Metric

Metric is a decentralized exchange (DEX) for trading and providing liquidity through “Active 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 on October 14, 2026, and announced that it was live on Ethereum, Robinhood Chain, and BNB Chain on October 15, 2026.^[1]​^[2]​

Overview

Metric is a decentralized exchange built around Active Pools. Each pool’s Price Provider supplies bid, ask, and reference prices using oracles, 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]​^[4]​

History

Metric’s team said it had spent years providing liquidity in decentralized finance 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]​

Before 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) of $3.94 million over that period, using data from DefiLlama. Metric reported that Binance Wallet routed $806 million in bStocks volume—61% of that volume—during the month ending September 16, 2026.^[5]​

After 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 and Robinhood Crypto.^[1]​

Active Pool Design

An 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, 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][5]

This 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][5]

Curators choose a pool’s Price Provider and settings, while liquidity providers select the ranges they fund. 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]

Markets and Applications

Oracle-guided Active Pools can track off-chain markets such as tokenized stocks, foreign exchange, gold, and major cryptocurrencies. 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] 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-guided pools, by contrast, derive their pricing from external oracle feeds.^[6]​^[5]​

Custom pool logic can also support strategies such as grid orders, limit orders, deep over-the-counter orders, and volatility-adjusted pricing. Metric presents Active Pools as composable across decentralized finance: pools can be used as collateral, as liquidation venues, or as the basis for yield strategies.^[2]​^[4]​

Metric’s pre-launch plans included opening its infrastructure to other market makers and 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]​

Ecosystem and Integrations

Metric identifies traders, 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]​

The platform says its pools can receive order flow from aggregators from launch, including 0x, 1inch, OKX, CoW Swap, and PancakeSwap. On Ethereum and BNB Chain, Metric also connects Active Pools to block builders for priority inclusion; examples include Titan, BuilderNet, and BlockRazor.^[4]​

Metric later announced that referrals were live, allowing users to create referral links.^[1]​