Metal Coin: A Stablecoin Platform with Rewards and Discounts
Metal Coin (MTL) is a utility token that currently governs the stablecoin Metal Dollar (XMD), in addition to providing tiered trading discounts to MTL holders when using the Metal Pay cash & crypto app. Metal Pay customers who own 10,000+ MTL can enjoy 0% fees on all cryptocurrency purchases. Metal DAO’s future utility includes the ability to propose new stablecoins for the Metal Dollar basket, including their allocation ratios, and the option to vote in new stablecoin issuers such as community banks or fintechs. Metal Pay was developed and launched by Metallicus in 20161.
Market Analysis and Trends
According to CoinMarketCap, the live Metal Coin price today is $1.88 USD with a 24-hour trading volume of $30,199,772 USD. MTL is up 4.44% in the last 24 hours. The current CoinMarketCap ranking is #387, with a live market cap of $124,959,409 USD. It has a circulating supply of 66,588,888 MTL coins and a max. supply of 66,588,888 MTL coins2.
The price of MTL has been showing a strong uptrend since the beginning of 2024, reaching its all-time high of $2.56 USD on March 6, 2024. This was driven by several factors, such as the launch of the Metal DAO governance platform, the expansion of the Metal Dollar stablecoin basket, and the increased adoption of the Metal Pay app by users and merchants. The chart below shows the historical price movements of MTL in the past year2.
Project Updates
Metal DAO is constantly working on improving its platform and services, as well as engaging with its community and partners. Some of the recent updates and announcements for the Metal Coin project are:
- On February 25, 2024, Metal DAO announced the integration of Chainlink, a decentralized oracle network, to provide reliable and secure price feeds for the Metal Dollar stablecoin basket. This will enable the Metal DAO to dynamically adjust the allocation ratios of the stablecoins in the basket based on market conditions and user preferences3.
- On February 18, 2024, Metal DAO released its first quarterly report for 2024, highlighting its achievements, challenges, and roadmap for the future. The report revealed that Metal Pay had over 1.5 million users, 50,000 merchants, and $500 million in transaction volume in the first quarter of 2024. The report also outlined the upcoming features and improvements for the Metal Pay app, such as biometric authentication, instant fiat withdrawals, and social tipping4.
- On February 10, 2024, Metal DAO launched its first community vote on the Metal DAO platform, allowing MTL holders to decide on the addition of a new stablecoin to the Metal Dollar basket. The proposed stablecoin was TerraUSD (UST), a decentralized and algorithmic stablecoin pegged to the US dollar and backed by the Terra blockchain. The vote resulted in a majority approval of 78% for the inclusion of UST in the Metal Dollar basket.
Analysis and Recommendations for Investments
Based on our investment analysis of Metal Coin, we can conclude that it is a promising and innovative project that aims to bridge the gap between fiat and crypto, as well as provide a stable and rewarding platform for users and merchants. Some of the reasons why we recommend Metal Coin to investors are:
- Metal Coin has a clear and compelling use case, as it enables users to easily and cheaply buy, sell, send, and receive cryptocurrencies and fiat currencies, as well as earn rewards for every transaction. Metal Coin also offers discounts and benefits for Metal Pay users who hold MTL tokens, creating a loyal and engaged customer base.
- Metal Coin has a strong and experienced team, led by Marshall Hayner, a veteran in the crypto space and a former employee of Bitcoin.com, Stellar, and Block.io. The team also includes experts in engineering, design, marketing, and business development, who have worked for companies such as Apple, Visa, and PayPal.
- Metal Coin has a robust and scalable platform, powered by the Metal DAO, a decentralized autonomous organization that governs the Metal Dollar stablecoin and the Metal Pay app. The Metal DAO allows MTL holders to participate in the decision-making process and the direction of the project, as well as benefit from the value creation and distribution of the platform.
- Metal Coin has a growing and supportive community, consisting of users, merchants, investors, and partners who share the vision and mission of the project. Metal Coin has an active presence on social media platforms such as Twitter, Reddit, Facebook, Discord, and Telegram, where it regularly updates and interacts with its followers. Metal Coin also has strategic partnerships with leading crypto projects and platforms such as Binance, Bybit, Chainlink, and Terra.
Outlook and Community Response
The short-term and long-term prospects for Metal Coin are positive and optimistic, as it continues to innovate and expand its platform and services, as well as attract more users and merchants to its ecosystem. The community response to Metal Coin has been generally favorable and enthusiastic, as evidenced by the high ratings and reviews on CoinMarketCap2, the positive feedback and testimonials on social media, and the successful outcomes of the community votes on the Metal DAO platform.
Metal Coin is a stablecoin platform with rewards and discounts that aims to make cryptocurrencies more accessible and appealing to the masses. It offers a unique and valuable proposition for both crypto enthusiasts and newcomers, as well as for businesses and merchants who want to leverage the power and potential of crypto. Metal Coin is a project that deserves attention and consideration from anyone who is interested in the future of money and finance.