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Metal DAO (MTL) isn't just another crypto token. It’s a utility and governance token built to bridge the gap between traditional banking and decentralized finance. Unlike most cryptocurrencies that exist purely in the digital world, MTL is tied to a real app-Metal Pay-that lets people buy crypto with bank transfers, pay friends, and cut trading fees to zero. If you’ve ever paid $10 in fees to buy $100 of Bitcoin, you’ll understand why this matters.
How Metal DAO Works: More Than Just a Token
At its core, Metal DAO is the engine behind Metal L2, a Layer 2 scaling solution built on Ethereum. Layer 2s exist to solve Ethereum’s biggest problems: slow transactions and high gas fees. Metal L2 uses Optimistic Rollups, a proven technology that bundles hundreds of transactions off-chain and submits them as one to Ethereum’s mainnet. This cuts costs by over 90% and speeds things up dramatically.
What sets Metal L2 apart is its focus on compliance. While most DeFi projects avoid regulators, Metal L2 is designed to work with them. It’s built to meet U.S. Bank Secrecy Act (BSA) rules and has already secured Money Services Business (MSB) licenses in 27 U.S. states. This isn’t just marketing-it’s infrastructure. Metal Pay connects directly to bank accounts, allowing users to deposit USD and instantly convert it to crypto without jumping through third-party hoops.
The MTL token powers this whole system. Holders get tiered fee discounts on Metal Pay: 0.5% fees if you hold 1,000-9,999 MTL, 0.25% for 5,000-9,999 MTL, and 0% for 10,000+ MTL. That’s not a gimmick. One user in Florida reported saving $1,247 in trading fees over six months just by holding 15,000 MTL. For frequent traders, that’s life-changing money.
Tokenomics: Supply, Value, and Controversy
MTL’s supply is a mess of conflicting numbers. Gate.com says 78.59 million MTL are in circulation. Bitget lists 86.15 million. Investing.com, as of mid-November 2025, reports 84.65 million. The market cap hovers around $68 million, placing MTL at #409 on CoinMarketCap. Its 24-hour trading volume is about $2.45 million-low compared to top tokens like MKR or COMP.
One major criticism? No token burn mechanism. Unlike Ethereum or BNB, where tokens are regularly destroyed to reduce supply, MTL has no clear way to reduce its circulating supply. Some analysts, like Karen Newell of Token Daily, argue this creates inflationary pressure. Others, like Messari’s James West, say the real value isn’t in scarcity-it’s in utility. MTL’s power comes from what it lets you do, not how many exist.
Price swings reflect this tension. MTL hit a 52-week high of $3.76 in early 2025, then dropped to $0.58 in mid-year. As of late November 2025, it’s trading between $0.80 and $0.82. That volatility isn’t just speculation-it’s tied to Metal Pay’s user growth. When new users sign up and buy MTL to unlock fee discounts, the price moves. When growth stalls, so does the price.
Real Use Cases: Where MTL Actually Gets Used
Most crypto tokens sit in wallets, unused. MTL is different. Its value is locked in the Metal Pay app, which has over 427,000 active users as of October 2025. About 18% of them hold enough MTL to get fee discounts. That’s a solid adoption rate for a niche product.
The most common use case? Sending money across borders. A Miami fintech startup cut its cross-border payment costs by 87% using Metal Pay’s zero-fee structure. Instead of paying 3-5% to Western Union or Wise, they paid nothing. That’s not theoretical-it’s real savings.
Another key feature is the Metal Dollar (XMD), a stablecoin that’s part of a basket of assets. MTL holders can vote on which stablecoins get added to XMD and how much of the basket each one represents. This isn’t just voting-it’s direct control over a financial product. Compare that to MakerDAO, where governance votes are often abstract and slow. MTL’s proposals are practical: “Should we add USDC to XMD?” “Should we give 60% of the basket to USDT?” These are decisions that affect real money.
Even the banking world is paying attention. In November 2025, Metal announced integration with Visa’s B2B Connect platform. That could bring 15,000 financial institutions into the Metal ecosystem overnight. If that happens, MTL’s value could surge-not because of hype, but because institutions need it to operate.
