Announcing “Mettalex Amplify”: A High Yield Farming Program

Liquidity providers can now farm MTLX with USDT and ETH to generate yields of up to 275% APY.

Published in

Mettalex

11 min readJan 7, 2021

With the implementation of the latest UI and backend improvements, the decentralized Mettalex commodity derivatives exchange is getting closer to launch on Ethereum and Binance Smart Chain mainnets. To bootstrap initial liquidity for the DEX’s autonomous market makers, the Mettalex team is launching one of the best long-term yield farming opportunities in DeFi.

Benefits

One-sided Liquidity Provision

Using the dedicated yield farming page, liquidity providers can deposit USDT or ETH and start receiving rewards without the need to acquire MTLX. USDT and ETH deposits are automatically converted to 50% USDT (or ETH) and 50% MTLX and staked in the Uniswap pool.

LPs that hold MTLX and USDT or MTLX and ETH will also be able to participate in the yield farming program by supplying liquidity to the Uniswap MTLX:USDT or MTLX:ETH pools and staking their Uniswap-V2 tokens on the Amplify page.

Up to 275% APY in USDT

1,000,000 MTLX governance tokens will be distributed in this first round of the Amplify Program. The program will run until the entire MTLX rewards pool is exhausted with yields of approx. 275% calculated in USDT terms and distributed in MTLX.

Users will also receive a proportionate amount of Uniswap trading fees — 0.3% per trade.

Mitigated Impermanent Loss

The temporary negative effects that may be caused by impermanent loss are mitigated by the high APY.

How to Farm MTLX?

To provide one-sided liquidity in USDT or ETH, follow these steps:

Make sure you have a USDT and ETH balance in your MetaMask wallet;
Go to amplify.mettalex.com*;
Connect your MetaMask wallet;
Select the pool — either MTLX:ETH or MTLX:USDT
In the “Farm” field, enter the amount in USDT or ETH you would like to farm with;
Click “Farm”;
Confirm the transactions in MetaMask;
The “Staked Amount” in the Amplify interface will be updated.

*We recommend using a Chrome browser on a desktop computer.

How to Stake Uniswap-V2 Tokens?

If you are already supplying liquidity to the MTLX:USDT or MTLX:ETH Uniswap pools or if you have MTLX and USDT or ETH tokens, you could stake your Uniswap-V2 tokens using the Mettalex Amplify page. To do so, follow these steps:

Go to the MTLX:USDT or MTLX:ETH pool in Uniswap;
Supply liquidity in MTLX and USDT or ETH at a 50:50 ratio;
Your MetaMask wallet will be credited with Uniswap V2 tokens;
Go to amplify.mettalex.com*;
Connect your MetaMask wallet;
Select the pool — either MTLX:ETH or MTLX:USDT
In the “Stake/Unstake Uni-V2 Tokens” field, enter the amount of Uni V2 tokens you would like to stake or press “Max”;
Click “Stake”;
Confirm the transactions in MetaMask;
The “Staked Amount” in the Amplify interface will be updated.

*We recommend using a Chrome browser on a desktop computer.
A detailed guide on how to farm, stake, claim rewards, and redeem/unstake, is shared below.

Withdrawing Your Stake

You can withdraw your liquidity at any time. You will only be eligible for rewards pro-rata for the number of Etherum blocks during which your tokens were in the liquidity pool. A 5% fee will be charged on the user’s Uniswap V2 LP token balance on withdrawal. The proceeds will be either burned or added to the yield farming pool rewards.

Token Information

Mettalex Amplify page: amplify.mettalex.com

MTLX contract address: 0x2e1E15C44Ffe4Df6a0cb7371CD00d5028e571d14

Uniswap pool (MTLX:USDT) address: 0x1a57ec5459928389fBB5612fF2a5e0b534fD9E2E

Uniswap pool (MTLX:ETH) address: 0xa71d014ffc0d2aff34d1fe1672dcdef6ec00af66

Campaign Period

Start: 3pm UTC, Thursday, 7th January 2021

Finish: Upon depletion of the 1,000,000 MTLX pool

MLTX:ETH pool announced on 22.01.2021

Rewards Distribution

MTLX rewards will be distributed with each Ethereum block.

We are looking forward to your support to jump-start the Mettalex commodities derivatives exchange!

Watch the video walkthrough on YouTube:

Detailed Walkthrough

How to join Mettalex Amplify?

A prerequisite for joining Mettalex Amplify is a MetaMask wallet credited with a sufficient amount of ETH for payment of Ethereum gas fees. Apart from that, there are several ways to participate.

