A new decentralized exchange Mettalex is the talk of the town for offering commodity trade like gold, silver, cobalt, oil along with crypto derivatives via DeFi.
Mettalex decentralized exchange is powered by Fetch.Ai (FET). The Cambridge, U.K-based Fetch.ai is an artificial intelligence lab that launched an IEO of its native token FET (ERC20 token) on the Binance launchpad in Feb 2019. The rapid IEO netted almost $6million with the sale of over 69 million tokens within just 22seconds.
Fetch.Ai builds solutions which small and big companies can deploy easily to power decentralized computer network. The company provides an open-source platform to develop software and tools for emerging and future marketplaces.
Mettalex Decentralized Exchange
Mettalex is presenting “Decentralized Finance in Commodities Markets.” The company believes that “the opportunities of DeFi to revolutionize the financial system are great” however, these are “limited to digital assets when it comes to trading and lending.”
Here, Mettalex is serving crypto investors and commodity traders with lots of options where trading is feasible in commodity pairs including stock markets’ usual products.
“For a scale comparison, the total value locked in DeFi ventures today is around $5 billion. The size of the global commodities market in comparison is approximately $2.5 trillion. The race to plug off-chain assets such as physical goods to on-chain finance is at the crux of what will enable the next generation of DeFi applications.”
According to Humayun Sheikh, Founder & CEO of Mettalex & Fetch.Ai, the new trend DEX is having a competitive advantage over other decentralized crypto exchanges due to three main benefits.
The first being is the company is building a decentralized market and bringing the market to people’s reach, second is low margin costs which would aid in hedging the risk and third is an easy approach in which a normal trader can also operate in commodity products.