MetalSwap, the decentralized exchange to discover. Here are its characteristics, its advantages and the direct link to its official website.
MetalSwap is a decentralized exchange powered by smart contracts on the BNB smart chain where cryptometals can be created and traded.
Cryptometals are a group of blockchain-based metals that mimic the price behavior of real-world metals and provide the possibility of transacting anywhere and anytime for traders without the burdens of actually owning metals.
The Metal Token(Metal) is minted by MetalSwap project team as the governance token for the MetalSwap community.
In this community you can be:
A trader can buy and sell existing cryptometals and Metal tokens on the MetalSwap platform.
Minter & Shorter
A minter can obtain newly minted tokens of a cryptometal through collateral BTC, ETH, BNB, USDT, and Metal token. On the contrary, a shorter can sell the minted tokens and get the corresponding LP tokens.
Liquidity provider adds the same amount of crypto metals and BNB to increase the liquidity for the market. The liquidity provider will earn the share of newly minted LP tokens. Those LP tokens can also be burned to reclaim more share of cryptometals and BNB from the pool. Staker Users can stake their LP tokens or Metal token to earn more Metal tokens with a high yield return.
A oracle feeder provides the up-to-date Metal price that are tasked with periodically fetching exchange rates from reputable sources and reporting them to the Oracle contract. The oracle feeder will be Chainlink in the preparation stage, and it will be elected through polls in the MetalSwap community after release. It can be changed by the community if it underperforms its duties.
CryptoMetals, what is it?
CryptoMetals are a group of blockchain-based metals whose prices are pegged to the price behavior of real-world metals. Cryptometal tokens can be minted by collateral BTC, ETH, BNB, USDT and Metal token.
The whole process is decentralized and it can be minted by any user through the network. Also, MetalSwap can be directly shorted upon opening a collateralized debt with Metal or other supported main cryptocurrencies to mint LP tokens. The collateralized debt is essentially a short position against the price movement of the reflected asset, — i.e. if the price of mGold rises, minters of mGold tokens would be pressured to deposit more collateral to maintain the same collateral ratio.
The same as the cryptocurrency market, the CryptoMetal market operates 24 hours a day and seven days a week. All these CryptoMetal can be swapped to $Metal at MetalSwap. All transactions will be made by contract, and the data is available to everyone at any time on the blockchain so that all transactions are transparent.
Metal token is the spirit token that empowers the MetalSwap ecosystem. There are three main functions for $Metal.
MetalSwap is the autonomy place so that the members can vote for all decisions. Voting gives a voice to the MetalSwap community, letting the community have a say in how MetalSwap develops into the future. Members can use their $Metal to vote proposals posted by the MetalSwap team. The results will be actioned. All those $Metal collected from voting will be sent to the liquidity pool.
Holding more $Metal means you will enjoy more rights at MetaSwap, such as low fees, alert service, and even create polls in the community.
Buyback and Burn
The percentage of trading fees will be polled in the MetalSwap community. The result will be posted here.
All trading fees will be used to buyback and burn $Metal token. It will support long-term price stability and value growth for MetalSwap.