You only have USDT in your MetaMask wallet.
You only have ETH in your MetaMask wallet.
You have MTLX and USDT or MTLX and ETH in your MetaMask wallet.
You have already provided liquidity to the MTLX:USDT or the MTLX:ETH pools on Uniswap.

The Amplify Dashboard is home to four main sections:

“My Stake” section: Provides users with information about the total number of staked Uniswap-V2 tokens, staked amount in USDT, and current value of stake. Rewards Accumulated (MTLX) displays the number of MTLX tokens that the user has earned and their current value in USDT. The Staked Amount (USDT) shows the value of USDT and MTLX tokens staked in Uniswap calculated in USDT; whereas Current Value (USDT) includes the staked amount and MTLX rewards calculated in USDT;
“Farm | Redeem” USDT section: The “Farm” section enables users to provide liquidity in USDT and earn rewards in MTLX tokens. After entering an amount in USDT in the “Amount to farm” field and pressing the “Farm” button, the Amplify smart contract will automatically exchange 50% of the USDT for MTLX tokens on Uniswap and add liquidity in the MTLX:USDT pool in Uniswap. For that, the user will receive Uniswap-V2 pool tokens. The received Uniswap-V2 tokens will also be automatically staked to farm MTLX.

The Uniswap-V2 tokens accrue value when trades are performed in the Uniswap pool, earning users fees proportionate to the value of their stake. The fixed Uniswap fee per trade is 0.3%.

The “Redeem” section enables users to claim their MTLX rewards or withdraw their USDT and MTLX tokens from the Uniswap pool including any Uniswap trading fees and farmed MTLX tokens.

“Stake | Unstake” Uni-V2 section: The “Stake” section enables users who are already providing liquidity to the MTLX:USDT Uniswap pool and have Uniswap-V2 tokens in their MetaMask wallet for that pool, to stake them and participate in the Mettalex Amplify program.

The “Unstake” section helps users claim any accrued MTLX farming rewards, or unstake their Uniswap-V2 tokens and claim MTLX rewards.

“Wallet Balance” section: Here users can view their current USDT, MTLX and Uniswap-V2 tokens balances for the MetaMask wallet that is currently connected to the Amplify interface.

In addition, the Amplify dashboard features a drop-down menu that allows users to switch between the MTLX:USDT and MTLX:ETH farms.

How to farm MTLX with USDT?

Go to https://amplify.mettalex.com/;
You will be asked to connect your MetaMask wallet. Make sure you have USDT tokens;
Once your MetaMask wallet is connected, you will see the Amplify Dashboard. The USDT, MTLX tokens, and Uniswap-V2 tokens available in your wallet will be displayed in the “Wallet Balance” section below;
In the “Farm” section, enter the amount of USDT you wish to farm with or click the “MAX” button if you would like to farm with your full USDT balance;
Click the “FARM” button to initiate the process of transferring your USDT to the pool and start generating MTLX rewards. This will require 4 on-chain transactions;
The first one allows the Amplify smart contract to manage the USDT in your wallet. Click “Confirm” and wait for the next transaction;

The second transaction swaps 50% of your supplied USDT for MTLX tokens and deposits USDT and MTLX liquidity in the MTLX:USDT pool in Uniswap. Click “Confirm” and wait for the next transaction;

Once the USDT and MTLX tokens are deposited, your MetaMask Wallet will be credited with Uniswap-V2 tokens;
The third transaction allows the Amplify smart contract to manage the Uniswap-V2 tokens in your wallet. Click “Confirm” and wait for the final, fourth transaction;

The fourth transaction deposits the Uniswap-V2 LP tokens in the Amplify contract and initiates yield farming. Click “Confirm”;

After the final transaction has been confirmed, you can check your staked amount in USDT and Uniswap-V2 tokens in the “My Stake” section in the Mettalex Amplify Dashboard.

NOTE: If a user wants to mine 1’000,00 USDT, after confirming the mining transaction the updated staked amount will be equal to 997,05 USDT. This is due to the fact that the liquidity is supplied to a Uniswap-V2 pool in return for Uniswap-V2 pool tokens which will accrue in value due to trading fees paid by traders when trading in the MTLX:USDT Uniswap-V2 pool.

How to farm MTLX with Uniswap-V2 tokens?

If you are already providing liquidity in the MTLX:USDT pool on Uniswap, you can stake your Uniswap-V2 tokens using the Mettalex Amplify website interface.