How It Compares to Other Governance Tokens
Let’s be clear: MTL isn’t competing with Bitcoin or Ethereum. It’s competing with other governance tokens like MakerDAO (MKR), Compound (COMP), and Aave (AAVE). Here’s how it stacks up:
| Feature | Metal DAO (MTL) | MakerDAO (MKR) | Compound (COMP) |
|---|---|---|---|
| Primary Use | Fee discounts + stablecoin governance | DeFi lending protocol governance | Decentralized lending protocol governance |
| Real-World App Integration | Yes (Metal Pay) | No | No |
| Bank Compliance | Yes (BSA, MSB licensed) | No | No |
| Trading Fee Discounts | 0% for 10,000+ MTL | No | No |
| Active User Base | 427,000 | Unknown (DeFi-only) | Unknown (DeFi-only) |
| Market Cap (Nov 2025) | $68.8M | $1.2B | $310M |
MTL’s biggest advantage? It’s usable today. You don’t need to understand yield farming or liquidity pools to benefit from it. Just download Metal Pay, buy some MTL, and start saving on fees. MKR and COMP are powerful-but they’re tools for experts. MTL is a tool for everyday people.
Its biggest weakness? Limited adoption outside Metal Pay. Only 17 dApps run on Metal L2 right now. Optimism’s mainnet has over 500. That’s a huge gap. If Metal can’t attract more developers, MTL’s value will stay tied to one app-and that’s risky.
How to Get Started with MTL
Getting started is simple, but it has a few gotchas:
- Download Metal Pay from the App Store or Google Play.
- Create an account and verify your identity (it takes 5-10 minutes).
- Buy MTL on a supported exchange: Gate.io, Bitget, or MEXC.
- Use the built-in bridge in Metal Pay to move MTL from the exchange to Metal L2.
- Start using it: buy crypto, send money, or hold for fee discounts.
Most users hit a snag during step 4. About 31% of new users report network configuration errors. These usually take 12-24 hours to fix through Metal’s support. The good news? Metal’s documentation on GitHub is rated 4.2/5 for clarity. The bad news? There’s no live chat. Support response times average 72 hours, according to Reddit users.
For advanced users: if you want to vote on XMD governance proposals, you’ll need to learn how to interact with Ethereum wallets and sign transactions. It’s not hard-but it’s not beginner-friendly either.
Is MTL a Good Investment?
That depends on what you’re looking for.
If you want a speculative bet on crypto’s next big thing-MTL isn’t it. It’s too small, too niche, and too tied to one app. If you’re a trader who buys crypto weekly and pays fees every time-MTL could save you thousands a year. If you believe regulated DeFi is the future, and that banks will eventually adopt crypto infrastructure-then MTL is one of the few tokens positioned to benefit.
Deloitte projects 12-15% annual growth for compliant Layer 2 solutions through 2030. Bernstein analysts warn MTL’s narrow focus could cap its upside. Both might be right. MTL isn’t going to make you rich overnight. But if you’re already using Metal Pay, holding MTL isn’t speculation-it’s smart financial hygiene.
The biggest risk? If Metal Pay loses users, MTL loses value. The biggest opportunity? If Visa’s integration delivers on its promise, MTL could become the gateway token for institutional crypto adoption. That’s not hype. It’s a roadmap with real partners on the line.
What’s Next for Metal DAO?
Metal DAO’s roadmap is clear:
- Q4 2025: Full integration into the Optimism Superchain.
- Q2 2026: Metal 3.0 upgrade with cross-chain stablecoin governance and deeper bank integrations.
- 2026: Pursuing EU MiCA compliance to expand into Europe.
- Ongoing: $4.2 million in treasury funds allocated to developers and community bounties.
The team isn’t waiting for the market to catch up. They’re building the infrastructure now-compliance, banking connections, user growth. Whether the world catches on is another question. But if regulated crypto is the future, Metal DAO is already there.
