The MTLX token distribution begins
Today we are pleased to be able to announce the next steps in the MTLX token distribution program.
This month $FET staking will be focused on the MTLX token genesis staking event. As such, as requested by many community members, we will be pausing $FET staking for a month, and a new MTLX staking interface will be launching in the next few days at mettalex.com
Mettalex is a decentralized crypto and commodities derivatives trading platform, and one of the first major applications to be built using the Fetch.ai technology.
FET is used in the Mettalex application as the underlying ledger for high throughput transaction rates, Fetch.ai Autonomous Economic Agents (AEAs) are also used as index providers, and as the home for the Automated Market Maker (AMM) that runs the trading platform.
As we mentioned last week, FET holders receiving the first pool of MTLX tokens via a staking pool mechanism which will earn MTLX tokens as a reward. The FET holders will be the very first people to receive MTLX tokens — before any other participants.
MTLX is a governance token that will determine policy and procedure on the Mettalex Commodities platform. The MTLX governance tokens (MTLX) will be used:
- to vote on system parameters such as choice of autonomous market makers to back with liquidity from the liquidity pool
- vote on the creation of new markets
- the usage of exchange fees
- the percentage of the spread going to the pool
- the buyback and borrowing rates from the liquidity pool
Token genesis program
FET holders will be able to commit their FET tokens for 21 days, in order to earn MTLX tokens. A more detailed rundown of the MTLX genesis program will be released this week.
How it works:
- FET holders will be able to stake the tokens from the 8th of September up to 10th of September
- On 10th September at 6pm UTC the staked FET will be locked for 21 days and during this period no FET can be withdrawn
- During the staked period MTLX tokens earned can be withdrawn but not the FET
- On 1st October the FET tokens will be unlocked.
- In October v1 of MTLX liquidity pools and community testing phase will be announced
Keep an eye on Mettalex.com or the Mettalex Telegram (https://t.me/mettalex_official) for more info as it goes live, and we will of course update you here in the Fetch.ai telegram channel.