MetalSwap

<blockquote>Originally written on MetalSwap’s Official Blog: <a href="https://metalswap.me/recs" rel="noopener noreferrer nofollow">MetalSwap Recap SEPTEMBER</a></blockquote>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 <a href="https://metalswap.me/mra23" rel="noopener noreferrer nofollow">August mothly recap</a>.In this article we will analyze the following topic:<ol><li>Project Updates</li><li>OP Grant Reporting</li><li>Development Preview</li><li>Community Activities</li></ol><h2 id="header-0">Project Updates</h2><ul><li>MIP-4 passed</li></ul>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 &#34;secondary&#34; proposals that do not require an on-chain vote, making the voting process more economical, fast and democratic.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/640bd0f49012497a80c1e0d0368d77be.png" /><ul><li>Swap Competition - End of “OP Boost”</li></ul>The September swap competition, nicknamed &#34;OP Boost&#34; 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%.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b28ece10028a4bf2b2419e531e686270.png" /><ul><li>Grant extension</li></ul>As you know, the DeFi foundation launched the first <a href="https://metalswap.me/igc1" rel="noopener noreferrer nofollow">MetalSwap Grant Cycle</a>, where three positions were open to apply for. Recently, the foundation decided to extend the deadline for applying for the position to create a <a href="https://metalswap.me/MSf_ht" rel="noopener noreferrer nofollow">Hedging Contracts Simulation Tool</a>, 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.<ul><li>Extra rewards for liquidity providers and hedging swap position</li></ul>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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/df02a61c2f07438dbaf07144da5de914.png" />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.<ul><li>UniV3 Polygon NFT Staking incentive ends</li></ul>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!<h2 id="header-1">OP Grant reporting - Some stats about September</h2>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 <a href="https://metalswap.me/gdd" rel="noopener noreferrer nofollow">here</a>.<ul><li>OP token distribution</li></ul>Distribution of OP tokens is continuing unabated.As the rewards for the Liquidity Providers will be distributed on 23 December, currently, 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 $<ul><li>Opened Swaps</li></ul>Now let&#39;s take a look at how many hedging swaps were opened in the month of September:<ul><li>On Ether, 30 positions were opened.</li><li>On WBTC, 0 positions were opened.</li><li>On OP, 109 positions were opened.</li></ul>$OP continues to be the preferred asset by the Swappers, while $ETH and $WBTC have decreased the number of open positions.<h2 id="header-2">Development Preview</h2><ul><li>Snapshot official integration</li></ul>After the proposal was passed, the team is running the necessary tests to ensure that the implementation is done safely. However, you won&#39;t have to wait long to see this new feature in operation for MetalSwap&#39;s DAO.<h2 id="header-3">Community Activities</h2><ul><li>Forum discussion</li></ul>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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/998c3321a8684302accdd03bf0828872.png" />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&#39;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. -What a time to be in DeFi!To the MetalSwap! … and beyond!-The DeFi Foundation<h2 id="header-4">✎ What is MetalSwap?</h2>MetalSwap is a decentralized platform that allows Hedging Contracts on financial markets with the aim of providing a 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 hedge swap transactions through the use of Smart Contracts, AMM style.RISKOFF HEDGING CONTRACTS with <a href="https://app.metalswap.finance/" rel="noopener noreferrer nofollow">MetalSwap dApp</a> !

METALSWAP RECAP: SEPTEMBER

Table of Contents

MetalSwap

Other articles published on Oct 13, 2023

HopeCard public beta goes live connecting Web2 and Web3 for crypto users

Famous Market Maker Carried This Altcoin to the Stock Exchanges! Price Increased by 32 Percent!

Decoding the Enigma of Trauma: How Memories Alter the Neural Tapestry of the Brain

Alpaca and Japan’s SBI Holdings Announce Partnership and USD15 Million Strategic Investment to Ac...

BlockFi CEO Blames FTX’s False Balance Sheets For Firm’s Bankruptcy In Trial

Coinbase’s tax chief urges IRS to reevaluate crypto tax regulations

Join our free newsletter for daily crypto updates!