METAL token
Overview
METAL is the governance token used in the Meta Life environment. Using the ERC-20 standard (Ethereum blockchain), this token can be transferred wallet to wallet without any central control or intermediary. There are multiple utilities and ways to earn METAL.
Different methods for players to earn METAL tokens:
Special Play-and-earn Rewards: METAL is the premium reward token of Meta Life. It is distributed as special rewards, such as for the top players each month, winners of Meta Life tournaments or as prizes for special events.
Staking Rewards: METAL stakers can receive rewards in METAL, but also in xMETAL.
Selling NFTs on the Meta Life marketplace: METAL will be the only payment method available on the ecosystem marketplace. Meta Life NFTs will therefore be sold, in part, in METAL.
Once in possession of METAL tokens, Meta Life users will be able to use them in the following situations:
Purchasing NFTs on the Meta Life marketplace: purchases from other users of the various NFTs usable in our metaverse will be made using the METAL token.
Game Asset Offering: future Meta Life asset mints will be conducted in METAL tokens.
NFTs Renting: all NFTs existing within Meta Life, with the exception of skins, can be rented to be used by other players for a limited time. Those transactions can be paid in METAL or xMETAL.
Legends Fusion: it will be possible to merge two Legend Zeroes into a new one with improved combat skills and a higher market value. Such a fusion requires paying a fee in METAL and xMETAL.
DAO & Voting Fees: once the Treasury is up and running, it will be governed by METAL tokens takers, forming the DAO. The DAO members will have to burn some tokens to vote and take part in decisions.
Submitting Skins and Assets: the community will be able to participate in the extension of the Meta Life universe by proposing its own assets. Creative works proposals go through a DAO vote before entry and deployment into the game. The submission process requires METAL, taken as a submission fee.
Entry Fees for Special Events: some events within the Meta Life experience will require an entry fee in METAL. These events may range from limited time battle modes, PvP events or social events such as celebrity concerts held in our metaverse.
METAL Staking: METAL holders will be able to lock up their tokens to receive staking rewards.
The circulation of the METAL token within the ecosystem can be summarized by the image below.
Allocation
The total supply of METAL will be of 200,000,000 tokens. Its initial supply, which will be available at the time of the token generation event, will consist of 9,662,617 tokens (4.83% of the total supply, excluding treasury).
This initial low supply, along with different cliff and vesting periods, leads to a progressive release of METAL on the market. This is a way to protect the ecosystem from any potential risk of malicious actions that would consist, for early investors, in dumping their tokens.
The initial distribution of the METAL token will take place through six different pools, presented and described in detail below:
Token Sales
16%
32.000.000
→ Seed Sale
3.20%
6,400,000
12
18
0%
→ Private Sale
3.20%
6,400,000
9
24
0%
↓ Community Sale
9.60%
19,200,000
↓
↓
↓
• IDO Round 1
3.20%
6,400,000
6
24
0%
• IDO Round 2
3.20%
6,400,000
3
24
0%
• IDO Round 3
3.20%
6,400,000
0
24
4%
Protocol Rewards
30%
60,000,000
→ In-Game Rewards
19.50%
39,000,000
0
48
0%
↓ Staking Rewards
10.50%
21,000,000
↓
↓
↓
• Asset Staking Rewards
6.83%
13,650,000
12
36
0%
• METAL Staking Rewards
3.68%
7,350,000
12
36
0%
Holders Claims
6%
12,000,000
↓ Meta Legends Claims
4%
7,999,200
↓
↓
↓
• Claim #1
1%
1,999,800
3
3
0%
• Claim #2
1%
1,999,800
6
3
0%
• Claim #3
1%
1,999,800
9
3
0%
• Claim #4
1%
1,999,800
12
3
0%
→ Retroactive Staking
1%
2,000,400
0
24
0%
→ Discord Gamification
1%
2,000,400
0
12
25%
Liquidity
16%
32,000,000
0
24
25%
Treasury
17%
34,000,000
→ Legal
4.25%
8,500,000
0
24
10%
→ Marketing
4.25%
8,500,000
0
24
10%
→ Ecosystem operating expenses & Company development
8.50%
17,000,000
0
24
10%
Team & Founders
15%
30,000,000
→ Team
7.89%
15,789,474
9
30
0%
→ Founders
7.11%
14,210,526
9
30
0%
1. METAL Token Sales
As part of the effort to create a AAA metaverse environment, 16% of the total supply of the METAL token will be offered to investors in order to support the investment in both the talent and technology required. A portion of the revenues from these sales will also be used to establish the initial METAL/ETH liquidity pool.
