OpenDAO + Fetch.ai + Mettalex + OCP: DeFi Double Announcement
This is not your ordinary announcement, it’s a DeFi double-double!
We are pleased to announce that Fetch.ai and Mettalex will be joining forces with our community and OCP to make the FET and MTLX tokens available as collateral on Binance Smart Chain at OmniCOMP!
USDO will also be integrated onto the Mettalex DEX!
Find out more below!👇
FET and MTLX Yield Farms with OCP
Fetch.AI and Mettalex are incentivizing two new USDO/BUSD pools with $25,000 of FET and $25,000 of MTLX tokens on the OmniFARMS platform, and will be made available as collateral on OmniCOMP.
The addition of FET and MTLX to the platform opens up a wide variety of lucrative DeFi options for the respective ‘Hodler’ communities, including: single-asset staking, the ability to mint USDO, the ability to borrow BUSD and other stables, yield farms, and this is just the start!
Working capital from your FET and MTLX holdings WITHOUT SELLING your favorite TOKENS!
Putting Your FET and MTLX Tokens to Work
You must first bridge your FET and MTLX tokens over to the Binance Smart Chain (BSC)!
⚠️Note: If this is your first time using Binance Smart Chain, please follow my handy guide before moving forward.
[1] Begin by staking your FET and/or MTLX tokens onto the OmniCOMP platform and immediately start earning OmniC token rewards.
(Note: Claim OmniC - Click on “Rewards” at the top of OmniCOMP platform.)
Some users will stop at this step after single-asset staking and are perfectly content earning their single stream of OmniC, however…
Staking FET and/or MTLX assets will enable you to mint USDO and/or borrow BUSD (or other tokens) against the value of your holdings!
The minting and borrowing processes pay out incentives in $OmniC too, on top of the ones you’re already receiving for staking.
[2] We need BUSD or USDO for this next step! Got it? Cool.
Head over to the liquidity pools at OmniTrade and add your asset. Normally, to add liquidity to a pool we would need two assets, but OmniTRADES does only requires one (it splits it into both assets for us!)
[3] Staking at OmniTRADE will give you LP tokens. Take them to OmniFarms, approve, stake, and start earning FET and/or MTLX rewards!
👉GO to OmniFARMS: BUSD/USDO — FET REWARDS POOL
👉GO to OmniFARMS: BUSD/USDO — anyMTLX REWARDS POOL
You will instantly start accumulating MTLX and FET, and don’t forget your growing pool of OmniC rewards! If you’re still having trouble, please use my walk-through here.
[4] You can take these rewards, stake them back at the beginning of this process — step one, and… I think you get the picture of how this can go.
That’s not all though! We’ve got more!👇
USDO Integration on the Mettalex DEX
The Mettalex team is also currently working on integrating the USDO stablecoin in the DEX on Binance Smart Chain!
USDO will be usable for opening long/short positions and liquidity provision. Supplying USDO liquidity will generate a yield in MTLX tokens for selected markets. Expect an announcement including all details soon!
We’re not done yet.
What is Fetch.ai?
Fetch.ai, a Cambridge-based artificial intelligence lab, is 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 an open-source technology that any user can run to connect to the network, giving access to the power of AI on a world-scale secure dataset, to carry out complex coordination tasks in the modern economy.
Learn more by visiting their website — fetch.ai!
What is Mettalex?
Mettalex is the world’s first DEX that’s focused on token-based commodities trading. Accessible 24/7 with tight trading spreads, low margin requirements, and unique hedge instruments that ensure their uses don’t get liquidated prior to settlement dates.
Users are able to access traditional markets with minimal friction on taking positions and reduced requirements for margin. Mettalex combines the convenience of tokens with market sizes of the commodities world.
Check out their site: https://mettalex.com/
What is OCP?
Omni Consumer Protocols is a BSC native DeFi conglomerate.
It’s the friends we meet along the way…
OCP were the grant recipient’s in OpenDAO’s grant to build a minter for $USDO on BSC, which is live now at omnicomp.ocp.finance. There are also farms at omnifarms.ocp.finance. Omnitrade.ocp.finance. Omni… Oh. As they would say, that’s board member info, and — “be worth a damn, join up.”
The OCP philosophy is simple: if it makes money, OCP will build it.
What is OpenDAO?
OpenDAO (OPEN) serves as a bridge for real-world assets to cross over into the growing DeFi infrastructure. The goal is to bring more value into the space by providing exposure to real estate, stocks, and more… all in a uniquely permissionless and seamless manner.
The DAO is nearly finished with the architecture for the creation of a superior stablecoin, one backed entirely by the world around you.
Join our Telegram if you haven’t already!: t.me/opendao
WHEW… BIG article, and you did it!
🏁 Made it all the way!
Cool.
If you liked our content and/or are happy about the announcement, thank you in advance for smashing that 👏 button a few times!
