Mettalex To Launch Price Data Feeds for Commodities Through DeFi

Mettalex, a decentralized commodities derivatives exchange, has announced that it had signed a data-licensing agreement with S&P Global Platts to facilitate price data feeds for commodities within the decentralized finance (DeFi) ecosystem.

According to the press release shared with FXEmpire.com, the platform will provide industrial-grade price data feeds for commodities like Gold, hinting at the possibility that a wide range of commodity assets will “eventually become tradable on-chain.”

With the incorporation of Platts benchmark data, Mettalex could allow its participant to quote long and short-position prices for commodities such as Uranium, Lithium, Zinc, Aluminum, Copper, Cobalt, and more.

Commodities Prices Volatility on the Air

The announcement also comes in the midst of another Covid pandemic wave that is hitting the world and boosting the current price action across raw materials and commodities.

Moreover, the supply-chain disruptions also helped to shake the commodities’ prices.

“We believe that a wide range of commodity assets will eventually become tradable on-chain. Mettalex’s mission is to advance this process by enabling the market to manage risk, particularly in new niche commodities markets, and democratizing access to the raw materials asset class. We are thrilled to have one of the leaders in the price benchmarks space, S&P Global Platts, to help us in this endeavor,” Humayun Sheikh, Mettalex’s Founder and CEO, commented on the matter.

S&P Global Platts in the Financial Markets

S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture, and shipping. As of press time, both firms haven’t hinted at future announcements related to DeFi.

Recently, as FXEmpire reported, the 1inch Network, a DeFi aggregator, made the announcement of expanding its aggregation and limit order protocols to Avalanche, in a recent blog post from the firm.

The DEX aggregator in efforts to grow multi-chain presence and interoperability has finally deployed its contracts on Avalanche and Gnosis Chain.