As the cryptocurrency ecosystem continues to evolve as a whole, so too does our vision for Metal. With the massive shift towards DeFi continuing, Metal is prepared for fundamental new changes.
Our unique rewards program for Metal Pay, Proof of Processed Payment (PoPP), has officially ended. This program for our early active users was an experimental, fun way to distribute our cryptocurrency, MTL, to those who believed in Metal Pay early on. We always knew this was a temporary part of Metal Pay, and we knew from the beginning that it would last somewhere between 1 and 5 years, depending on how fast PoPP was claimed. Now, as Metal Pay matures, it’s time to shift gears and explore new ways to bring value to our users and holders.
The future of MTL is on the Proton blockchain, where transactions are lightning-fast and require no gas fees. On Proton, Metal will become even more robust and accessible, and present new benefits and opportunities for our valued community. In addition to having easy access to the evolving Proton ecosystem, MTL holders will be able to earn interest on their Proton-wrapped MTL (XMT) by providing liquidity on the Proton Lend platform, due for release in Q3 2021.
Perhaps even more exciting than MTL’s shift to the Proton blockchain is what we’re building alongside it: a MTL-based stablecoin. We had previously mentioned a MTL stablecoin years ago in the original whitepaper for Metal; for complicated compliance reasons, we decided to shelve the idea for a later date. Our thinking was ahead of its time back then, but now the industry has caught up to where we were. As the regulatory environment shifts, the opportunity to create our original vision for an MTL stable currency is better than ever.
We’re keeping a lot of details about the upcoming Metal stable currency close to our chest while we iron out the final details, but here’s what we can share with you now:
- XMT (Proton-wrapped MTL) will become the governance token for the Metal stablecoin.
- It will be a decentralized stablecoin backed by a mixture of other stablecoins voted on by XMT holders.
- Users will be able to fluidly move between those chosen stablecoins from the Metal stablecoin smart contract on Proton.
- You’ll be able to earn an attractive yield on the stablecoins that make up the Metal stablecoin.
- Transactions carry a small fee determined by the Metal stablecoin smart contract; these fees are paid in XMT, which is burned in the process.
- The Metal stablecoin will put deflationary pressure on XMT.
There’s so much more that we want to share with you, but we’ll save that for another time.
While PoPP was a temporary promotion designed to introduce our users to the concept of earning cryptocurrency, the opportunities that are coming with the transition of MTL to the Proton blockchain are sustainable and lasting. We are excited about MTL’s journey into DeFi, and we hope you are too. Stay tuned for more!