MetalSwap

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

A further 110.722,2 $ sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Wichtige Ereignisse, die von der DeFiLlama-Community markiert wurden — Protokoll-Launches, Exploits, Governance-Änderungen und Anreizprogramme.

1. Jul 28, 2022
   Auf DeFiLlama gelistet
2. Feb 24, 2025
   TVL Migration to Denaria
3. Sep 2, 2022
   Launch on ETH

MetalSwap is a Derivatives protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed across 5 chains, including Linea, Optimism, Ethereum, Binance and 1 other chain. The codebase has been independently audited (1 report on file). DeFiLlama tracks 2 historical events for this protocol since 2022.

MetalSwap runs a multi-chain deployment, with smart contracts live on 5 networks. TVL is comparatively balanced across networks: even the largest deployment (staking) holds only 27% of the protocol's value. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts.

Verified external resources for MetalSwap — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

MetalSwap is one of 7 Derivatives protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Jupiter Perpetual Exchange, Hyperliquid HLP, Drift Trade, and 3 more. These peer protocols collectively secure 2,3 Mrd. $ in deposits, giving you a frame of reference for whether MetalSwap's own TVL is at the top, middle, or tail of the category.

Jupiter Perpetual Exchange

TVL 910,6 Mio. $ · 24h -0.27%

Hyperliquid HLP

TVL 431,7 Mio. $ · 24h +0.11%

Drift Trade

TVL 334,4 Mio. $ · 24h +0.22%

GMX V2 Perps

TVL 267,5 Mio. $ · 24h -0.08%

Extended

TVL 196,4 Mio. $ · 24h +0.06%

dYdX V4

TVL 125,3 Mio. $ · 24h +0.58%