Mettalex launches yield farming

On July 14, the decentralized derivatives exchange Mettalex launched a yield-farming service (Yield Farming) with an APY of 21.9%. This is reported in the trading platform’s blog.

Yield farming on Mettalex works as follows:

• Users deposit into the exchange in Binance USD (BUSD);
• The exchange automatically converts the funds into mxBUSD;
• Traders choose a liquidity pool and lock mxBUSD in it;
• Mettalex pays them rewards: a share of traders’ trading fees and MTLX tokens.

The returns on BUSD investments exceed those of competitors by at least 2.5x.

Annual yield on a BUSD investment in the farms and pools of BlockFi, Celsius, AAVE, Curve and Mettalex

The Mettalex team will adjust the yield of farming to evenly distribute MTLX among liquidity providers. The project’s target yield is 0.15 MTLX per day for every $1,000 locked.

Concurrent with the launch of yield farming, Mettalex opened five markets:

• Copper — tokenised copper;
• Steel Scrap — tokenised steel scrap;
• $BNB — Binance Smart Chain token;
• $MATIC — Polygon L2 solution token;
• $ETH — Ethereum token;
• BTC/GOLD — a token that tracks the price of Bitcoin relative to gold.

Mettalex — decentralised derivatives exchange. Traders on Mettalex open long and short positions on tokenised assets collateralised in stablecoins. This enables them to profit from short selling of cryptocurrencies and commodities such as oil, gas and metals.

Earlier, ForkLog held an AMA with Mettalex CEO Humayun Sheikh. He explained the platform’s advantages and the features of yield farming.

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