{"version":1,"id":"metric","title":"Metric","summary":"Metric is a decentralized exchange protocol that uses active pools to provide liquidity and execute trades around changing reference prices.","content":"**Metric** is a [decentralized exchange (DEX)](https://iq.wiki/wiki/decentralized-exchange) for trading and providing liquidity through “Active [Pools](https://iq.wiki/wiki/pools),” whose prices and liquidity ranges adjust around a reference price rather than being determined solely by a conventional automated-market-maker curve. Metric launched on [BNB Chain](https://iq.wiki/wiki/binance-smart-chain) on October 14, 2026, and announced that it was live on [Ethereum](https://iq.wiki/wiki/ethereum), [Robinhood Chain](https://iq.wiki/wiki/robinhood-chain), and BNB Chain on October 15, 2026.[\\[1\\]](#cite-id-0hxtqpxjkm)​[\\[2\\]](#cite-id-8hty04hhpv)​\n\n## Overview\n\nMetric is a [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange) built around Active [Pools](https://iq.wiki/wiki/pools). Each pool’s Price Provider supplies bid, ask, and reference prices using oracles, [on-chain data](https://iq.wiki/wiki/on-chain-data), or custom rules. Liquidity is arranged in percentage ranges around the provider’s quote and moves as the reference price changes. Users can trade, provide liquidity, and deploy pools.[\\[2\\]](#cite-id-8hty04hhpv)​[\\[4\\]](#cite-id-od1q3vzdfr)​\n\n## History\n\nMetric’s team said it had spent years providing liquidity in [decentralized finance](https://iq.wiki/wiki/defi) before developing the project. In an October 16, 2026, article, it described a limitation of conventional automated market makers: they do not inherently know the real-time prices of assets whose markets are priced off-chain.[\\[1\\]](#cite-id-0hxtqpxjkm)​\n\nBefore Metric’s public app and infrastructure launch, aggregators were already routing trades into its pools. A September 23, 2026, analysis by Delphi Digital reported that Metric had processed more than $19 billion in spot trading volume through aggregator integrations. It also cited $6.4 billion in volume during the preceding 30 days and average [total value locked (TVL)](https://iq.wiki/wiki/tvl) of $3.94 million over that period, using data from [DefiLlama](https://iq.wiki/wiki/defillama). Metric reported that [Binance](https://iq.wiki/wiki/binance) Wallet routed $806 million in bStocks volume—61% of that volume—during the month ending September 16, 2026.[\\[5\\]](#cite-id-9zylww8y70)​\n\nAfter the public launch, Metric reported more than $11 million in TVL and $1.2 billion in trading volume five days later. It said nearly $500 million of that volume came from tokenized stocks on [BNB Chain](https://iq.wiki/wiki/binance-smart-chain) and Robinhood Crypto.[\\[1\\]](#cite-id-0hxtqpxjkm)​\n\n## Active Pool Design\n\nAn Active Pool separates the source of its price from the liquidity used to execute trades. A Price Provider supplies a bid, ask, and reference price using oracles, [on-chain data](https://iq.wiki/wiki/on-chain-data), or custom rules. The pool holds liquidity in percentage ranges around the provider’s quote and executes trades against that liquidity. Unlike a conventional automated market maker, the pool itself does not derive the reference price from its asset balances and trading curve; trades move price relative to the reference, while the liquidity ranges move when the reference changes.[[2]](#cite-id-8hty04hhpv)[[5]](#cite-id-9zylww8y70)\n\nThis design is intended to concentrate liquidity near the current trading price, allowing a pool to support trading with less capital than a pool that distributes liquidity broadly across a price range. Metric says trades settle against the live reference price, so execution reflects the asset’s current market price.[[4]](#cite-id-od1q3vzdfr)[[5]](#cite-id-9zylww8y70)\n\nCurators choose a pool’s Price Provider and settings, while [liquidity providers](https://iq.wiki/wiki/liquidity-providers) select the ranges they fund. [Pools](https://iq.wiki/wiki/pools) can be public, accepting liquidity from outside providers, or private, using a curator’s own capital. Metric distinguishes between update-dependent pools, which rely on price updates pushed on-chain, and update-independent pools, which derive their quotes from on-chain state and logic. On chains that support it, an update-dependent pool’s latest quote can be ordered ahead of trades that use it, a mechanism Metric describes as protecting the market maker.[[2]](#cite-id-8hty04hhpv)\n\n## Markets and Applications\n\nOracle-guided Active [Pools](https://iq.wiki/wiki/pools) can track off-chain markets such as tokenized stocks, foreign exchange, gold, and major [cryptocurrencies](https://iq.wiki/wiki/cryptocurrency). With a custom Price Provider or extension, pools can also reference on-chain prices, price yield-bearing assets using their conversion rates into underlying assets, or support custom instruments such as options and prediction-market outcomes. Metric identifies PropAMMs and oracle-guided pools as the two best-known types of Active Pools.[\\[2\\]](#cite-id-8hty04hhpv) PropAMMs are active pools that use a market maker’s own pricing strategy or proprietary quotes; their prices may be discovered through trading activity and inventory. [Oracle](https://iq.wiki/wiki/oracle)-guided pools, by contrast, derive their pricing from external oracle feeds.