Pushing the DEX Frontier

Perpetual DEX and yield leverage tool exclusively built for Metis Andromeda network

Trade METIS, BTC, ETH, AAVE and other top cryptocurrencies with up to 50x leverage directly from your wallet

Launch App Trade

Reduce Liquidation Risks IconReduce Liquidation Risks

An aggregate of high-quality price feeds determine when liquidations occur. This keeps positions safe from temporary wicks.

Reduce Liquidation Risks IconSave on Costs

Enter and exit positions with minimal spread and zero price impact. Get the optimal price without incurring additional costs.

Reduce Liquidation Risks IconSimple Swaps

Open positions through a simple swap interface. Conveniently swap from any supported asset into the position of your choice.

Products

Tethys TradingProducts
Trading & Swaps
01.9k.
Tethys Finance uses an aggregate price feed which reduces the risk of liquidations from temporary wicks.
Tethys Exchange
Tethys StakingProducts
Staking
01.2k.
Stake your TETHYS to earn METIS rewards from trading fees as well as Multiplier Points
Tethys Exchange
Products
Rewards
01k.
Tethys Perpetual rewards provide benefits for long term users of the protocol, these rewards come in the form of Escrowed TETHYS, METIS and Multiplier Points.
Tethys Exchange
Tethys ReferralsProducts
Referrals
0761
Get fee discounts and earn rebates through the Tethys referral program.
Tethys Exchange
Tethys Exchange V2 Core Concepts Reveal

We’ve recently announced the switch for Tethys from being a DEX to a Leveraged yield dApp. Before the switch, leveraged yield part (Tethys Market) was embedded as a feature; after the switch, it will be the main component of Tethys Finance V2. There were many reasons for this switch, but the most important thing is we’re not stopping and keep building on the Metis Andromeda network.

If you’re unfamiliar with Tethys Market, it allows users to leverage their farming returns by borrowing LP tokens. LP tokens secure the loans as collateral that users can leverage up to 20x. This process is inspired by the Tarot protocol and has proven to be secure over time and an essential yield-generating piece of the Web3 economy.

Liquidity isolation and shared borrowable pools

All leveraged yield pools are currently isolated. For example, if there are “METIS-USDC” leveraged yield pools on Netswap and Hermes, the liquidity used for borrowing will be separated and only utilized within the pool it was supplied to. Suppliers must supply METIS and USDC for both “METIS-USDC” pools, drastically reducing capital efficiency. For example, imagine there are 5 “METIS-USDC” pools on different DEXes; users must supply the liquidity for each one separately.

The reason for this is security. If METIS-USDC LP gets hacked on Netswap, the METIS-USDC pool for Hermes will not be affected. While this is a reasonable precaution, it is unnecessary if Netswap LP and Hermes LP contracts implement the same Uniswap V2 pair.

Tethys V2 will have shared borrowable pools as well as isolated borrowable pools. It will be determined by protocol admin (and governance) whether the lending pool should be allowed to utilize shared liquidity (and what percentage of it) or should the pool be isolated.

With this change, borrowers will access much deeper liquidity while allowing more straightforward UX for suppliers.

veTokenomics

Tethys Market has a borrower incentive program when TETHYS are distributed over time to borrowers of different pools. At this moment, the admin decides the proposition of the TETHYS distribution to the pools. For V2, we’re implementing veTokenomics, so users will vote for emissions by locking their TETHYS tokens as veTETHYS.

veTETHYS is vote escrowed TETHYS. Users can lock TETHYS for a period between 7 days and 4 years to mint veTETHYS. The longer you lock, the more veTETHYS you get for the same amount of TETHYS. veTETHYS will be created to incentivize token purchases, encourage long-term investing, and develop a strong TVL directly linked to lock boosting.

New interest rate model Currently, Tethys Market has a conservative interest rate model. We’re adjusting interest rate parameters to be steeper. This should result in more incentives for suppliers to add assets to the pool when the utilization % is high. We believe this change will keep the protocol at a healthy utilization level, especially with a shared liquidity mechanism.

Discounts & Referral Codes
MUX network referral code
MUX.network referral code: MUXNET
0803
The MUX Protocol Suite is a complex of protocols with features that will offer optimized trading cost, deep liquidity, a wide range of leverage options and diverse market options for traders.
Tethys Exchange
Vela exchange referral id
VELA Exchange Referral ID/Code: D2A5S4X8
02k.
Vela Exchange is a decentralized exchange with advanced perpetuals trading capabilities, community focused incentives, and scalable infrastructure.
Tethys Exchange
GMX Referral Code
GMX Referral Code: TEDIX – 5% discount for traders
01.7k.
GMX.io — Decentralized Perpetual Exchange. Trade BTC, ETH, AVAX and other top cryptocurrencies with up to 50x leverage directly from your wallet.
Tethys Exchange