Metal Blockchain

MetalGo carries Avalanche’s architecture into a Primary Network of four built-in chains. P-Chain tracks validators and subnets; C-Chain runs EVM contracts; X-Chain moves assets; A-Chain brings an Antelope environment. The source fixes a particular blockchain ID for C-Chain, while wallets expose it as EVM chain ID 381931.

METAL crosses these roles as the native fee and staking asset. Calling it an ERC-20 erases the distinction between a native C-Chain balance and a contract token. Calling it MTL erases a different history: MTL was the Ethereum token offered a bounded conversion into METAL.

The 4 August 2022 launch article promised 333,333,333 initial coins. It named 60 million for an MTL allocation, 120 million for conversion and 144,333,333 for the Foundation—nine million short of the stated initial number. Conversion ran from 29 July to 27 October at two METAL per MTL.

The current token page raises the Foundation line to 153,333,333, which closes that nine-million initial gap, then adds 71 million for founders and 333,333,333 for rewards. The full list is now 71 million above the hard cap. No reviewed note says the founders line is inside another bucket.

A validator locks at least 2,000 METAL, and a delegator at least 25, for between fourteen days and one year. Eighty percent uptime is the stated reward threshold. A validator may charge at least two percent, while an early guide displayed Foundation nodes with 800,000 METAL and a deliberately high twenty-percent fee.

Delegation does not hand spending power over principal to the validator. Failure removes rewards under the documented model; it does not create a creditor claim or guaranteed yield. Returns depend on uptime, duration, remaining reward supply and the chosen validator’s fee.

The governance essay says holders may propose and vote on transaction costs, emissions and who sits in a Foundation of at most five top validators. It also assigns the Foundation broad work: validators, code, upgrades, bridges and wallets. Those statements locate political intent, but they do not identify an on-chain quorum or custody map.

Subnets make the execution boundary clearer. Their teams choose a VM and an upgrade time; every validator must install compatible code. A holder vote cannot by itself prevent a mismatched binary, a bad release or a thin validator set from halting the network.

Metal Wallet’s terms name Metallicus, Inc. as the interface provider, apply Delaware law and disclaim warranties and fiduciary duties. They do not prove that Metallicus and the Metal Foundation are one legal person, nor do they turn the wallet into a guarantee of protocol operation.

Owning METAL provides protocol uses—fees, staking and the project’s described governance channel. Reviewed sources grant no share of Metallicus, dividend, redemption at par, Foundation property or ownership in a bank’s subnet. The unresolved allocation table makes that narrow rights boundary especially important.