Alexey Koloskov | March 26 2021
Alexey Koloskov | March 26 2021
Mettalex, the decentralized commodity derivatives exchange, joins as a broker on the Orion Network, enabling cross-chain trading of real-world and crypto commodity derivatives on Orion Terminal. Meanwhile, Orion Protocol will provide additional revenue to Mettalex through transaction fees, while facilitating user growth and accessibility.
Orion Protocol will aggregate the liquidity, order book depth, and price discovery from every centralized and decentralized digital asset market, enabling the creation of the Orion Terminal: the decentralized gateway to crypto.
Governing Orion Protocol is the proprietary staking mechanism Delegated Proof of Broker, fulfilling every function via a decentralized brokerage, a network of third-party brokers (including Injective, AscendEX (BitMax), KuCoin, and MXC) chosen to carry out all transactions on the platform, with the ORN token at its core.
Mettalex is a decentralized exchange focused on commodity derivatives, commodity/crypto spreads, real-world indices, Forex, and other unique DeFi markets. The DEX enables cost and capital-efficient access to traditional and crypto markets with minimal onboarding friction and improved risk-management. Mettalex aligns the incentives of physical commodity holders, speculators, and liquidity providers by creating an exchange that could be used for hedging, leveraged trading, and long-term yield farming. Current markets on the beta platform that are unavailable anywhere else in the DeFi space include BTC/TSLA, AAVE/COMP, copper, iron ore, zinc, butter, and steel scrap among others.
In joining as a broker on the Orion Broker Network, Mettalex will enrich the Orion ecosystem with increased cross-chain liquidity for commodity derivatives and exotics such as those listed above. Meanwhile, Mettalex’ native token MTLX will be made available for trading on Orion Terminal.
Mettalex saw the broker network as an innovative opportunity for revenue and expansion: providing additional revenue through transaction fees while facilitating user growth for both protocols. Additionally, this collaboration enhances Mettalex’ vision and goal of bringing forth a truly decentralized and scalable derivatives exchange.
“Working together, Mettalex will provide Orion users access to decentralized commodity derivatives and exotics, while Orion will improve Mettalex’ user experience by expanding accessibility to their cross-chain derivatives. Orion and Mettalex will enable a more secure, flexible, and user friendly experience to the rapidly growing DeFi space.” said Alexey Koloskov, Orion Protocol CEO.
“The integration of Mettalex and Orion Protocol will enable a wider audience of users to get short or long exposure to a range of unique DeFi markets straight from the Orion Terminal. The synergy of the two projects will greatly boost their unique value propositions and help them move closer to the goals of true decentralization, accessibility, and wider adoption. I am confident that both of our communities will strongly benefit from this cooperation.” said Humayun Sheikh, Mettalex CEO.