Written by Marlon

On September 13, 2020

Metal and Proton to enter DeFi, including Wrapped Coins, Proton Swap, and Lending Market

Metal, the creator of the popular Metal Pay wallet, MTL token, Metal X exchange, and Proton blockchain announced today a set of  DeFi tools on Proton allowing for lightning-fast, feeless transactions. This work is a joint effort of the Metal team, the newly acquired team from Bloks.io, and CryptoLions, a leading technical developer and block producer. 

Safe and Fast Wrapping

One of the cornerstones of the Proton strategy is interchangeability with other chains. A new secure wrapping and unwrapping technology has been developed between Proton and Ethereum by Syed Jafri and Glenn Mariën of  Bloks / Metal and is expected to be deployed shortly.

With wrapping, users of the Proton wallet can mint Proton stablecoins from USDT, creating XUSDT – a fast, feeless stable coin that can be used to interact with Proton integrated applications and virtually any shopping cart software. Users can also convert and send Bitcoin without fees or transaction costs. Once transferred, the BTC can be unwrapped or swapped for stablecoins instantly.

Proton Swap

Following the lead of UniSwap on ETH, Metal is working with CryptoLions to develop a quick in-wallet swap with user-supplied liquidity pools. This swap will also be live on Bloks.io.

Lending Market

Once the wrapping and unwrapping features are rolled out, Proton will develop a lending marketplace similar to Compound for the Proton blockchain. This will enable Metal Pay users to lend and borrow their crypto directly from the Metal Pay wallet.

These projects are the first volley of initiatives to come from the joint efforts of the teams from Metal, Lynx, Bloks.io, and CryptoLions. According to Metal / Proton Founder and CEO Marshall Hayner, “We’ve barely scratched the surface of what the Proton blockchain can do. The ecosystem we’re building will be far-reaching and is the prime environment for block producers to come build something amazing. Our teams are on the bleeding-edge of what cryptocurrency can do, and we can’t wait to show the world what we’ve been creating.”

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