Metal Pay cryptocurrency kicks off decade-long airdrop program
There are over 26 million MTL on a slow burn.
Metal Pay (MTL) aims to bridge the gap between fiat and cryptocurrency and to help consumers walk across that bridge with the help of accessibility features, the ability to seamlessly use crypto anywhere at any time, and incentive systems.
Today it kicked off one of those incentive systems with a (currently) $18 million airdrop, set to cast off in daily increments for the next 10 years.
A great metal bird
Those unfamiliar with cryptocurrency might not know what to make of airdrops, but Metal Pay CEO Marshall Hayner likens it to the same incentive schemes that other tech startups use to encourage onboarding, except with a twist for the crypto age.
"Given this incredibly nascent technology, it's important to couple our seamless user experience with incentives to onboard users who may only be familiar with online banking, cash handover or payment apps that offer nothing in return," he said. "Some of today’s biggest companies, like PayPal and Groupon and eBates, famously gave new users some form of value to onboard, and it’s exciting that we can allocate over 26 million MTL for user rewards... At Metal, we want to introduce the general public to the power of blockchain through the digital payments ecosystem."
"Our team set out to make earning and using cryptocurrency simple, incentivize a wider audience to adopt digital currencies, and educate the general public on the broad benefits of blockchain-based technology to merchants and consumers alike," Hayner said. "The reward structure of Metal Pay is something we are extremely proud of."
It's more than just an airdrop too. Instead of token spam, these "Pop" rewards are delivered as MTL to the Metal Pay user, at which point they can immediately be converted into dollars, sent to someone else or just held on to.
It's another example of how unique token models can be, allowing the slow release of value over a long period of time. It would be somewhere between difficult and impossible to create a similar decade-long Pop scheme for a traditional payment app.
Similar initiatives have been put in place with other cryptocurrencies, such as Civic (CVC), which has also committed millions to free user onboarding.
The 26 million MTL comes from a pre-set allocation. At MTL's (an ERC20) creation, about 26.3 million of the 66.6 million total was set aside for distribution to Metal Pay users. It will be doled out at a rate of 7,200 per day for the next 10 years, at which point the pool will be exhausted. The length of the airdrop period might be enough to not only incentivise users to enter the system, but also maintain the user base in the long term.
The idea is that it will allow the ability to pay with crypto anywhere.
"Metal Pay has the ability to finally bridge the gap between consumers and vendors and the cryptocurrency industry," said co-founder and CTO Glenn Marien. "It is our goal to integrate Metal Pay with web3 applications and traditional e-commerce channels so that users can seamlessly transact with cryptocurrencies anywhere and at any time."
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA