June, marking the midpoint of 2024 and the end of Q2, is already behind us. Now, we look forward to welcoming July, which promises major developments for Metavault and the industry as a whole! Let’s take a moment to review Metavault’s progress in June, covering various developments, external partnerships, collaborations, and our future plans!
What happened in June?
First, if you missed our May recap, you can find it here.
While June marks the end of Q2 and half way through 2024, it also marks Metavault’s second anniversary! This celebration comes with multiple challenges and success we’ve had over the past two years, starting as a simple GMX fork with a slightly different vision to where we want to head. This incredible journey brought us where we are now, a complete DeFi suite with the first DeFi hub, providing users the best UX in the market, gathering the most important services such as bridging, swap, providing liquidity, predictions (sportsbetting and binary options) as well as a perp DEX aggregator, on over 10 chains, through a single interface.
This transition also presents an ideal time to remind everyone that due to the tokenomics revamp Metavault is undergoing, MVLP holders must withdraw their liquidity as soon as possible and/or abort the $esMVXvesting process to withdraw. A new vesting mechanism will be deployed afterward.
The new tokenomics revamp has already started to bear fruits for our community, by introducing the first airdrop from our partner Kinetix to MVX holders.
You can now claim your allocation at https://claim.metavault.trade/ before the end of July.
To prevent any toxic flows, the overall allocation will be released in multiple rounds where any person selling or transferring MVX will get blacklisted for the next allocations!
This close collaboration with Kinetix is also benefiting the Metavault DeFi hub thanks to Kinetix’s launch on Base. Users can now provide liquidity on our V2 and V3 pools on Base, directly from Metavault’s interface, with the Perp DEX aggregator coming very soon.
This is just the start for MVX holders and supporters. More rewards are on the way due to our ongoing partnerships and developments, including the recent establishment of Mvx.build labs and our partnership with Linbit. We’ve intentionally kept details sparse for now, so stay tuned.
We have also held a twitter space with our partners Linehub and Linea, who similarly to Kinetix, have very close ties with Metavault and will reward MVX stakers!
You can listen to the Beyond the Block Spaces with Linea recording on the following link here.
Our close ties with Linea ensures that our traders can generate LXP-L during the #SurgeOnLinea campaign by providing liquidity to our perpDEX and V2/V3 pools.
To provide the best experience to our users, we also integrated a module to follow your LXP-L point allocation directly from Metavault DeFi Hub.
Circling back to Twitter spaces, we held an exceptional session with our co-founder Steve, going through the past of Metavault, the latest developments and transition to then share the vision and upcoming products, developments and upcoming chains!
We made a short recap accessible here but we would highly recommend to listed to the complete space!
June is also an important period in the sports industry with the football Euro Cup taking place from the 14th of June to 14th of July. Metavault’s integration of Azuro’s frontend provides the perfect opportunity for sports betters to use completely on-chain mechanisms and predict the results of the matches! You can try it here and explore a multitude of other sports.
To continue on the prediction sector, our integration of PRDT binary options is now live on both Ethereum and Arbitrum chains, in addition to Polygon PoS and BNB Chain (with more to come) providing additional opportunities for traders. You can have a try here.
On a side note, we had informed the community about the impact of the Velocore exploit on Metavault, resulting in a $22k loss which has been fully recovered by the team using backup funds to buyback and burn the MVX that were sold on the open market. Our fast reactivity and constant monitoring ensure zero impact to the protocol.
Finally for the month of June, we extremely delighted to share that we passed the mark of 25% of the $MVX supply burned through our new tokenomics mechanism. The buyback will continue being executed at such a rapid pace, however, a portion will be allocated to development and marketing, while the rest gets burned.
The latest burns bring the total burned supply to 1,010,735 tokens or 25,26% of the initial supply, an astonishing result in solely 10 months!
June was a really vibrant month for Metavault, but what’s coming next?
Metavault’s focus over the next months will remain on developing the DeFi suite and provide more opportunities than ever. This will be done by the integration of 5 new chains, whether through our own deployment or crucial collaboration with key partners. The next one in line is Linea through Linehub!
We will also share more details on our MVX build labs and Meme/GameFi developments.
Thank you for being part of this journey, this second year is a state of Metavault’s commitment towards our community with a lot of exciting developments coming.
