Metal DAO (MTL)
Metal DAO (MTL) is a utility token designed to enhance the functionality of the Metal Pay platform. Metal Pay is a cash and cryptocurrency application that allows users to send, receive, and hold various cryptocurrencies. MTL plays a significant role in governing the stablecoin Metal Dollar (XMD) and offers various benefits to its holders, including trading discounts. This article explores the history, utility, and future prospects of Metal DAO.
History of Metal DAO
Metal DAO was developed by Metallicus, a company that launched the Metal Pay platform in 2016. Metallicus aimed to create a seamless ecosystem that bridges the gap between traditional financial systems and the burgeoning cryptocurrency market. The introduction of Metal DAO and its associated utility token, MTL, marks a critical development in the platform's evolution, providing users with more control and incentives within the Metal Pay environment.
| Ticker | MTL |
| Category | Smart Contract Platform |
| Website | https://www.metalpay.com/ |
| @metalpaysme | |
| Telegram | MetalPayCommunity |
| https://www.reddit.com/r/MetalPay/ | |
| Contract Addresses | |
|---|---|
| metal-l2 | 0xbc...a9 Copied! |
How Metal DAO works
Governance of stablecoin Metal Dollar (XMD)
MTL holders have a unique governance role concerning the stablecoin Metal Dollar (XMD). This stablecoin is a core component of the Metal Pay ecosystem, providing a stable medium of exchange within the platform. MTL holders influence the governance of XMD, which includes the ability to propose new stablecoins for inclusion in the Metal Dollar basket. They can also suggest allocation ratios, ensuring that the stablecoin maintains its intended value and stability.
Trading discounts and benefits
One of the primary utilities of MTL is the provision of tiered trading discounts for users of the Metal Pay app. Customers who hold 10,000 or more MTL tokens can enjoy 0% fees on all cryptocurrency purchases made through the platform. This benefit not only incentivizes the holding of MTL but also enhances the user experience by reducing transaction costs.