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Home»Defi»MetalSwap: decentralized swaps for commodities
Defi

MetalSwap: decentralized swaps for commodities

Donald MunnBy Donald MunnJanuary 31, 2022Updated:September 29, 2022No Comments2 Mins Read
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MetalSwap is a new project, launched in November this year, which aims to allow investors to swap commodities in a decentralized manner. 

What are centralized and decentralized swaps?

Centralized swaps of commodities have existed since the 1970s, while centralized swaps in the DeFi world have so far only involved cryptocurrency tokens. 

Centralized swaps, however, have some limitations. 

First of all, it is necessary to go through an intermediary that must be trusted. This means that they are not trustless, with all that this implies. 

For example, there are very few intermediaries on the financial markets who allow such swaps, with the result that this market seems to be monopolized by a small number of players. 

Moreover, the intermediary has a cost, often considerable, so that these swaps are not particularly cheap. 

There are two other limitations of traditional financial markets, namely the fact that trading is only allowed on specific days and at specific times, and the need to have a bank account. 

Decentralized swaps overcome all these limitations. 

metalswapMetalSwap wants to allow you to trade swaps on decentralized commodities

Decentralized swaps with MetalSwap

MetalSwap aims to enable the swap of commodities in a decentralized manner, without intermediaries, with reduced costs and without time constraints, thanks to smart contracts initially on Ethereum. 

The aim is to provide the DeFi sector with financial swaps on cryptocurrency pairs and synthetic metal assets through AMM. 

In this way, thanks to MetalSwap’s decentralized platform, it is possible to hedge swaps on financial markets for those working with commodities.

The XMT token

The platform also has its own token, XMT, which can be staked or farmed. XMT will also give voting rights within the DAO. 

The token debuted on the crypto markets on 20 November with a price three times higher than the IDO’s initial price, rising to just under $0.6. Within a week, its price had risen as high as $0.67, but then dropped back below $0.6. 

To date, there are three pools, XMT/USDT, with a TVL of $20 million and trading volume of 4.6 million in the last week, XMT/ETH with a TVL of 1.5 million and weekly volume of 3.1 million, and XMT/USDC with a TVL of 0.5 million and weekly volume of 0.24 million. 

The post MetalSwap: decentralized swaps for commodities appeared first on cryptodailynews24.com.

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Donald Munn
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