Today, on October 18th, 2022, we are delighted to announce the successful launch of the Metal Blockchain Mainnet. Thirty-seven validators, including the Metal Foundation and several Proton Blockchain Block Producers, are now validating and producing blocks on Metal Blockchain.
Metal Blockchain is a trustless, scalable layer zero (L0) blockchain that solves the problem of centralized bridge hacks, cross-chain compatibility, energy-efficient scaling, and interoperability. Metal Blockchain paves the way for a new generation of blockchains and brings Metallicus one step closer to achieving our mission of empowering global access to traditional banking and digital assets.
In addition to the launch of Metal Blockchain, we are also excited to announce the release of the Metal Blockchain wallet, the Proton Blockchain & Metal Blockchain bridge, $METAL staking, and the Metal Blockchain block explorer, all of which you can read about below.
Metal Blockchain Wallet
The Metal Blockchain Wallet is a simple, highly secure, non-custodial cryptocurrency wallet on the Metal Blockchain. As Metallicus communities always spread far across the globe, we have released the Metal Blockchain wallet in multiple languages:
English, French, Turkish, Italian, Spanish, Dutch, German, Portuguese, Romanian, African, Polish, Danish, Swedish, Finnish, Greek, Hebrew, Hungarian, Norwegian, Ukrainian, Catalan, Czech, Arabic, Korean, Russian, Chinese, Thai, Japanese, Vietnamese.
The Metal Blockchain Wallet allows you to:
Create a wallet on the Metal Blockchain
View your portfolio of Metal Blockchain-based assets
Send and receive Metal Blockchain-based assets
Cross-chain transfers: transfer assets between Exchange (X), Platform (P), and Contract (C)chains
Manage and export your private key
Stake $METAL as a validator or delegator. More details are below.
Mint digital collectibles in seconds for fees of less than a cent
Check out our community-generated guides on how to use the Metal Blockchain Wallet here.
Get started with your Metal Blockchain Wallet here.
Metal Blockchain & XPR Network Bridge
As we continue to build synergy between all Metallicus products, we’re also delighted to launch the bridge between Metal Blockchain & XPR Network.
You can now deposit $METAL from the XPR Network onto the Metal Blockchain (C-Chain) using the WebAuth Wallet or through the bridge. You can also withdraw $METAL from the Metal Blockchain (C-Chain) to the XPR Network.
Check the guide on how to deposit from WebAuth Wallet to Metal Wallet.
Metal Blockchain ($METAL) Staking
With Metal Blockchain Mainnet and wallet now live, so is $METAL staking.
Staking is the process of depositing and locking up cryptocurrency tokens to participate in a blockchain’s Proof-of-Stake (PoS) consensus mechanism. Staked coins are used to validate transactions and secure the network. Staking rewards are offered to incentivize users to lock up their coins.
The Annual Staking Reward is a variable rate that is currently around 10 to 12%. The longer you stake the higher the reward.
There are two ways you can stake $METAL, by either becoming a validator or delegator. The most common way to stake will be to stake as a delegator, as you don’t need to run a node.
To become a delegator on the Metal Blockchain, you need to stake at least 25 $METAL for a minimum of two weeks to a maximum of one year.
When delegating staked tokens, you must select a validator node to process transactions on your behalf. Choosing to stake $METAL does not put your $METAL at risk. A validator cannot spend staked $METAL tokens, and you will always receive the original staked amount plus staking rewards at the end of the lock-up period. Rewards are collected by validators and distributed back to delegators, proportional to the number of staked tokens.
When staking $METAL, you will be charged a delegation fee from your validator due to the increased effort validators must employ. The delegation fee is set by validators, with a minimum fee of 2% to a maximum of 20%.
Note: Validator nodes with 800k $METAL staked and a fee of 20% are validator nodes from the Metal Foundation that help to secure the network. The 20% fee is to discourage people from staking on these nodes.
Important: If a validator does not maintain an uptime of 80% over the staking period, the validator nor its delegators will earn staking rewards. You can track validator uptimes here, in the local uptime section.
Ready to stake $METAL as a delegator? Check the guide here.
Got more staking questions? Check the staking FAQ here.
To become a validator on the Metal Blockchain, you need to stake at least 2,000 $METAL for a minimum duration of 14 days up to a maximum of 1 year (365 days).
To keep Metal Blockchain decentralized, each validator holds a maximum weighting. The maximum weighting is composed of the validator’s stake, plus the stake delegated to them. The maximum weight permitted is five times the amount of $METAL staked by the validator, up to a maximum of 3 million.
For example, if a validator stakes 2,000 $METAL they can only be delegated a total of 8,000 $METAL. This safety mechanism is to prevent validators from creating multiple rogue nodes that act like delegators.
Validators must maintain at least 80% uptime during the staking period to receive staking rewards. In addition to collecting rewards, validators set a delegation fee that they charge to delegators for their services. The minimum fee is 2% up to a maximum of 20%.
Ready to stake METAL as a validator? Check the guide here.
Got more staking questions? Check the staking FAQ here.
Metal Blockchain Explorers
The final two products we’re delighted to announce with the launch of Metal Blockchain are the block explorers, Metal Explorer and Metal Scan.
Metal Explorer is a blockchain analytic tool that enables you to search the Metal Blockchain for transactions, addresses, validators, subnets and other platform activities.
Metal Scan is a blockchain analytic tool specifically for the C-Chain (EVM) on the Metal Blockchain. The C-Chain is built to handle the Ethereum Virtual Machine and for deploying Solidity contracts that can interact with top cryptocurrencies in a trust-less environment.
Metal Blockchain Fees
There are nominal fees to use Metal Blockchain, and rather than go to validators they are burned, to create a deflationary dynamic to $METAL.
Metal Blockchain Supply
The supply is hard capped through a maximum of 666,666,666 $METAL coins that will ever exist. 333,333,333 Metal is reserved for staking, to secure the chain. The supply formula is as follows:
(666.6M — 333.3M) * (1M / 333.3M) * (10% + 2% * MinimumStakingDuration / MaximumStakingDuration) * MinimumStakingDuration / MaximumStakingDuration
Today marks another huge step forward in achieving our vision of building the world’s most customer-centric digital asset banking network supporting retail and corporate clients.
Thank you for your ongoing support.
Metal Blockchain Mainnet Now Live
More on the blog
Exploring BSA-Compliant Marketplaces for Banks and Fintechs
We are thrilled to announce a strategic partnership with Rarible, a leading cross-chain NFT marketplace. This collaboration aims to explore the development of compliant digital ownership solutions for the banking and fintech sectors.
Nasdaq Interviews Marshall & Irina
Marshall Hayner & Irina Berkon of Metallicus recently spoke with Nasdaq, on how their products Metal Pay & Metal X are not only bridging the gap between digital assets and traditional finance but also prioritizing compliance to lead the industry forward.