Token Sales
16%
32.000.000
→ Seed Sale
3.20%
6,400,000
12
18
0%
→ Private Sale
3.20%
6,400,000
9
24
0%
↓ Community Sale
9.60%
19,200,000
↓
↓
↓
• IDO Round 1
3.20%
6,400,000
6
24
0%
• IDO Round 2
3.20%
6,400,000
3
24
0%
• IDO Round 3
3.20%
6,400,000
0
24
4%
The initial sale of METAL tokens, prior to its listing on the market, will take place in three phases. The first one, the Seed Sale, will give private investors and some Meta Legends NFTs holders the opportunity to buy tokens at a discounted price. 3.20% of the total supply will be available, with the distributed tokens subject to a 12-month cliff and an 18-month vesting period. The Private Sale will take place a few months later and will be open to a larger pool of Meta Legends NFTs holders to invest in. There again, 3.20% of the total supply will be offered, at a higher price than the Seed Sale. The tokens thus purchased will be subject to a 9-month cliff and a 24-month vesting. Finally, a public sale will be organized: the Community Sale. It will involve 9.60% of the total METAL supply and will take place in three rounds, at different prices and for tokens with various cliff/vesting periods.
2. Protocol Rewards
The total Protocol Rewards allocation is the largest pool in our tokenomic, accounting for 30% of the maximum supply. Of this, 65% (or 19.50% of the total supply - 39 000 000 tokens) is made available as In-game rewards, and 35% (or 10.50% of the total supply - 21 000 000 tokens) is allocated as Holding rewards.
Protocol Rewards
30%
60,000,000
→ In-Game Rewards
19.50%
39,000,000
0
48
0%
↓ Staking Rewards
10.50%
21,000,000
↓
↓
↓
• Asset Staking Rewards
6.83%
13,650,000
12
36
0%
• METAL Staking Rewards
3.68%
7,350,000
12
36
0%
In-game rewards represent the overall METAL tokens that can be earned by playing Meta Life and participating in its activities. The initial allocation for this sub-pool will be distributed over a 48-month period. Like other sub-pools, it can be refilled, on a monthly basis, via a redistribution of tokens received by the Treasury. Staking Rewards covers both the Assets Staking Rewards and the METAL Staking Rewards. For the first one, the Assets Staking Rewards, different usable elements in Meta Life can be staked: Armors, Pets, Vehicles, Residences and Lands. Once locked, they will allow their owners to passively generate income in METAL. The number of METAL recovered per month per staker will depend on the number of assets of the same category (type / class / rarity of asset) staked and the number of effective days of staking for each asset (a minimum of 24 hours of staking is necessary to make the immobilization effective). Staking rewards assets will have a 12 month cliff and will be distributed linearly over 36 months after the end of the cliff. If a user does not want to wait to unlock these tokens, he will be able to immediately claim the conversion value in xMETAL at any time. Even when staked, these assets can be loaned to another player through the NFT renting mechanism.
Total METAL tokens to distribute over 48 months: 13,650,000
METAL tokens to distribute per month: 284,375
A second mechanism is the METAL token staking. By allowing users to lock their tokens in a simple METAL pool, we ensure less volatility to them. In exchange, stakers receive rewards, that are extra METAL tokens. Rewards can only be claimed after the month is over, but it is also possible to claim earnings in xMETAL immediately: if a user does not want to wait to get his METAL earnings, he can immediately claim an equivalent amount in xMETAL. A METAL token can be staked during the month and will be individually tracked to enable dynamic vesting and earnings unlock based on the number of months staked. At the end of each month, is taken into account the numbers of days (24 hours) in the last month $METAL was staked by its owner and the total number of $METAL staked this month. Using these two elements, a percentage of the monthly staking rewards pool is allocated to each staker. If a user unstakes between monthly unlock periods, he forfeit its locked earnings unless having claimed in xMETAL already.
Total METAL tokens to distribute over 48 months: 7,350,000
METAL tokens to distribute per month: 153,125
3. Holders Claims
The Holder Claims pool includes three sub-sections of METAL token distributions, accounting for a total of 6% of the total supply.
Holders Claims
6%
12,000,000
↓ Meta Legends Claims
4%
7,999,200
↓
↓
↓
• Claim #1
1%
1,999,800
3
3
0%
• Claim #2
1%
1,999,800
6
3
0%
• Claim #3
1%
1,999,800
9
3
0%
• Claim #4
1%
1,999,800
12
3
0%
→ Retroactive Staking
1%
2,000,400
0
24
0%
→ Discord Gamification
1%
2,000,400
0
12
25%
The first one is named Meta Legends Claims. 4% of the maximum supply of METAL is intended to be distributed to holders of Meta Legends NFTs. This benefit is subject to distribution through four claiming windows, each three months apart. In total, 7,999,200 METAL tokens will be distributed, and more precisely 1,999,800 per quarter. Every three months, at each window opening, Meta Legends holders will be able to redeem the tokens corresponding to the Legends they own. The tokens claimed will be subject to a three-month vested distribution period. If a Meta Legends NFT owner sells its NFT without having claimed the associated tokens, the buyer can still claim them for the last window(s). Every Meta Legend NFT will have a dedicated number of tokens available to claim, regardless of owner. This approach has been chosen to minimize the risk of sudden dumps and price volatility for METAL, as well as maintaining the price stability of Meta Legends NFTs, while still acting to increase their value in the long term.
