Mettalex is a decentralised exchange that is focused on the trading of token-based commodities. Accessible 24/7 with tight trading spreads, low margin requirements and novel hedge instruments that ensure investors cannot be liquidated prior to settlement.

Governance tokens (MTLX) are used to vote on system parameters such as choice of autonomous market makers to back with liquidity from the liquidity pool, borrowing rates from the liquidity pool, usage of exchange fees. Governance tokens are minted at an exponentially decreasing rate to incentivise early liquidity providers in the system. Minted tokens are distributed in proportion to the amount of liquidity supplied to the system at each block. Some fraction of the exchange fees and autonomous market maker spreads is used to buy back MTLX and burn.