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Binance has announced its support for the Mettalex airdrop Program for FET holders. The snapshots of the FET balance are to be performed weekly, according to the announcement.
Notably, the pending FET tokens will not be counted for the FET balances at the time of the snapshot. To be eligible for the Airdrop program, there must be an average amount of FET above 10,000 throughout all eight snapshots. Binance will follow the similar listing process for MTLX as it does for any other token, and this support to the airdrop program does not ensure its listing to the Binance network.
Mettalex is an application built using the Fetch.ai technology and is a trading platform for decentralized crypto and commodities derivatives. The platform aims to solve market failures, including loss value, poor liquidity, and price manipulation. Mettalex allows access to the traditional markets with the reduced margin requirement and the least friction on taking positions. It combines the tokens' convenience with the market size of the commodities world.
Mettalex offers unique hedge instruments and low margin requirements so that investors could not be liquidated before settlement. To solve the problems of poor liquidity, value loss, and price manipulation, Mettalex creates position tokens. Notably, position tokens are used to track the price difference, and they do not need the collateral of an asset to tie up in the smart contract. These position tokens help in the trading of larger-sized contracts with the lowest collateral requirements.
MTLX, the native token of Mettalex, aims to enable Mettalex’s stakeholders to govern fees and policies in operation. MTLX can allow the stakeholders to vote on creating new markets and the system parameters, including the choice of autonomous market makers.
The market price of MTLX at the time of writing is $10.70 after an increase of 5.81% over 24-hours. Although the MTLX price can be modulated due to the low market capitalization, MTLX seems to be a good investment option for the long term. MTLX is expected to have a positive trend for the coming months in 2021. It is even predicted to reach its all-time high soon.