Introduction
Mettalex and Fetch.ai teams proudly announce the launch of the inaugural Phoenix Program, offering FET token stakers high-yield MTLX rewards. This initiative represents Fetch.ai's second MTLX distribution campaign for FET holders.
Key Program Details
- Reward Pool: 250,000 MTLX tokens allocated over three months
- Total Value: Fixed $2,000,000 reward pool (~$22,200 daily at $8/MTLX)
- Eligibility: Existing FET stakers and new participants
How the Phoenix Program Works
Program Timeline
- Start Date: February 19, 2021
- End Date: May 19, 2021
Reward Structure
- Projected APY: Up to 51% for FET stakers
- Claim Flexibility: No lock-in period; rewards claimable anytime
- Daily Updates: Rewards calculated via UTC 12:00 snapshots
Participation Steps
- Stake FET tokens via the Fetch.ai Staking Portal
- Click "Enroll" in the Phoenix Program section
- Confirm transaction in MetaMask
👉 Start staking FET today to earn MTLX rewards!
FET Staking Guide
Requirements
- MetaMask wallet with FET tokens
- ETH for gas fees (recommended gas limit: 214,000)
Acquisition Options
- Exchanges: Binance, Bitfinex, MXC
- DEXs: Uniswap, Balancer (verify contract: 0xaea46A60368A7bD060eec7DF8CBa43b7EF41Ad85)
Staking Process
- Connect MetaMask to staking.fetch.ai
- Select desired FET amount
Complete two-step "Top-up" process:
- Approval transaction
- Deposit confirmation
- Monitor rewards via staking dashboard
Mettalex Platform Overview
Key Features
- Decentralized commodity derivatives exchange
- Powered by Fetch.ai's autonomous economic agents
- First major application built on Fetch.ai technology
MTLX Token Utility
Governance voting on:
- New market creation
- Fee allocation
- Liquidity pool parameters
- AMM selection
Future Distribution Plans
- Upcoming: 750,000 MTLX through similar programs
Frequently Asked Questions
General Program
Q: How does FET staking work?
A: Stake tokens through the official portal to earn rewards. The process requires MetaMask and ETH for gas fees.
Q: When can I unstake my FET?
A: Tokens can be unstaked anytime but require a 21-day unbonding period.
Q: What if I sent tokens directly to the contract?
A: Direct transfers bypass staking functionality. Always use the official portal.
Technical Issues
Q: My enrollment transaction failed. What should I do?
A: Double the gas limit (214,000 recommended) and retry using MetaMask's advanced settings.
Q: Why don't I see my staked tokens in MetaMask?
A: Wait for transaction confirmation—page refreshes won't accelerate the process.
Token Management
Q: How do I convert old FET tokens?
A: Follow instructions in our Token Migration Guide. Exchange-held tokens convert automatically.
Q: What if I hold old tokens in a smart contract?
A: Email contract details to [[email protected]](mailto:[email protected]) with "Smart Contract Old FET Tokens" in the subject.
Security
Q: An admin asked for ETH to process rewards. Is this legitimate?
A: No! Fetch.ai admins never initiate DMs. Report such accounts immediately.
👉 Learn more about secure staking with our comprehensive guides.
About the Organizations
Fetch.ai
Cambridge-based AI lab building infrastructure for autonomous economic agents. Official Website
Mettalex
Decentralized commodity derivatives platform bringing $20T market to DeFi.