Go to https://amplify.mettalex.com/;
You will be asked to connect your MetaMask wallet. Make sure you are connecting the wallet that has your Uniswap-V2 tokens;
In the “Stake” section of the Mettalex Amplify Dashboard, enter the amount of Uniswap-V2 tokens you wish to stake. You can stake all of your Uniswap-V2 Tokens by clicking the “MAX” button;
Click the “STAKE” button to stake the desired amount;
Your MetaMask wallet will ask you to confirm a transaction. It will allow the Amplify smart contract to manage the Uniswap-V2 tokens in your wallet. Click “Confirm” and wait for the second and last transaction;

The second transaction will deposit the Uniswap-V2 tokens in the Amplify contract and initiate yield farming. Click “Confirm”;

After the second and final transaction is confirmed, check your staked Uniswap-V2 Tokens amount by reviewing the “My Stake” section in the Mettalex Amplify Dashboard.

How to farm MTLX with MTLX and USDT tokens?

If you have MTLX and USDT tokens in your MetaMask wallet, you can participate in the Mettalex Amplify program by first depositing them in the MTLX:USDT pool in Uniswap. Here is how to do that”

Go to the Uniswap page that allows you to add liquidity in the MTLX:USDT Uniswap pool.
Select the amount of MTLX tokens you want to deposit. Note that you need to have an equivalent amount of USDT tokens. Inputting an amount of MTLX tokens will automatically determine the required amount of USDT tokens;

Once the amounts are entered. Press the “Deposit” button;
You will have to approve several transactions in your MetaMask wallet.
Once the transactions are confirmed by the Ethereum blockchain your wallet will be credited with Uniswap-V2 tokens. You are able to see information about the liquidity you have provided on the “Pool” page in Uniswap. Just click “Manage”;

Once you have your Uniswap-V2 tokens, please follow the instructions in the “How to farm MTLX with Uniswap V2 tokens”.

How to remove liquidity from the Uniswap V2 pool?

Click on the “Pool” section then choose the pair of tokens you desire to withdraw from the pool;
Click “Remove Liquidity” on the Uniswap liquidity provision/removal interface;
Select the amount of liquidity to remove that you wish to withdraw from the Uniswap liquidity pool;
Confirm the removal;
Confirm the transaction on MetaMask;
Proceed with the final confirmation.

How to redeem MTLX and USDT?

If you wish to stop farming MTLX tokens and earning rewards, you can withdraw MTLX and USDT tokens from the Mettalex Amplify dashboard. You can withdraw at any time. You will only be eligible for pro-rata rewards according to the number of Ethereum blocks in which your liquidity was part of the Uniswap MTLX:USDT pool. A fee of 5% will be charged on withdrawal (charged on the Uniswap-V2 tokens only).

Go to https://amplify.mettalex.com/;
You will be asked to connect your MetaMask wallet. Make sure you are connecting the wallet you used to farm MTLX tokens;
The “Redeem” section you will present you with two options:

CLAIM MTLX REWARDS: Unlocks the MTLX you have earned and transfers it to your Wallet Balance. You continue to farm;
EXIT: CLAIM AND REDEEM ALL: This option will unstake your Uniswap-V2 tokens from the Amplify contract and then exchange them for MTLX and USDT. It will add all MTLX rewards you have farmed and any trading fees accrued in the Uniswap MTLX:USDT pool. All of these tokens will be deposited to your MetaMask wallet;

4. After selecting one of the options above, you will have to approve a MetaMask transaction and wait for confirmation;

5. An updated amount of USDT, MTLX, and Uniswap-V2 tokens will be visible in the Wallet Balance section located in the Mettalex Amplify Dashboard.

How to unstake Uniswap V2 tokens?

If you wish to stop farming MTLX tokens and earning rewards, you can withdraw your Uniswap-V2 tokens from the Mettalex Amplify dashboard. You can withdraw at any time. You will only be eligible for pro-rata rewards according to the number of Ethereum blocks in which your liquidity was part of the Uniswap MTLX:USDT pool. A fee of 5% will be charged on withdrawal (charged on the Uniswap-V2 tokens only).

Go to https://amplify.mettalex.com/;
You will be asked to connect your MetaMask wallet. Make sure you are connecting the wallet you used to farm MTLX tokens;
The “Unstake” section you will present you with two options:

CLAIM MTLX REWARDS: Unlocks the MTLX you have earned and transfers it to your Wallet Balance. You continue to farm;
EXIT: CLAIM AND UNSTAKE ALL: This option will unstake your Uniswap-V2 tokens from the Amplify contract. It will add all MTLX rewards you have farmed. The MTLX and Uniswap-V2 tokens will be deposited to your MetaMask wallet;