Metal DAO

Metal DAO (MTL) is a utility and governance token built around the Metal Pay application, a cash and cryptocurrency payments platform developed by Metallicus and launched in 2016. It is designed for retail users who want to send and receive money or purchase cryptocurrency with reduced transaction costs. MTL holders also participate in governing the Metal Dollar (XMD) stablecoin, including decisions about which stablecoins sit in its backing basket and which issuers are permitted.

MTL functions as a tiered-discount and governance token within the Metal Pay ecosystem rather than as a proof-of-work or proof-of-stake network token; the block time recorded for the asset is zero, indicating no independent chain is associated with MTL itself. Within Metal Pay, holding at least 10,000 MTL qualifies a user for 0% fees on cryptocurrency purchases, while smaller holdings receive proportionally lower discounts. Governance rights allow token holders to propose and vote on changes to the Metal Dollar stablecoin basket, including allocation ratios and the addition of new stablecoin issuers such as community banks or fintech companies.

The fee benefit associated with MTL flows to users rather than to a protocol treasury — qualifying holders pay 0% fees on cryptocurrency purchases inside Metal Pay, meaning the token is structured around fee elimination for users rather than fee collection by the protocol. No fee revenue stream to token holders or a protocol reserve is described in the available data, so fee-based yield or revenue metrics that this site might apply to other assets are not applicable here. The entire circulating supply of 93,397,746 MTL is already in circulation, representing 100% of supply issued, with no remaining dilution overhang and an fdv-to-market-cap ratio of exactly 1.0, meaning there are no tokens held back that could later enter the market.