As another month comes to a close, it's time, as usual, to summarize all the developments of the past 30 days. November marked the second anniversary of MetalSwap's inception, achieving a significant milestone of surpassing 1000 open positions within the Hedging Contracts tool.

In addition, November brought news about DeFi Linea Voyage and much more. So, let's prepare to recap everything that happened this month.

The topics we'll cover include:

• Project Updates
• OP Grant Reporting
• R&D and Blog Post
• Development Preview
  
  

Project Updates

XMT2Y

We begin by reminiscing about MetalSwap's birthday event, celebrated with a live session on our YouTube and X channels. The team summarized the achievements of the past 365 days and a special graphic  was released on the landing page to revisit the journey of the last year.

Swap Competition "Happy Birthday XMT"

In November, the team launched a MetalSwap Competition named "Happy Birthday XMT". Following the classic competition structure, with a prize pool of 1000 USDC distributed among the top 20 positions, the community engaged fervently. Address 0xF…4a08 secured the top position with a hedging position yielding a remarkable +239% performance. Rewards for the ranked participants will be distributed in December.

MIP-5 Success

After three days of voting starting on November 6th, the MetalSwap community overwhelmingly supported deploying smart contracts on the Linea blockchain. This historic step for dApp will soon release its smart contracts on a third blockchain, joining ETH and OP network.

Linea DeFi Voyage

With the deployment on Linea, MetalSwap secured a spot in the DeFi Linea Voyage campaign. Launched by the Linea team, this campaign involves major dApps on the blockchain, providing substantial visibility to our project. MetalSwap's participation, announced in November, will take place in the wave on December 8th, presenting a remarkable opportunity detailed in this article.

1000 Hedging Contracts and Dune Dashboard

Another incredible milestone achieved in November was reaching 1000 open positions within the dApp. It's remarkable to see MetalSwap achieve this fantastic result in such a short period.

November also saw the release of the first Dune dashboard dedicated to the project, allowing easy monitoring of crucial dApp metrics.

Dune Dashboard - MetalSwap

Temp Check on Snapshot

In November, two temp checks were launched on Snapshot to gauge community sentiment on specific decisions, though these remain secondary to more crucial MIP (MetalSwap Improvement Proposal) categorizations.

Smart Pool Buyback

As observed earlier, MetalSwap's dApp is experiencing increased usage of its hedging contracts, resulting in higher collected premiums. As outlined in the whitepaper, 80% of the premium collected is used for a buyback of the XMT token, deposited into the Smart Pool to provide sustainable rewards for governance token stakers. Thanks to the recent buyback, now the smart pool provides an APY of 6%.

MetalSwap's Smart Pools

OP Grant Reporting

OP Token Distribution

The Optimism grant continues to incentivize dApp usage, with the recent OP price spike making rewards even more attractive. In November, liquidity rewards in OP largely nullified the premium demanded by the dApp. Specifically, MetalSwap distributed 3574 OP in November, totaling 13980 OP overall, valued at $24373 at the current OP price.

Opened Positions

Let's review the number of Hedging Contracts opened in November:

• On Ether, 138 positions were opened.

• On WBTC, 20 positions were opened.

• On OP, 229 positions were opened.

R&D and Blog Posts

Market Insight Volatility

November saw the release of another episode of Market Insight Volatility, analyzing markets of interest to MetalSwap, such as crypto and commodities. The episode covered crucial topics like the movement of the dollar's price and its impact on commodity prices, alongside the classic analysis of crypto markets.

R&D - Improvement on Liquidator's System

The team continues to explore solutions to enhance the liquidation system within the dApp. With transparency as a hallmark, the team shared its position and the latest developments in this area in this article.

Use Cases: Hedging DeFi Farming and Hedging Borrow Position

Concluding this section, two articles in the use cases category were released, presenting strategies for utilizing MetalSwap in DeFi. These articles aim to assist users in incorporating the dApp into their DeFi strategies. The first one analyzes the usage of the dApp as a tool to assist in DeFi farming operations while the second one develops a use case where the dApp is used to protect the collateral of a loan.

Development Preview

Linea DeFi Voyage

The entire team is now focused on the Linea DeFi Voyage event, where thousands of new users will discover the dApp for the first time. As mentioned earlier, MetalSwap will participate in the wave on December 8th, while smart contracts will be released on this Layer 2 in the coming days.

New Campaign: Clique

As announced in the following Tweet, MetalSwap may join new quest campaigns, this time on the Optimism blockchain. Clique appears to be one of the promising possibilities, but no additional details can be disclosed at the moment.

Stay tuned for further news!

-The DeFi Foundation

✎ What is MetalSwap?

MetalSwap is a decentralized platform that allows Hedging Contract on financial markets with the aim of providing coverage to those who work with Digital Asset and an investment opportunity for those who contribute to increase the shared liquidity of the project. Allowing the protection for an increasing number of operators.

With Hedging Contract we enable hedge swap transactions through the use of Smart Contracts, AMM style.

It's great to Hedge the Risk of Price volatility with MetalSwap dApp !