Metric
C Tier
LATEST UPDATE · OCTOBER 27, 2026
Live since Oct 15, 2026; $1.2b volume in 5 days, $18.5m TVL by Oct 27; no points program; referral details pending; US barred by the terms; founders unnamed except the CTO. Grok: Tier C, #16, 'the most real volume with no program yet'; placed one slot lower for the US block and the unnamed founders.The numbers
Expected FDV
$150m
$50m – $400m
Airdrop pool
$15m
Unknown; 10% assumed
Team score
5/10
founders, exits, backers, flags
Wallets earning
Unverified; $1.2b volume and $11m TVL in the first 5 days (official, Oct 20, 2026); $18.5m TVL and $4.7b of 30-day volume on DefiLlama (Oct 27), with the top two curators at ~90% of it
fewer is better for you
Token window
None; the terms allow a points program 'in its sole discretion' and say points would have 'no monetary value'; third-party guides claiming 500k points a week are uncorroborated
$10m$100m$1b$10b
How we got the FDV: Bootstrapped, no outside investors, but real day-one volume in tokenized stocks. Comps: dYdX ~$105m, Kamino ~$395m (CoinGecko, Oct 27). Assumption; no token language.
Real volume from day one and an ex-Uniswap CTO, but the founders are unnamed, the US is barred and there is no program. For non-US LPs it is yield with a free option attached.
Launched Oct 15, 2026 and crossed $1.2b of volume and $11m TVL in five days, nearly $500m of it tokenized stocks on BNB Chain and Robinhood Chain; TVL was $18.5m by Oct 27 and stock pools paid LPs about 60% APR in week two. Pools are priced off an external reference ('prices pools to reality') so LPs are not picked off. CTO Christos Gkolias spent 3.5 years at Uniswap Labs; the terms let Metric run a points program at its discretion and referrals are live with benefits pending. Bootstrapped with $2.5m of the team's own liquidity (Castle Labs), so no VC points crowd. Against it: the operating company is a Panama S.A., no founder beyond the CTO is named, and half the pools by count are marked high risk.
Cut it if: a points program launches with flat per-volume emissions, the team stays unnamed past a first raise, or the team says there will be no token.
Who's farming it: Castle Labs (Oct 26) calls it bootstrapped and notes two curators do ~90% of volume. Token Terminal (Oct 24): $311m of tokenized-stock DEX volume in 7 days, 10x the next venue. No farmer coverage beyond the launch thread (50.9k views).
What is Metric?
A DEX for tokenized stocks and real-world assets on Ethereum, BNB Chain and Robinhood Chain that anchors each pool to an external price feed and charges traders no fee beyond the spread (Waypoint Technologies S.A., Panama). Public launch Oct 15, 2026 after a stealth period routed through aggregators; no outside raise; CTO Christos Gkolias (ex-Uniswap Labs, Google) joined at launch; other founders unnamed. US users barred by the terms. No points or token language as of Oct 27.
Airdrop parameters
POINTS / CLAIM END
No program
ALLOCATION
Nothing announced
METHOD
No program; the terms reserve the right to run one; referral benefits 'revealed soon'; any airdrop would be retroactive
TGE
None
ACCESS
Not for US citizens or residents per the terms (Oct 5), plus sanctioned countries; VPNs banned; Canada and UK not named. Connect a wallet, no code, verification 'may' be required. Ethereum, BNB Chain and Robinhood Chain. Zero trading fee: you pay the quoted spread (Metric keeps 7.5% of it; curators and Metric can change their cut with no timelock). Referral links live since Oct 21, some wallets not allowed to create one; benefits 'revealed soon'. No mobile app.
CHAIN
Multi-chain
How to farm
01
Non-US only
The terms bar US citizens and residents outright and ban VPNs.
02
LP the stock pools
Tokenized stocks on BNB Chain and Robinhood Chain carried ~60% APR (Oct 27). Watch weekend risk: no outside price when markets are closed, and the docs say you can lose the whole deposit.
03
Route swaps directly, not via aggregators
If points ever count, direct usage is what gets attributed.
04
Create a referral link
Live now; terms to follow.
05
Don't size for a token
No raise, no ticker, no language. Treat it as yield with an option attached.