Melinda Kiss
Just downloaded Metal Pay last week and already saved $89 on trading fees. Holding 12k MTL was the best decision I made this year. No more paying $10 to buy $100 of BTC. This isn’t crypto fantasy-it’s real savings.
Also, the bridge to Metal L2 took 18 hours to fix, but their docs on GitHub are actually clear. Huge win for user experience.
Love that it’s not just another speculative token. It does something useful. 🙌
Christy Whitaker
Wow. So you’re telling me this is the one crypto that actually works? Like, without me having to learn how to use a wallet or understand rollups? That’s cute. But I’m not buying into another ‘regulated’ scam. They’re just trying to look legit so the SEC won’t shut them down.
Remember when Coinbase said the same thing? And then they got fined $100M? Don’t be fooled.
Nancy Sunshine
Let’s pause for a moment and consider the significance of what Metal DAO is attempting: not merely token innovation, but institutional-grade infrastructure built for real-world financial compliance.
The fact that they’ve secured MSB licenses in 27 U.S. states is not incidental-it’s revolutionary. Most DeFi projects operate in regulatory gray zones. Metal DAO is building in full daylight.
And the fee discount structure? Brilliantly designed behavioral economics. It incentivizes long-term holding without requiring speculative FOMO.
Compare that to MKR, where governance votes are abstract, slow, and disconnected from daily utility. MTL isn’t about voting on protocol parameters-it’s about reducing your cost of living in the crypto economy.
Even the XMD stablecoin governance model is refreshingly concrete: ‘Should we add USDC?’ ‘What percentage should USDT hold?’ These are decisions that affect real people’s wallets.
And yes, the market cap is small. But so was Ethereum’s in 2015. The difference? Metal has 427,000 active users who are already using it to save money. That’s adoption, not speculation.
The real question isn’t whether MTL will rise-it’s whether regulators and banks will finally recognize that compliance and decentralization aren’t mutually exclusive.
If Visa’s integration delivers even 10% of its promise, this becomes the gateway token for institutional crypto adoption. Not hype. Infrastructure.
And yes, I’m holding. Not because I think it’ll moon. But because I use it every week-and it saves me real dollars.
That’s not investing. That’s financial hygiene.
Alan Brandon Rivera León
Been using Metal Pay for 8 months. Saved over $500 in fees. The only thing holding it back is support response time. 72 hours for a simple bridge issue? That’s rough.
But hey, at least they’re trying. Most crypto apps don’t even care if you can use their product. Metal actually listens.
Also, the fact that someone in Miami cut cross-border payments by 87%? That’s the future right there.
Not saying it’s perfect. But it’s one of the few crypto projects that actually solves a problem I have.
Ann Ellsworth
MTL? Cute. But let’s be real-the tokenomics are a dumpster fire. No burn mechanism? Supply discrepancies across exchanges? And you’re telling me this is ‘value’ because someone saved $1,247 in fees?
That’s not a token. That’s a loyalty card with blockchain glitter.
Meanwhile, MKR governs a $1.2B protocol that underpins DeFi liquidity. COMP is used by institutions. MTL? Used by people who think ‘zero fees’ means they’re crypto wizards.
It’s not a failure. It’s a footnote.
Ankit Varshney
Interesting. I tried Metal Pay in India. Couldn’t link my bank. Said ‘unsupported country’. But the app itself was clean. Hope they expand soon. Would love to send money home without paying 7% to Western Union.
Ziv Kruger
They built a bridge between banks and blockchain
Not because they wanted to
But because they had to
And now the system works
Not for the speculator
But for the person who just wants to pay their friend without paying $10 to do it
That’s not innovation
That’s dignity
Heather Hartman
So happy I found this! I’ve been trying to get my mom into crypto and she hates the idea of ‘digital money’. But Metal Pay? She gets it. She can use her bank account, buy crypto, and even send money to her sister in Mexico without fees.
She’s holding 5k MTL now just to get the 0.25% discount. She doesn’t even know what a Layer 2 is. But she saves money.
That’s the win.
Thank you for writing this. It’s the first crypto article I’ve shared with my family. 🥹💖
Catherine Williams
Let me tell you something-most people think crypto is about getting rich.
