With the recent AMA held on November 8th featuring our CEO, Humayun Sheikh, and the Mettalex community, we addressed questions about the status of anyMTLX. During the session, we assured the community that a comprehensive solution would be developed, and we are delivering on that promise.

This blog outlines the detailed plan for how anyMTLX holders will be compensated with MTLX. However, before diving into the proposed solution, let us revisit the core concerns around anyMTLX to provide clarity and context.

Understanding the anyMTLX Concern

anyMTLX tokens, the BSC-bridged version of $MTLX, were introduced to provide flexibility and expand access to Mettalex's tokenomics. However, due to external challenges and the closure of the Anyswap exchange, transferring these assets back to $MTLX (Ethereum chain) has faced significant obstacles.

This has understandably created uncertainty and concerns within our community regarding the liquidity and usability of anyMTLX tokens.

In the following sections, we outline our comprehensive solution to address these concerns and compensate anyMTLX holders effectively.

Solution - anyMTLX to MTLX Bridge

In order to compensate anyMTLX holders, the team has developed an Agent-based bridge to exchange anyMTLX tokens for MTLX tokens.

What?

• Snapshot S0 (T0): A snapshot of wallet holdings anyMTLX will be taken at the announcement time (T0).

• LP withdrawal: Users will have a stipulated time (T1) to withdraw anyMTLX tokens from PancakeSwap liquidity pools and hold them in their wallets.

• Snapshot S1 (T1): A second snapshot will be taken at (T1) to record final holdings. S0 and S1 will calculate the maximum number of tokens users can bridge to ETH.

• Bridge Window (T2): A bridge from BNB to ETH will be opened for a specified period (T2) to allow users to transfer tokens.

• Final Migration (T3): Once T2 ends, the migration process will be completed, and no further transfers will be supported.

• Ratio: A 1:1 token exchange ratio will be maintained.

Timeline

• S0 / T0 (Announcement):- 12th December 2024

• S1 / T1 (LP Withdraw) - Until 4 Weeks after T0, January 10th 2025

• T2 (Bridge Open) - 5days after T1, 15th January 2025

• T3 (Bridge Close) - 1 Month after T2,15th February 2025

Disclaimer:

While we have developed the anyMTLX to MTLX bridge to address community concerns effectively, some risks and responsibilities are associated with the process. Please review the following notes carefully:

• Liquidity Provider (LP) Action Required: LPs are responsible for withdrawing anyMTLX tokens from PancakeSwap pools before the snapshot deadline (T1). Mettalex will not compensate for tokens left in liquidity pools after the deadline.

• No Support Post-Bridge Closure: After the bridge window (T3) closes, no support for anyMTLX will be provided. Unused anyMTLX tokens will not be eligible for future migration or compensation.

• Potential Technical Issues: Although we have tested the bridge thoroughly, unexpected technical issues or delays may occur during the migration process.

• Market and Price Risks: Fluctuations in the value of anyMTLX and MTLX during the migration period may affect users' decisions and outcomes. Also, we request community to stop trading anyMTLX after 10th of January 2025.

• Finality of Transactions: All transfers and token exchanges are final once the migration is complete. Users are encouraged to double-check transaction details to avoid errors.

• No Compensation Beyond Stipulated Time: Any tokens not bridged within the migration period will not be compensated. Users are strongly advised to complete the process within the given timelines.

By participating in this process, users acknowledge the associated risks and agree to follow the provided guidelines. Please note that the mentioned timelines are tentative and subject to change at Mettalex's discretion. For any questions or assistance, feel free to contact the Mettalex team at info@mettalex.com.