Metric explained: open oracle-priced propAMM DEX on EVM
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Metric is an open EVM version of Solana's propAMMs: pools quote off Chainlink or Pyth, LPs fund bins at fixed offsets and curators run pricing. Live since 15 Oct with ~$5.4M TVL and ~$147M day-one volume; he sees tokenized stocks as the first use case.
Key claims
~$5.4M TVL and ~$147M 24h volume on day one
~$21.9B volume earlier as an aggregator destination
propAMMs do 15 to 27% of Solana onchain DEX volume
Is @metricxyz the next big thing?
Woke up today and my timeline says yes.
But WTF is an oracle-priced propAMM DEX, and why should you care?
Let me explain anon ↓
AMMs have an awkward design flaw: they discover price inside the pool. Every time the real market moves, an arber trades the pool back in line and the LPs eat the difference.
For assets whose real price lives somewhere else, that's backwards. NVDA's price is set on Nasdaq. ETH's is set on centralised order books. An onchain pool can only lag it.
Solana already solved this with propAMMs, pools that quote off an external price, and they now do 15 to 27% of on-chain DEX volume. The catch is they're closed. One market maker, one book, and you take the quote or leave it.
@metricxyz is the open version on EVM. And imo it's definitely the most interesting DEX design to ship this year.
Live since yday (15th of Oct) on Ethereum, BNB Chain and Robinhood Chain with currently:
- ~$5.4M TVL
- ~$147M 24h volume on day one
Before that it did ~$21.9B purely as an aggregator destination, with no frontend at all.
How does it work?
- The pool doesn't decide the price. A Price Provider does, reading Chainlink or Pyth, and the pool only tracks how far it sits from that reference ("deviation")
- LPs fund bins at fixed % distances from the reference. When the oracle moves, every bin reprices with it. No trade needed, so no arber gets paid to drag it there
- No range to manage, no rebalancing bot. Traders pay no fee on top, the cost is the spread, split between LPs, the curator and the protocol
- Price and liquidity are separate jobs. A curator (market maker, fund, anyone) runs the pricing. Anyone can LP into it. Uniswap's permissionless pools with a market maker's quote
Why I'm bullish:
1) It's built for tokenized stocks, not adapted to them. A Multiplier Oracle prices stock tokens as share price x the issuer's multiplier, so splits and dividends don't break the pool. Robinhood's ERC-8056 is supported natively. Stocks are the cleanest use case for oracle pricing there is
2) They did the boring hard part. A propAMM lives or dies on stale quotes. On Ethereum, oracle updates go through builders covering ~97 to 98% of blocks and only land in a block that has a trade against the pool. No trade, no gas. BSC gets a protected lane via 48Club and BlockRazor. Most copycats will underestimate this
3) LP protection is built into the contracts, not the UI. Green pools need oracle-anchored pricing, a verified curator and an immutable StopLoss that rejects swaps draining a bin too fast. Extensions can block a trade but can never change the price
4) Distribution came first. Flow arrives via 1inch, 0x, OKX, KyberSwap, CoW Swap and PancakeSwap whenever the quote wins. It earned its volume before it had a big public brand
5) The team: CTO Christos Gkolias was a senior engineering manager at Uniswap. Also, protocol was audited by Zellic and Sherlock
My take: oracle pricing is where onchain execution for anything with an off-chain price is heading, and tokenized stocks get there first. Tessera and Native already run that game for one market maker each. Metric turns it into infrastructure anyone can plug into, which is indeed nothing short of huge, and finally a new open DeFi primitive.
Points and referrals are already wired into the app, so being early here looks worth it imo. An airdrop down the line wouldn’t surprise me.
My link if you want to try it: t.co/mn2tE9rPzT
Get in early, earn point and position yourself for what could be one of the main DeFi plays in the months ahead:
app.metric.xyz/r/zerokn0wledge
Also check out my @metricxyz dashboard on deviation.wtf
x.com/zerokn0wledge_/status/2111006645715403143
1 more image on X