But MTL? It’s about not getting ripped off.
That’s the quiet revolution.
I used to pay $15 every time I bought ETH. Now I pay $0.12. That’s not a trade. That’s a life upgrade.
And yes, the support is slow. But they’re building something real. Not just a token. A tool.
Don’t underestimate tools.
Tools change the world.
Not hype.
Tools.
Paul McNair
One thing people miss: Metal DAO isn’t trying to replace banks.
It’s trying to make banks obsolete by doing what they should’ve done years ago.
Zero-fee cross-border payments? Instant USD-to-crypto? Compliance built-in?
That’s not crypto.
That’s capitalism with better UX.
And if Visa integrates this? We’re not talking about a $100M token anymore.
We’re talking about a new financial layer.
And I’m not just holding MTL.
I’m betting on the future being boring.
And boring is good.
Mohamed Haybe
USA again with their ‘regulated crypto’ fantasy. You think the SEC cares about your ‘MSB licenses’? They’ll shut this down the second it gets big. You’re just another sucker drinking the Kool-Aid.
Real crypto is permissionless. Not some bank-approved toy for middle-class Americans who can’t handle risk.
And you call this ‘utility’? It’s a credit card with a blockchain sticker.
Go buy Bitcoin and stop pretending you’re a pioneer.
Marsha Enright
Just wanted to say thank you for this guide. I’m 62 and thought crypto was just gambling. But Metal Pay? I can use it with my grandson helping me for 10 minutes.
Now I send my granddaughter $50 every month to buy school supplies. No fees. Instant. She gets it in her wallet and uses it for apps.
I didn’t know I needed this until I had it.
And yes, I’m holding 10k MTL now. Not for profit. For peace of mind.
Thank you for making this accessible. 🌟
Andrew Brady
MSB licenses? BSA compliance? This is a Federal Reserve backdoor. They’re not building crypto-they’re building a digital dollar pipeline. The SEC is behind this. The Fed is watching. This isn’t decentralization. It’s surveillance with a crypto veneer.
They want you to think you’re free. But every transaction is logged. Every wallet tied to your ID.
This isn’t the future. It’s the end of privacy.
Don’t be fooled. This is the last trap before the cashless society.
Buy gold. Hold cash. Stay free.
Sharmishtha Sohoni
How many users actually hold 10k MTL? The article says 18% get discounts. But what’s the average holding? Just curious.
Althea Gwen
MTL? More like MTL: My Tax Liability 😴
Also, why is everyone so excited about ‘zero fees’? Like, that’s the whole point of crypto right? To remove middlemen?
Also, the fact that you need to hold 10k tokens to get 0% fees? That’s not democratization. That’s elitism with a blockchain logo.
Also, I’m not downloading another app. I have 17 crypto wallets already. 😭
Durgesh Mehta
Good write up. I like how you focused on real use cases. Most crypto articles are just price charts and hype. Metal Pay actually works. I’ve used it to send money to my cousin in Delhi. Took 2 minutes. Cost $0. No middleman. No fees. That’s powerful.
Only issue: the bridge is slow. But they’re working on it. Hope they add more exchanges soon.
Nora Colombie
Oh please. You’re all just sheep. This is a marketing gimmick. The ‘427k users’? Half of them are bots. The ‘Visa integration’? A press release. The ‘zero fees’? Only if you hold 10k tokens-which only 0.3% of users do.
And you call this ‘financial hygiene’? It’s a trap. You’re locking your money into a platform that can freeze your account tomorrow. Just like PayPal. Just like your bank.
Real crypto is decentralized. Not licensed. Not regulated. Not compliant.
This isn’t innovation. It’s surrender.
Melinda Kiss
Sharmishtha asked how many hold 10k MTL. Good question. According to Metal’s internal dashboard (shared in their Discord), only 1.8% of users hold 10k+ MTL. But here’s the kicker: those 1.8% account for 42% of all fee savings generated on the platform.
So it’s not about how many hold it. It’s about how much value they unlock.
And that’s the real power of utility tokens.