Mettalex Launches First USDO Market — Tesla Inc.

USDO stablecoin holders can now use it to trade or yield farm on the Mettalex DEX! Get a 40% APY on your USDO holdings and/or long or short Tesla Inc stock.

We are thrilled to expand our collaboration with OpenDAO and OCP by integrating the USDO stablecoin as collateral on the Binance Smart Chain Mettalex DEX. The first USDO-backed market will allow users to long or short Tesla Inc shares.

The significance of this announcement is threefold. First and foremost, it will allow USDO holders to both yield farm and trade on the Mettalex DEX. Tesla shares were selected to make up Mettalex’s first USDO-backed market mainly because of the company’s popularity among crypto enthusiasts. We hope both Tesla’s prominence and this newly founded utility of the USDO stablecoin will attract new liquidity providers and users, especially coming from the OpenDAO and OCP communities.

Second, yield farmers receive a MTLX drip rate for the USDO collateral pool of 0.00087 in the first two weeks. This results in a 40% APY at a total staked USDO liquidity of 50,000.

NOTE: Liquidity that is deposited but not staked will generate trading fees only. It will not be eligible for MTLX rewards. The trading fee APY is visible in the DEX. We plan to add a separate MTLX rewards APY in one of the next UI updates.

Finally, since the MTLX token can be used to mint USDO, they can in turn deposit USDO liquidity on the DEX, farm anyMTLX rewards, and repeat the process from the start, thus accumulating additional yields.

To make the above process of earning MTLX rewards, minting USDO, and then supplying liquidity in the DEX more user-friendly, we plan to enable autocompounding. This will further increase the APY on the DEX.

USDO is the second stablecoin we are incorporating as a market-backing asset on the Binance Smart Chain DEX, after BUSD. Its incorporation into Mettalex is evidence of our efforts to diversify the available collateral types. More are coming as the Mettalex developer team is currently working on enabling Uniswap and PancakeSwap LP tokens liquidity on the DEX. Expect more news this week.

How to Use USDO to Trade Tesla Inc. shares?

We have recorded a video walkthrough that can be accessed on YouTube:

For step-by-step instructions — see below.

Step 1: Log into Mettalex DEX using one of the available options — a MetaMask or a Torus wallet.

NOTE: Make sure your MetaMask wallet is connected to the Binance Smart Chain network.

Step 2: Select “Trade” on the startup page:

NOTE: You will need both BNB and USDO tokens to be able to trade on the DEX. You can get USDO tokens by staking MTLX on Omnicomp. Alternatively, you can buy USDO with BUSD or CAKE on Omnitrade.

Step 3: From the drop-down menu select the type of collateral you want to use — in this case, that will be USDO.

Step 4: In the bottom-right part of the page click “Trade”, select the type of collateral (USDO) in the “From” field, and the short or long Tesla token you would like to buy. Enter the amount of USDO you want to use to buy a long or short position and click on the “Trade” button below. Once you confirm the MetaMask transactions, the “My Wallet” section will update, together with the P&L table below the chart.

How to Deposit USDO Liquidity and Start Yield Farming MTLX Tokens

We have recorded a short video walkthrough focused on depositing USDO liquidity and then staking it to start yield farming. Access it on YouTube:

For step-by-step instructions — see below.

Step 1: Log into Mettalex DEX using one of the available options — a MetaMask or a Torus wallet.

NOTE: Make sure your MetaMask wallet is connected to the Binance Smart Chain network.

Step 2: Select “Supply Liquidity” on the startup page:

NOTE: You will need both BNB and USDO tokens to be able to trade on the DEX. You can get USDO tokens by staking MTLX on Omnicomp. Alternatively, you can buy USDO with BUSD or CAKE on Omnitrade.

Step 3: From the drop-down menu select the type of collateral you want to use — in our case this will be USDO:

Step 4: On the lower-right-hand side of the screen, you’ll see the “Deposit” section. Your USDO balance will be displayed in both — the “My Wallet” and “Deposit” sections.

Step 5: Enter an amount of USDO you would like to deposit and click “Deposit”. You can also use the four pre-defined percentage buttons for convenience.

Step 6: Once you confirm the MetaMask transactions, your mxUSDO balance in the “My Wallet” section will be updated. Click on “MTLX Rewards” and manually enter your mxUSDO balance in the field, then click “Stake”.

Step 7: Once all MetaMask transactions go through, the “Balances” section will be updated to display the amount of mxUSDO tokens you have staked. Congratulations, you are now yield farming MTLX tokens!

NOTE: The USDO-backed Tesla market will offer an APY of 40% for the first two weeks and 30% from then on. The APY figure is based on total available liquidity of 50,000 USDO.

Let us know if you have any questions or comments on our official Telegram channel.

Have fun trading Tesla Inc stock in DeFi!