We’re excited to announce that Metal Blockchain ($METAL), is now available on Proton Swap.
Not only is $METAL now available for trading with all Proton Blockchain wrapped tokens, but you can also Yield Farm with the $METAL/$XPR and $METAL/$XBTC pair.
What is $METAL?
$METAL is the native token for the Metal Blockchain. Staker fees, Transaction costs, and emission rates are all governed by $METAL and can be decided on by the network.
The minimum amount of $METAL required to stake to become a validator is 2,000 $METAL. If you don’t own a validator node, but you want to stake, you can do so by delegating your stake to an available node.
The minimum amount of time needed for a node to stake in the network is two weeks, with the maximum amount of time being 52 weeks. Staking and validating functionality will become available once the Metal Blockchain becomes available to the public.
What is Metal Blockchain?
Metal blockchain ($METAL) is a layer zero blockchain that allows applications and enterprise blockchains to deploy and find consensus through the Snow protocols (introduced by Avalanche) allowing it to run on a highly efficient model of Proof-of-Stake (PoS), eliminating the need for Proof-of-Work (PoW). Metal improves upon the initial work of Avalanche by adding a fourth subchain (A Chain) to offer a more resource-efficient layer for payments and decentralized finance: Proton (based on EOSIO protocol, adding WASM). Additionally $METAL posits it can remove the need for external wallet software outside of the browser, creating a more native Web3 experience by adding Web Authentication (WebAuthn) support for EVM.
What is the $METAL conversion event?
The conversion event is an opportunity for $MTL community members to convert their $MTL DAO governance tokens to $METAL coins on Proton blockchain.
A total allocation of 120,000,000 $METAL will be available in the conversion pool, with a maximum of 60,000,000 $MTL that can convert.
The progress of the conversion event can be tracked here
How does this affect the $METAL conversion event?
The $METAL conversion event is not affected by the listing of $METAL
$METAL & Proton Swap
Now that $METAL is available on Proton Swap, users can swap any of the Proton-wrapped cryptocurrencies available on Proton Swap for $METAL. That means XPR, XUSDC, XBTC, and many other coins can be swapped back and forth for $METAL without paying a gas fee.
$METAL has a hard-capped supply of 666,666,666 coins. The genesis block will have 333,333,333 $METAL coins in circulation at launch, of which a maximum of 133,177,776 $METAL can be generated from MTL genesis, 71,000,000 $METAL granted to founders (vested over 12 months) and 144,333,333 $METAL granted to the foundation.
Similar to Avalanche and Proton, resources spent by a validator for staking are proportional to the validator’s total stake. Rewards accumulated by validators are proportional to their total stake. Fees are burned, decreasing supply over time. Validators locking their stake for longer periods of time are rewarded proportionately, additionally, validators are incentivized to stay online and operate correctly through proof-of-uptime and proof-of-correctness, pioneered in Avalanche.
If you are excited about becoming a validator on the Metal Blockchain, this is a great opportunity to acquire the $METAL required to validate. If you are already producing blocks on the Proton network, please contact us to discuss the grant program for existing block producers.
Get WebAuth on Web, Android, and iOS for free with just a few clicks. Setting up your WebAuth Wallet gives you access to NFT marketplaces, cryptocurrency swapping, staking, yield farming, decentralized lending and borrowing, and so much more – always without gas fees.
Welcome to Proton, we’re glad you’re here.