Total
7,999,200
12,345
647.97
Per Claiming Window (Quarterly)
1,999,800
12,345
161.99
The second sub-pool relates to the Retroactive Staking Rewards. To thank the Meta Life community members who have given us their trust by minting assets at the end of 2021, a mechanism to simulate the staking of those assets will be implemented. A period of two years has been taken into account, covering an interval from December 2021 (date of mint of these assets) to December 2023. Accounting for 1% of the supply, 2,000,400 METAL tokens will be distributed. This represents approximately 2740.27 tokens per day. To define the share of each retroactive staker, a multiplier for the different types of asset has been defined (the scale of value of an asset in relation to the others). This gives us a precise number of tokens to distribute per staker and retroactive staking day, as shown in the table below. Each of the tokens recovered in this process will be subject to a vesting period of 24 months.
Total METAL tokens to distribute: 2,000,400
METAL tokens to distribute per year: 1,000,200
METAL tokens to distribute per day: 2740.27
Lands (3x3)
195
1450.98
7.44
Residences
209
644.80
3.08
Vehicles
221
362.53
1.64
Pets
245
201.40
0.82
Armors
385
80.56
0.21
The last allocation of tokens from the Holder Claims pool is for Discord gamification. To keep our community going while building up Meta Life, we opted to distribute 1% of our total supply to active members. To be exact, 2,000,400 METAL tokens were awarded to people who participated in the numerous activities organized each week on our Discord server. These tokens will be distributed on a quarterly basis (i.e. 25% every three months), for a total period of 12 months.
4. Liquidity
The tokens assigned to Liquidity will be useful in several aspects. They will be used to bootstrap our official liquidity pool (METAL / ETH), but also to allow the listing of METAL on centralized exchanges. Liquidity dedicated tokens can be redistributed to other areas if necessary. 25% of these tokens will be accessible from the TGE, plus a 24-month vesting period.
Liquidity
16%
32,000,000
0
24
25%
5. Treasury
The Treasury, amounting to 17% of the total supply of METAL, includes all the tokens that will support the needs of the company to operate and the evolution of the Meta Life project. This includes marketing and legal expenses. These tokens, of which 10% will be accessible from the TGE, will be subject to a 24-month vesting period.
Treasury
17%
34,000,000
→ Legal
4.25%
8,500,000
0
24
10%
→ Marketing
4.25%
8,500,000
0
24
10%
→ Ecosystem operating expenses & Company
8.50%
17,000,000
0
24
10%
6. Team & Founders
Finally, 15% of the total supply is allocated and distributed among all the people who worked on the Meta Life project. The Founders sub-pool (7.11% of the maximum supply) is aimed at the creators of the project, while the Team one (7.89%) refers to the members of the core team, as well as the developers, advisors and other people who contribute to the realization and success of our metaverse. The METALs distributed in this regard will be subject to a 9-month cliff and a 30-month vesting period.
Team & Founders
15%
30,000,000
→ Team
7.89%
15,789,474
9
30
0%
→ Founders
7.11%
14,210,526
9
30
0%
Token Flow
The different uses of the METAL by the users will allow an active circulation of this token within Meta Life. By this process, a certain number of METAL will be absorbed by the ecosystem. A majority of them will be allocated to the Treasury pool, while a small part will be burned as part of our deflationary system. Each month, a distribution of the tokens added to the Treasury will be made in order to fill the different other pools (Liquidity, Staking rewards, In-game rewards, etc.) to ensure that the ecosystem can fully perform. The tokens entering the Treasury pool or burned come from fees collected as a result of the following actions:
Commission Fees on Sales: 2.50% of the total cost of each sale made through the Meta Life marketplace will be collected
Royalties: A percentage of each sale of Meta Life NFTs, conducted on our marketplace or a third party platform (n.b. these fees will be lower on the Meta Life marketplace than on other platforms)
Game Asset Offering
Submitting Skins and Assets
NFT Renting
Legends Fusion
DAO Voting Fees
Release Schedule
In order to ensure a gradual distribution of METAL and reduce price volatility, certain allocations are limited by both a release cliff and a vesting schedule. A cliff entails a period during which the tokens cannot be released. When the cliff ends, the respective vesting schedule is initiated. This is a common strategy used to guarantee the ecosystem’s stability as it mitigates the potential issue of early investors dumping tokens and manipulating the market value of the token. This cliff and vesting schedule approach will be applied to the Seed Sale, the Private Sale, two rounds of the Community Sale, the Staking Rewards, the Legend Claims and the Team & Founders allocations. The rest will all be subject to varying vesting periods, ranging from 12 to 48 months. The coordination between these mechanisms allows for a gradual market distribution of METAL, supporting the stability of the token and the investments made by early adopters. As a result, on the day of the token generation event, only 4.83% of the total supply of METAL will be made accessible. After one year, a sustainable 37.01% of the 200,000 million tokens will be on the market. It will take 48 months after the TGE, i.e. 4 years, for all existing METAL tokens to be unlocked.
Last updated