[\\[6\\]](#cite-id-c5mj8l8qjy)​[\\[5\\]](#cite-id-9zylww8y70)​\n\nCustom pool logic can also support strategies such as grid orders, [limit orders](https://iq.wiki/wiki/limit-order), deep over-the-counter orders, and volatility-adjusted pricing. Metric presents Active [Pools](https://iq.wiki/wiki/pools) as composable across decentralized finance: pools can be used as [collateral](https://iq.wiki/wiki/collateral), as [liquidation](https://iq.wiki/wiki/liquidation) venues, or as the basis for yield strategies.[\\[2\\]](#cite-id-8hty04hhpv)​[\\[4\\]](#cite-id-od1q3vzdfr)​\n\nMetric’s pre-launch plans included opening its infrastructure to other market makers and [liquidity providers](https://iq.wiki/wiki/liquidity-providers). The proposed model allowed market makers to supply their own pricing strategies, choose whether deposits were public or permissioned, and use Metric’s aggregator integrations to reach existing order flow. Delphi Digital noted that competition among market makers could lead to tighter spreads and greater depth, while also observing that Metric pools would compete with liquidity available elsewhere.[\\[5\\]](#cite-id-9zylww8y70)​\n\n## Ecosystem and Integrations\n\nMetric identifies traders, [liquidity providers](https://iq.wiki/wiki/liquidity-providers), public-pool curators and token issuers, market makers running private pools, aggregators, solvers, app developers, and pool developers as participants in its ecosystem.[\\[2\\]](#cite-id-8hty04hhpv)​\n\nThe platform says its pools can receive order flow from aggregators from launch, including 0x, [1inch](https://iq.wiki/wiki/1inch), [OKX](https://iq.wiki/wiki/okx), CoW Swap, and [PancakeSwap](https://iq.wiki/wiki/pancakeswap). On [Ethereum](https://iq.wiki/wiki/ethereum) and [BNB Chain](https://iq.wiki/wiki/binance-smart-chain), Metric also connects Active [Pools](https://iq.wiki/wiki/pools) to [block](https://iq.wiki/wiki/block) builders for priority inclusion; examples include Titan, BuilderNet, and BlockRazor.[\\[4\\]](#cite-id-od1q3vzdfr)​\n\nMetric later announced that referrals were live, allowing users to create referral links.[\\[1\\]](#cite-id-0hxtqpxjkm)​","categories":[{"id":"projects-and-protocols","title":"projects-and-protocols"}],"tags":[{"id":"DeFi"},{"id":"Infrastructure"},{"id":"Ethereum"},{"id":"BNBChain"}],"images":[{"id":"Qmdw3f2BEbsmamstPHxtP8gaDbUcgPcsSytWY5TsR3w9eN","type":"image/jpeg, image/png"}],"media":[{"id":"QmeGfXo1MzPhqPd3nx9C98c3Su6Xkf86x2dowb9cL9M69R","name":"Cópia de Design sem nome (1).png","source":"IPFS_IMG","thumbnail":"QmeGfXo1MzPhqPd3nx9C98c3Su6Xkf86x2dowb9cL9M69R","caption":""}],"metadata":[{"id":"rootdata_profile","value":"https://www.rootdata.com/Projects/detail/Metric?k=MjQ2NjI="},{"id":"website","value":"https://www.metric.xyz/"},{"id":"twitter_profile","value":"https://x.com/Metricxyz"},{"id":"github_profile","value":"https://github.com/metricxyz"},{"id":"references","value":"[{\"id\":\"0hxtqpxjkm\",\"url\":\"https://x.com/Metricxyz\",\"description\":\"Metric launch announcements\",\"timestamp\":1792688202980},{\"id\":\"8hty04hhpv\",\"url\":\"https://docs.metric.xyz/\",\"description\":\"Metric documentation\",\"timestamp\":1792688202980},{\"id\":\"od1q3vzdfr\",\"url\":\"https://metric.xyz/\",\"description\":\"Metric platform\",\"timestamp\":1792688202980},{\"id\":\"9zylww8y70\",\"url\":\"https://members.delphidigital.io/feed/new-dex-on-the-block-metric\",\"description\":\"Delphi Digital analysis of Metric\",\"timestamp\":1792688202980},{\"id\":\"c5mj8l8qjy\",\"url\":\"https://docs.metric.xyz/how-pools-work/price-providers\",\"description\":\"Metric Price Providers documentation\",\"timestamp\":1792688327890}]"},{"id":"main-image-origin","value":"{\"imageId\":\"Qmdw3f2BEbsmamstPHxtP8gaDbUcgPcsSytWY5TsR3w9eN\",\"originalId\":\"Qmdw3f2BEbsmamstPHxtP8gaDbUcgPcsSytWY5TsR3w9eN\"}"},{"id":"commit-message","value":"Create the Metric wiki"}],"events":[{"title":"Metric DEX launched on BNB Chain","date":"2026-10-01","type":"DEFAULT","description":"Metric opened its decentralized exchange on BNB Chain, enabling trading and liquidity provision for bStocks.","link":"https://cryptobriefing.com/bnb-chain-bstocks-metric-dex/","country":"","continent":"","multiDateStart":null,"multiDateEnd":null,"id":"f5d302ea-b061-484c-a214-2b594535a56d"},{"title":"Metric announced live on Ethereum, Robinhood Chain, and BNB Chain","date":"2026-10-01","type":"DEFAULT","description":"Metric announced that users could trade, provide liquidity, and deploy pools on Ethereum, Robinhood Chain, and BNB Chain.","link":"https://x.com/Metricxyz/status/2110762664083468483","country":"","continent":"","multiDateStart":null,"multiDateEnd":null,"id":"67240527-6ecf-4b0f-bd90-55b2d5544835"}],"linkedWikis":{"founders":[],"blockchains":["ethereum","robinhood-chain","binance-smart-chain","base","polygon","arbitrum","avalanche","monad","megaeth"],"speakers":[]},"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0xd5893989b9952c6568a99F854795AcC5Ae480D56"},"language":"en","operator":{"id":"0xd5893989b9952c6568a99F854795AcC5Ae480D56"}}