Metric DEX (N/A)

What is Metric DEX? 🤔

Metric.xyz is a spot DEX on 3+ chains that opens up to the public market-making infrastructure that used to be available only to prop firms.

Its core feature is the ability to create pools with custom price sources: oracles like Chainlink Data Streams or Pyth, a market maker’s feed, or the pool’s own pricing logic. This makes possible to create LPs for any asset that already exists on-chain and has a price source - from major and low-cap crypto to tokenized stocks, yield-bearing tokens, prediction market outcomes, and more. Curators can also add extensions that set extra conditions, such as rejecting swaps during high volatility or when the pool runs into losses.

Another innovation from the Metric Exchange is the way the liquidity is getting allocated within the pool. On most spot DEXs, a V3/V4 LP range is set at fixed prices. On Metric xyz, you build a position in percentages relative to the reference price, eliminating the need to reopen the LP position and build more right LP positions by default. Still, as trades, and determine deviation (how far its current price sits from the reference price) based on the size of buy or sell orders. As a result, bins close to 0% fill most often but are crowded with LPs, while outer bins only fill on large or one-sided trades, at a better price for the LP. 

Finally, Metric crypto exchange stands out by dropping the classic fee model, bringing Lighter’s zero-fee perp DEX approach to spot DEXs. On Metric, traders pay no trading or frontend fees. The pool earns from the spread built into each quote, as most prop firms do, and curators can add an optional bin fee. That spread is then split: Metric takes a default 7.5%, the pool curator takes its own cut, and LPs keep the rest, auto-compounding.

Read more about the Metric DEX features in its docs.

According to DeFiLlama, the Metric crypto project processed $6.3B in volume over the past 30 days on ~19M TVL as of November 2026, with ~28B in cumulative volume. It has also established itself as one of the venues for tokenized US stocks on BNB Chain, having launched bStocks trading and LPing in October 2026.

🪙 Metric token

As of November 2026, the team hasn’t confirmed any plans to launch a native Metric token or conduct a Metric airdrop. As the product launched only recently, the CoinLaunch team also has no even assumption about when the Metric TGE date might be.

Still, according to some crypto rumors and the archived docs data, user activity is tracked and converted into points despite no official announcement by the team yet.  

✅ Metric pros:

• Very impressive product concept with a zero-fee approach, similar to Lighter’s, which went viral for a while;
• CTO is an ex-Director of Engineering at Uniswap Labs and an ex-Google engineer;
• Five audits by Zellic and Sherlock between May and September 2026;
• 6.3B 30-day volume and ~18.3M TVL, according to DeFiLlama;
• Assuming an effective spread of 1.2 bps per trade, Metric’s 7.5% share (0.09 bps) works out to roughly $57K in revenue over 30 days and $242K cumulatively;
• Vast ecosystem of partners and integrations, including Chainlink, 1inch, OKX, PancakeSwap and more.

❌ Metric cons:

• No token, tokenomics or airdrop confirmed;
• Below-average digital marketing score;
• Christos Gkolias says he is CTO of Metric on X but hasn’t added the company to his LinkedIn, so there’s still a chance the X account is fake;
• No top-tier funds backing the project;
• Revenue isn’t tracked on DeFiLlama and can only be estimated;
• Fierce competition from Uniswap v4, PancakeSwap and others;
• Most of the core team is anonymous.