Written by Logan

On October 1, 2020

MTL is now live on mainnet!

We’re proud of our MTL token and the way that it has been used for Pop rewards, activating lower fees for buying and selling cryptocurrency, and more. MTL was designed to be a highly functional digital asset, and we’ve been blown away by how our community has embraced it.

We never stopped working on and building MTL, which is why today we’re thrilled to announce that the mainnet version of MTL is now available! This means that MTL is switching from an Ethereum-based (ERC-20) token to the Proton blockchain. Benefits of switching to the Proton blockchain include:

  • Instant transactions
  • Zero fees for transactions
  • Full functionality within the Proton Wallet
  • Better adoption across our ecosystem
  • Increased opportunities for more on-chain utilities utilizing identity around Proton blockchain for PoPP and other capabilities (watch for details to follow in the updated whitepaper)

Individuals who currently hold MTL are now able to swap their ERC-20 version for the mainnet version using the Proton Wallet, unlocking instant and free transactions. The Proton Wallet is available on iOS (requires iOS 14) and Android.

The mainnet version of MTL will officially be known as XMT!

The token swap is a 1:1 conversion, if you swap 100 MTL, you will receive 100 XMT.

Check our guide on how to swap MTL to XMT using the Proton Wallet.

The ERC-20 version of MTL remains operational; we’re blockchain agnostic and believe that interoperability between blockchains is crucial for the future of this industry, so we won’t force users to switch over to XMT. However, due to the significant advantages presented by using a token based on the Proton blockchain, we highly recommend switching to XMT to enjoy instant transactions with zero fees.

On outside cryptocurrency exchanges, we anticipate that the ticker for MTL will remain “MTL” for now. 

For Metal Pay users: MTL remains available as an ERC-20 token only in the app until we integrate Proton tech, we will keep you updated.

This is an exciting day for our community and represents our continued support and focus on the MTL/XMT cryptocurrency. Please let us know if you have any questions, we’re always prepared to clarify or help however we can.

The future of Metal is looking bright.

Other Metal Pay posts:

Metal Pay Update: Upcoming Ethereum Merge

Metal Pay Update: Upcoming Ethereum Merge

  Dear Metal Pay customer,   The Ethereum network is due to undergo major changes in an upcoming 'Ethereum merge' event. Customer safety is our number one priority, and we would like to take the time to explain to you how this will affect Metal Pay and to...

Purchase Limit Increases, $MTL Tiers & Fee Updates

Purchase Limit Increases, $MTL Tiers & Fee Updates

At Metal Pay our goal is to make cryptocurrency more accessible than ever, build great products, and of course, operate as a profitable business. A big part of how we do this is through listening to our community, taking their feedback, and working to integrate some...

Introducing Metal Blockchain

Introducing Metal Blockchain

    A New Generation of Blockchains   Introducing Metal Blockchain ($METAL): A trust-less, scalable layer zero (L0) blockchain that solves the problem of centralized bridge hacks, cross chain compatibility, energy efficient scaling and interoperability....

The new Metal Pay Credit Card – Crypto Cash Back

The new Metal Pay Credit Card – Crypto Cash Back

Hey there, Metal Family! We’re launching a Metal Pay Credit Card that gives you crypto cash back for everyday purchases, and we want you to be among the first to get it! Join our waitlist now to get to the front of the line for the new Metal Pay Credit Card - coming...