What Metal X does

Metal X (operated by Metallicus, Inc., a Delaware-incorporated, NMLS-licensed money transmitter) is a compliance-first decentralized finance (DeFi) platform built on the XPR Network blockchain. The platform offers a full suite of DeFi primitives: a fully on-chain Central Limit Order Book (CLOB) DEX with market, limit, stop-loss, and take-profit orders; an AMM-based Swap; on-chain liquidity pools and yield farming; non-custodial, over-collateralized lending via the LOAN Protocol; a multi-chain bridge (XRP, BTC, ETH, SOL); OTC trading; payment streaming; and a US/NZ/AUS fiat on-ramp. Self-custody is provided via the WebAuth multi-chain wallet (web, iOS, Android) with biometric key control. The underlying XPR Network delivers 4,000 TPS throughput with zero gas fees for end users, with validators rewarded in XPR rather than charging per-transaction fees.

The product is anchored by Metal Dollar (XMD), a stablecoin minted from a basket of USDC, PAXG, USDT, and PYUSD, which acts as the principal trading pair. Revenue is generated entirely from transaction-based fees — tiered DEX trading fees (0% market maker maker fee up to 0.10% base), 0.3% swap fees (with 0.2% to liquidity providers), lending interest spreads, and bridge fees — supplemented by staking- and NFT-based fee discount programs. Go-to-market is product-led growth via self-serve web and mobile apps, developer documentation (docs.metalx.com), an open-source GitHub trading bot, a REST API, and a referral program (25% fee share to referrers, 5% referee discount).

The company targets retail crypto traders, DeFi yield seekers, and new crypto users globally, with regulated fiat on-ramping restricted to US, NZ, and AUS and exclusions for OFAC-prohibited territories, Russia, Ukraine, and New York. With a stated headcount of 1-10 employees and no disclosed funding, the platform is privately held and operates at a relatively small scale on a niche L1. Notable limitations of the data set: no revenue figures, no investor information, and no management team details are disclosed.

Name

Metal X

Legal name

Metallicus, Inc.

Website

https://metalx.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Metal X is a compliance-first decentralized exchange and DeFi platform built on the XPR Network, offering spot trading, lending, swapping, yield farming, and fiat on-ramp services to retail crypto traders globally, with regulatory licensing via its parent Metallicus, Inc.

Ownership category

akta.pro rank

Product category

Decentralized Crypto Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Order-Book (CLOB) DEXs (FSADABAB)

akta.pro secondary industries

Decentralized Exchanges (DEX) & AMMs (FSAPADAB), Spot AMM DEXs (FSADABAA), Decentralized Exchanges (DEX) & AMMs (FSADAMAB)

Keywords

• Decentralized exchange
• DeFi trading platform
• Crypto lending protocol
• Multi-chain bridge
• Cryptocurrency staking

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. DEX Trading Fees: Tiered trading fees based on 30-day volume. Base fee 0.10% for makers and takers, decreasing to 0.01% at VIP tier ($1.25M+ monthly volume). Market makers pay 0% maker fees.
2. XBTC Trading Fees: Zero trading fees on XBTC/XMD trading pair for all users regardless of tier.
3. Swap Trading Fees: 0.3% per-trade fee on Metal X Swap. 0.2% goes to liquidity providers, 0.1% is converted to XPR and burned or added to XPR Grants quarterly.
4. Lending Interest Spread: Variable APY lending markets where depositors earn interest and borrowers pay interest. Smart contract enforced rates with real-time metrics.
5. Referral Program: Referrers earn up to 25% of referee trading fees; referees receive 5% trading fee discount.
6. Staking Discounts: Fee discounts based on XPR staking: 33% discount at 100k+ XPR staked, 66% at 1M+, 100% at 10M+.
7. Bridge Fees: Token deposit/withdrawal fees for bridging assets from other networks: ADA 1, DOGE 5, SOL 0.01, XRP 0.5, XPR FREE.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Metal X is a compliance-first decentralized exchange (DEX) built on the XPR Network that provides spot trading via a fully on-chain Central Limit Order Book (CLOB), non-custodial lending and borrowing, AMM-based token swaps, yield farming, liquidity pools, multi-chain bridging, fiat on-ramp, OTC trading, payment streaming, and staking. The platform charges zero gas fees on XPR Network and operates through the self-custody WebAuth wallet.

Product overview

Metal X is a compliance-first DeFi platform on the XPR Network offering zero gas fees across all operations. The platform operates as a unified ecosystem consisting of the core Metal X DEX (a Centralized Limit Order Book with fully on-chain order matching), Metal X Swap (AMM-based token swapping), Metal X Liquidity Pools (for earning 0.2% per trade), and Metal X Yield Farming (for staking LP tokens). Additional modules include Lending & Borrowing powered by LOAN Protocol (non-custodial over-collateralized lending), a Multi-Chain Bridge (for cross-chain asset transfers), Fiat On-Ramp (for buying crypto with cards), OTC Trading, Payment Streaming, and Staking (both fixed-term LOAN and flexible XPR). The ecosystem is anchored by Metal Dollar (XMD), a risk-balancing stablecoin basket, and supported by WebAuth Wallet for self-custody. A developer trading bot (dex-bot) is available open-source on GitHub.

