MetalSwap Recap: September

MetalSwap Competition - R&D [BLOG]

October has just begun and as usual, it is time to look back at what was done in the month just ended. September was a month of construction for the team that is preparing for the future development of MetalSwap. If you wish, you can also read the August mothly recap.

In this article we will analyze the following topic:

  1. Project Updates
  2. OP Grant Reporting
  3. Development Preview
  4. Community Activities

Project Updates

  • MIP-4 passed

The fourth MetalSwap Improvement proposal, which suggested the implementation of SnapShot as an alternative system for completing off-chain votes, reached the quorum of 20M XMT and was therefore passed successfully.

This is a historic step for the MetalSwap DAO, which now has an alternative channel to bring to the vote "secondary" proposals that do not require an on-chain vote, making the voting process more economical, fast and democratic.

  • Swap Competition - End of “OP Boost”

The September swap competition, nicknamed "OP Boost" thanks to the liquidity rewards derived from the grant in OP tokens, was a great success with a lot of Swappers competing to win the prizes offered by the foundation.

In the end, first place was awarded to a wallet that reported a result of 86.55%, but the entire ranking was extremely tight, with 25th place reporting a result of 17.05%.

  • Grant extension

As you know, the DeFi foundation launched the first MetalSwap Grant Cycle, where three positions were open to apply for. Recently, the foundation decided to extend the deadline for applying for the position to create a Hedging Contracts Simulation Tool, and this will now be open until October 22nd. For those who want to apply, you can find the information directly in the forum post, remembering that the foundation has made $35,000 USDT available for whoever can create this tool.

  • Extra rewards for liquidity providers and hedging swap position

The distribution of OP tokens, as we will see later, is going well and the team has decided to refill the pools for rewards.

In September, there was a significant increase in rewards for those who provide liquidity to the protocol. At the time of writing this article, returns on WBTC are even above 50%, but returns are also very interesting when depositing other assets such as ETH; USDC and OP.

In the same way, rewards have been increased for everyone who opens hedging positions within the dApp. In some cases, if the pools are unbalanced and the rewards are boosted, the premium to open a position is fully covered by the rewards in OP tokens.

  • UniV3 Polygon NFT Staking incentive ends

Another important decision made by the team was to stop incentivizing the NFT staking feature on Polygon. The decision was made as MetalSwap is focusing all its energies on development within the Optimism blockchain and therefore we invite all swappers to remove liquidity from that staking feature, perhaps bringing the liquidity to the liquidity pools on Optimism, which now have incredible returns!

OP Grant reporting - Some stats about September

Like every month, we like to take a look about the status of the Optimism Grant, won by the MetalSwap project in the past May. If you don’t know about this grant you can find all the information here.

  • OP token distribution 

Distribution of OP tokens is continuing unabated.
As the rewards for the Liquidity Providers will be distributed on 23 December, c
urrently, 9205 OP were distributed to all users who opened a Hedging Position - which at the current valuation of $1.25 represents a total distributed value of 11506 $

  • Opened Swaps

Now let's take a look at how many hedging swaps were opened in the month of September:

  • On Ether, 30 positions were opened.
  • On WBTC, 0 positions were opened.
  • On OP, 109 positions were opened.

$OP continues to be the preferred asset by the Swappers, while $ETH and $WBTC have decreased the number of open positions.

Development Preview

  • Snapshot official integration

After the proposal was passed, the team is running the necessary tests to ensure that the implementation is done safely. However, you won't have to wait long to see this new feature in operation for MetalSwap's DAO.

Community Activities

  • Forum discussion

On September 30th, a very important post was published in the metalSwap forum, which proposes the creation of an Ambassador Council that can help the team to promote and develop the dApp. We invite all swappers to share their thoughts on this interesting initiative.

Another topic launched in the forum was the launch of an incentive for the use of the forum. Born from a discussion in the Telegram group, some swappers discussed the launch of a program that incentivizes people to use the forum more. If you think it's a good idea, please write it by responding to the post!

Thank you for joining us on this monthly journey of progress and development at MetalSwap. As we wrap up September, we are excited to share all the updates and achievements with our incredible community.


-The DeFi Foundation

✎ What is MetalSwap?

MetalSwap is a decentralized platform that brings Hedging Contracts on financial markets with the aim of providing coverage to those who work with commodities 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 MetalSwap we enable Hedging Contracts on the DeFi field, AMM style.