May is already over and it’s time to welcome June, which also marks Metavault’s second birthday!
Let’s take a moment to review Metavault’s progress over May through the external partnerships, collaborations, and crucial development shaping our future.
What happened in May?
First, if you missed our April recap, you can find it here.
May was characterized by a strong focus on back-end developments, as well as expanding Metavault’s presence over new ecosystems, chains and products.
The DeFi hub offers a unique interface with multiple services such as:
♏ Spot trading across more than 10 chains
♏ Cross-chain trading on +50 chains
♏ Perp trading (aggregator) on 4 chains, with more to be added soon
♏ Binary Options trading on 2 chains
♏ Betting on over 10 different sports
♏ Opportunities to provide liquidity for our products
The list is constantly expanding as well as the partners joining forces to build industry leading products.
The vision of the DeFi hub is becoming a reality by enabling various frontends to utilize our backend solution for deployment on new ecosystems and chains. We will soon reveal new partnerships.
Mentioning the DeFi hub, we incorporated the Single Sided Liquidity provision on our V3 DEXs in May, by integrating ICHI ALM modules.
Single sided Liquidity provision comes in addition to the double sided provided by Steer protocol, which is more suited for stable environments and fee collection on a specific pair (eg. WBTC-USDC).
Important to mention is, Single Sided liquidity is favorable on volatile environments or for traders expecting a specific price movement. You can find more details on it here.
Our development and new features now benefit from Scroll’s blob upgrade, significantly reducing the transaction cost for our users. This development comes on top of the Marks point campaign recently launched by Scroll.
And guess what? You can take part directly from Metavault!
To ensure an ever expanding composability, the $MVX is now using Axelar’s Interchain Token Service to be available on Polygon, Scroll and Linea. Thanks to this service, you can now bridge the MVX token seamlessly and with 0 slippage through Squid Router (directly from our UI or Squid’s).
To elaborate on the MVX token, we reached a crucial milestone of our buyback and burn campaign in May, which was initiated back in August 2023.
We initially allocated 100% of the revenue generated by Metavault to buyback and burn the MVX token, until 25% of the supply would be burned.
As of now, a total of 25.1% of the MVX supply got burned, hence we will start reducing the burned tokens but not the buybacks.
100% of the revenue will still be used to buyback MVX, however, a portion will be reserved to marketing expenses, BD development and $esMVX buyback.
We will soon release more details on the new mechanisms and dynamics of our buyback and burn model.
Ok, May was another exciting month, but what can you expect for the following months?
Our focus will be geared towards expanding our Perpetuals V2 (Metavault Perp Aggregator) with our partners on opBNB and Polygon zkEVM. We are also considering which chain we will launch on next, we have particularly 3 offers from 3 different chains. Stay tuned for more!
The new tokenomics will get implemented by following the proposal passed a few weeks ago, as well as the new buyback and burn allocations.
Multiple developments and collaborations are coming with our current and upcoming partners, offering new products and possibilities to our users!
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.
