This month, MetalSwap has achieved a historic milestone, which is the approval of the MIP-3 proposal that suggested deploying MetalSwap's smart contracts on the Optimism blockchain. In addition to this, other articles and minor improvements have been released, which we will see in this monthly recap.
Within this series of articles, all the updates and news that have arrived regarding the MetalSwap dApp in the past 30 days are summarized, also providing some spoilers on the topics the team is focusing on for future developments. If you haven't read the previous recap, we recommend doing so.
As always, we will follow the same road through:
- Project Updates
- Development Preview
- Community Activities
As mentioned in the introduction of this article, the highlight of this month revolves around the outcome of MIP-3, which stands for the third MetalSwap Improvement Proposal. This proposal was voted on within the DAO from the 17th of May to the 20th of May and the result saw a 100% favourable vote, with 24.7 million XMT tokens participating in the voting process.
Let us review for a moment which are the advantages of this proposal that brings the MetalSwap's hedging swaps into the Optimism Layer 2 blockchain:
- Significant reduction in transaction fee costs for users.
- Lower premium costs due to the decreased cost of position liquidation mechanisms.
- Opportunity to distribute the Optimism Grant won by MetalSwap. 30k OP that will be distributed to Hedging Swap users and Liquidity Providers.
Like every month, the May edition of the Market Insight Volatility series was released, this time in its 3rd volume. Within this article series, the team provided the traditional analysis of the commodities market, followed by an analysis of the cryptocurrency market and concluded with an overview of the DeFi ecosystem.
Two other highly important articles were published this month, both related to MetalSwap's Development Conceptual Map.
The first article focused on the section of the map dedicated to digital assets, highlighting how the team is actively engaged in research and development to implement new assets into the dApp.
The second article, concerning the conceptual map, revolved around the section dedicated to the scalability of hedging swaps. As we have witnessed throughout this month, a significant milestone has been achieved. However, the research does not stop here, and the team continues to explore and study alternative solutions.
After receiving favourable feedback from the DAO regarding the possibility of bringing MetalSwap to the Optimism blockchain, the entire team is now focused on completing this step.
A private Testnet, managed by the team, is already verifying the proper functionality of the tool on this blockchain and the release on the Mainnet could potentially occur within the month of June.
Additional previews have been released during a live session held on the MetalSwap YouTube channel
The team is also studying about an advanced system for the distribution of the grant received from Optimism. As mentioned in this article, the 30k OP tokens will be distributed, with 20k tokens going to those who open hedging positions within the dApp, and 10k tokens allocated to those who complete liquidity providing operations. In the upcoming month, articles will be released that will provide specific details on this interesting distribution process.
Furthermore, there are other use case-themed articles scheduled for the coming weeks. These articles will showcase the utility of a tool like MetalSwap within the Optimism blockchain, implementing strategies involving the OP token as well.
The MetalSwap team was present at the Spaghetti ETH event in Naples to present a boot camp themed: smart contract automation.
New discussions on the topic of use cases and the future of governance have been launched within the official project forum and are awaiting your contribution dear Swappers!
MetalSwap future of governance
May was a historic month, with the approval of MIP-3, which will be remembered as a significant milestone for this protocol. Now, the focus is on the practical deployment of the smart contracts, which will be followed by the initiation of the grant distribution of 30k OP tokens.
Let's get ready for June because it will be filled with incredible updates and news!
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To the MetalSwap!
… and beyond!
-The DeFi Foundation
✎ What is MetalSwap?
With MetalSwap we enable hedge swap transactions through the use of Smart Contracts, AMM style.