On/Off Ramp – One of the most daunting issues in the DeFi space is the ability to off-ramp into fiat. Fully-regulated, centralized exchanges have to a large extent solved that problem, although even the biggest cryptocurrency exchange – Binance – is still struggling in some jurisdictions, including the United Kingdom. The Mettalex team is exploring a wide range of potential on/off ramp solutions to enable users coming in with fiat to enjoy the DEX’s yields and unique trading/hedging experience. Incorporating a two-way fiat gateway will require non-trivial DEX UX/UI changes. We will make more information available as soon as we have it.
DEX UI/UX/Backend Overhaul – The Mettalex team is considering a cooperation with a third party whose end-goal is to propose and implement a major DEX update affecting the decentralized exchange’s backend and frontend. Expect an announcement as soon as a final decision is taken.
Indicators for Markets That Support MTLX Rewards – Now available.
MTLX Rewards Drip Rate Per Market – Now available.
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