Partnership with Mettalex / Fetch.ai
We are excited to announce that DIA and Fetch.ai join hands to start a new joint collaboration. As a first move, DIA’s transparent data feeds will be integrated into Mettalex, the Fetch.ai powered decentralized derivatives exchange.
Fetch.ai, is a Cambridge-based artificial intelligence lab, focused on building a decentralized machine learning platform based on a distributed ledger, that enables secure sharing, connection, and transactions based on any data globally. Fetch.ai’s network is based around open-source technology and gives users access to the power of AI on a world-scale secure dataset to carry out complex coordination tasks in the modern economy.
Mettalex is the groundbreaking Fetch.ai-powered decentralized derivatives exchange that is bringing the $20T traditional commodities market to decentralized finance. Mettalex’s mission is to provide cost and capital-efficient access to risk management tools to a large audience of market participants while avoiding the high spreads and limited liquidity of financial market intermediaries. To incentivize liquidity provision, the decentralized exchange rewards liquidity providers with trading fees and a perpetual, “impermanent loss-free” yield farming program involving the distribution of MTLX governance tokens. For traders, Mettalex enables cost and capital-efficient access to unique markets in the DeFi space, including traditional commodities like iron ore, steel, aluminum, gold, silver, zinc, brent crude oil, and copper, spread markets including sDEFI:sCEX, AAVE:COMP, LINK:BAND, and pairings of crypto commodities with other assets like BTC:TSLA, BTC:XAU, and BTC:ETH.
As the first step of this joint collaboration, Mettalex, will be running on the Fetch.ai Mainnet version 2, will integrate DIA’s trusted oracles into its decentralized exchange, to access a diverse set of accurate and reliable on-chain and off-chain financial data to expand the range of markets that could be offered on the decentralized exchange.
The teams are now exploring to further develop the partnership to expand use cases and features to be integrated.
Humayun Sheikh, CEO of Fetch.ai and Mettalex comments:
“Our cooperation with the oracle professionals from DIA will enable the Fetch.ai and Mettalex ecosystems to incorporate reliable price feeds unavailable anywhere else in the DeFi space. We are looking forward to implementing DIA’s open-source oracles into Mettalex to offer traders and physical commodity holders a wider range of markets to speculate or hedge on.
Michael Weber, Co-Founder and President of DIA Association adds:
“Fetch.ai’s technology has a great potential to optimize financial services through its AI/ML based infrastructure. We are very excited to launch this new partnership and support Mettalex by providing accurate and transparent data feeds and continue fostering the development of the DeFi ecosystem”