Metalex, a decentralized commodity derivatives exchange, has announced that it has signed a data license agreement with S&P Global Platts to facilitate commodity price data feeds within the decentralized finance (DeFi) ecosystem. .
According to the press release shared with FXEmpire.com, the platform will provide industry-grade price data feeds for commodities like gold, raising the possibility that a wide range of commodity assets” eventually becomes chain-tradable”.
With the incorporation of Platts benchmark data, Mettalex could allow its participants to quote long and short position prices for commodities such as uranium, lithium, zinc, aluminum, copper, Cobalt etc.
Commodity price volatility in the air
The announcement also comes amid another Covid pandemic wave hitting the world and boosting current commodity and commodity price action.
Additionally, supply chain disruptions also helped to shake up commodity prices.
“We believe that a wide range of commodity assets will eventually become on-chain tradable. Metalex’s mission is to advance this process by enabling the market to manage risk, especially in new niche commodity markets, and by democratizing access to the commodity asset class. We are delighted to have one of the leaders in price benchmarking, S&P Global Platts, to assist us in this endeavour,” commented Humayun Sheikh, Founder and CEO of Metalex.
S&P Global Platts in the financial markets
S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. At press time, the two companies did not hint at any future DeFi-related announcements.
Recently, as FXEmpire reported, the 1inch network, a DeFi aggregator, announced the extension of its aggregation and limit order protocols to Avalanche, in a recent company blog post.
Aggregator DEX in its efforts to increase multi-chain presence and interoperability has finally rolled out its contracts on Avalanche and Gnosis Chain.