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Guides | Cryptocurrency Guide

What Is Metal DAO (MTL)? All You Need To Know

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

3 mins
Last update

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Key Takeaways

  • Metal DAO (MTL) is a utility token that helps govern the stablecoin Metal Dollar (XMD).
  • MTL holders get tiered trading discounts on the Metal Pay cash & crypto app, with the highest tier offering 0% fees on crypto purchases.
  • In the future, MTL holders can propose new stablecoins to add to the Metal Dollar basket and vote on new issuers.

What Is Metal DAO (MTL)?

Metal DAO (MTL) is a utility token launched in 2017 alongside the Metal Pay app. It currently serves two main purposes: governing the stablecoin Metal Dollar (XMD) and offering tiered trading discounts to MTL holders on the Metal Pay app.

Metal Pay was developed in 2016 by Metallicus Inc., a blockchain digital product company. Looking ahead, Metal DAO plans to expand its utility by allowing token holders to propose new additions to the Metal Dollar basket, including their allocation and who can issue them.

How Does Metal DAO (MTL) Work?

Metal DAO (MTL) functions as a utility and governance token within the Metal Pay ecosystem, a blockchain-based payment processing platform. Here’s a breakdown of its functionalities:

Governance

MTL holders have voting rights on proposals affecting the Metallicus ecosystem, including the stablecoin Metal Dollar (XMD). They can decide on aspects like:

  • Issuing new stablecoins
  • Defining allocation ratios for resources
  • Implementing various functionalities

Utility

Fee Reduction

Holding MTL grants users discounts on buying and selling crypto through the Metal Pay app. The discount depends on the quantity of MTL held.

Earning MTL

Metal Pay offers a unique feature called Proof of Processed Payments (PoPP). By making payments using the Metal Pay app, users can earn additional MTL tokens as rewards, incentivizing them to use the platform actively.

Staking

MTL can be staked to earn MTL rewards and gain access to exclusive features within the Metal DAO ecosystem.

Metal DAO (MTL) Token And Tokenomics

Tokenomics

The MTL token is Metal DAO’s native cryptocurrency. It is used for:

  • Mobile payments
  • Governance
  • Staking

Token Details

Total Supply 66,588,888 MT

Circulating Supply 66,588,888 MT

Current Price $2.00

Market Capitalization $133,329,518

This information is current as of April 12th, 2024, and the token’s price, market value, and available supply may fluctuate.

Distribution

  • Public Sale (30%)
  • Team & Advisors (25%)
  • Metal Ecosystem (20%)
  • Reserve (15%)
  • Community Funds (10%)

Additional Details

MTL has a deflationary mechanism where some tokens used in transactions are burned, potentially increasing the token’s value over time. However, MTL also has inflationary mechanisms, such as staking rewards and potential future airdrops, which can impact the token’s price.

Where Can I Buy Metal DAO (MTL)?

Binance Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to buy crypto, including credit cards, debit cards, and peer-to-peer (P2P) trading.

Coinbase Coinbase is an American-based cryptocurrency exchange that allows you to buy cryptocurrencies using various payment methods, including bank transfers, debit cards, and wire transfers.

Bitget – This exchange allows you to buy cryptocurrencies with fiat currency or trade them for other crypto assets. It also offers various trading features and functionalities.

Is Metal DAO (MTL) A Good Investment?

Pros

  • Integration with Metal Pay – MTL is the native token of the Metal Pay mobile app, which allows users to buy, sell, and spend cryptocurrencies easily.
  • Focus on Security and Efficiency – Metal Pay 3.0’s integration with the Proton XPR chain aims to enhance transaction security and efficiency within the Metal Pay ecosystem.
  • Future Utilities – MTL holders may have future voting rights on proposals within the Metal DAO ecosystem, such as proposing new stablecoins and selecting new stablecoin issuers.

Cons

  • Limited Adoption – Despite its goals, Metal DAO’s platform hasn’t achieved widespread adoption yet.
  • Competition – The cryptocurrency space is crowded with established players and emerging projects aiming to solve similar problems.
  • Price Volatility – Like most cryptocurrencies, MTL experiences significant price fluctuations. This volatility can be risky for investors seeking stability in their investments.

Final Thoughts

Overall, Metal DAO (MTL) has the potential to be a valuable asset for those invested in the Metal Pay ecosystem. However, before investing, it is important to carefully consider the risks and potential rewards.