Differentiator

Problem solved

Functional benefit

Brands

• Metal X Swap: AMM-based decentralized exchange for instant token swaps on XPR Network
• LOAN Protocol
• WebAuth
• Metal Dollar (XMD)

Products and services

• Metal X DEX A compliance-first decentralized exchange built on the XPR Network featuring a fully on-chain Central Limit Order Book (CLOB) with smart contract matching. Supports market, limit, stop-loss, and take-profit orders with zero gas fees, designed for retail crypto traders.
• Metal X Swap AMM-based instant swap functionality for exchanging XPR Network-based tokens with a 0.3% per-trade fee.
• Metal X Lending & Borrowing Non-custodial, over-collateralized lending markets where depositors earn variable interest and borrowers can borrow against crypto collateral with real-time LTV, utilization, and loan health metrics.
• Metal X Multi-Chain Bridge Cross-chain bridge enabling users to bridge assets from major networks including XRP, BTC, ETH, and SOL to XPR Network with zero-gas transfers.
• Metal X Fiat On-Ramp Fiat on-ramp service allowing users to buy crypto with debit or credit card with no hidden price spread, available in the US, New Zealand, and Australia.
• Metal X OTC Trading Peer-to-peer over-the-counter trading for executing large trades on custom terms with flexible pricing and settlement timing, enforced by smart contracts.
• Metal X Staking On-chain staking platform supporting fixed-term LOAN staking (up to 4 years with up to 4x reward multipliers) and flexible XPR staking with a 24-hour unlock period.
• Metal X Liquidity Pools On-chain liquidity provision where users supply liquidity to trading pairs and earn 0.2% of every trade proportional to their share, with no lockup period.
• Metal X Yield Farming Yield farming feature allowing users to stake liquidity pool tokens and earn variable smart contract APY rewards on staked positions.
• Metal X Payment Streaming Smart-contract payment streaming feature enabling micro-payments with custom intervals (minute, hour, day, week) and an end-stream-early function.
• Metal Dollar (XMD) The main trading stablecoin of Metal X, minted from a risk-balancing basket of USDC, PAXG, USDT, and PYUSD.
• WebAuth Wallet Multi-chain self-custody wallet with biometric-secured access (FaceID, TouchID, Yubikey) across XPR Network, Metal, Ethereum, Optimism, and other chains; available on web and mobile.
• LOAN Protocol Non-custodial decentralized lending protocol on XPR Network consisting of Depositors who lend tokens to markets and Borrowers who borrow against over-collateralized positions.
• Metal X DEX Trading Bot Open-source automated trading bot for Metal X and XPR Network built on Node.js/TypeScript with grid trading and market making strategies.
• Metal X REST API Public REST API for Metal X DEX offering endpoints for markets, account balances, order history, and trades history. Mainnet base URL https://dex.api.mainnet.metalx.com and Testnet base URL https://dex.api.testnet.metalx.com.

Quantifiable outcome

• 4,000 TPS transaction throughput
• +3 more outcomes

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Loopring: Loopring is an order-book DEX protocol that emphasizes zero or low gas fees via its L2 design, and operates its own AMM alongside the order book. Like Metal X, it combines CLOB trading with low/zero-fee execution to attract active traders.
• SushiSwap: SushiSwap is an AMM DEX offering spot trading, lending (via Kashi), staking, and bridge services across multiple chains. It directly overlaps with Metal X's swap, lending, and broader DeFi product surface for retail traders.
• Aave: Aave is the largest non-custodial, over-collateralized lending and borrowing protocol with variable and stable rates. It is the closest peer to Metal X's LOAN Protocol for the lending/borrowing portion of the product stack.
• dYdX: dYdX is an on-chain Central Limit Order Book (CLOB) DEX offering spot and perpetual derivatives trading with advanced order types. It is the most direct architectural analogue to Metal X's on-chain CLOB DEX, both prioritizing order-book matching over AMM-style execution.
• Hyperliquid: Hyperliquid runs an on-chain CLOB with high throughput for perpetual and spot trading on its own L1. It is structurally comparable to Metal X's on-chain CLOB with smart contract matching and advanced order types (limit, stop, take-profit).
• Curve Finance: Curve is a leading AMM DEX specialized in stablecoin and like-asset swaps. Its stablecoin-focused design parallels the role that Metal Dollar (XMD) plays on Metal X as the primary trading and liquidity pair.
• Aevo: Aevo is an on-chain CLOB derivatives and options DEX built on a custom rollup, supporting advanced order types and high throughput. It competes in the same order-book DEX category as Metal X, including for retail and professional traders seeking CLOB execution on-chain.
• PancakeSwap: PancakeSwap is an AMM DEX with spot trading, farming, lending, and bridge on BNB Chain and other networks. It targets retail crypto traders globally with a multi-product DeFi suite, comparable to Metal X's horizontal DeFi ecosystem.
• 1inch: 1inch is a DEX aggregator that sources liquidity from multiple on-chain venues and smart-routes orders. It competes with Metal X's DEX for traders who want best execution, though via aggregation rather than running its own order book.

Broad incumbents

• Uniswap: Uniswap is the largest AMM DEX by volume and the dominant on-chain spot trading venue. Metal X competes with Uniswap for retail crypto traders, but differentiates via CLOB order-book execution, zero gas fees, and KYC-enabled compliance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/XPRNetwork
• Xx.com/MetalXApp
• Facebookfacebook.com/MetalXApp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Metal X