Metal community, you’ve waited patiently, and the day is finally here: our first in-app benefit for holding MTL! This token utility is represented in the form of our new fee-reduction structure, shown below. As the table indicates, Metal Pay users will now earn a fee reduction from the standard 1.0% fee for buying and selling cryptocurrency, in proportion to their in-app MTL balance.
Users who hold at least 10,000 MTL will reach our highest tier, and gain the ability to buy/sell any of our 18 (and counting!) available cryptocurrencies fee-free. Yes, that means 0.00% fees if you hold at least 10,000 MTL.
New Fee-Reduction Structure - In Effect Today
Our new fee-reduction structure allows Metal Pay users to buy/sell crypto with a maximum fee of 1.00% from now through Sunday, September 8th, 2019. During this time, users may (at their discretion) opt to buy/sell MTL (or any other cryptocurrency) in preparation for our future fee structure, which introduces a fee of 5% for users who hold less than 50 MTL in their Metal Pay wallet.
On Monday, September 9th, 2019, our future fee structure will be implemented. This fee structure, shown below, retains the last three tiers of our current structure (including 0.00% fees for holding 10k+ MTL!), while providing additional tiers that incentivize holding smaller amounts of MTL. In this way, the MTL utility is applicable to virtually all Metal Pay users, with the first fee reduction coming from simply holding 50 or more MTL.
Future Fee Structure - In Effect Beginning Monday, September 9th, 2019
Mainnet deposit is also right around the corner, which will provide yet another route for users to take advantage of lower fees by simply transferring MTL from an external wallet or exchange to Metal Pay.