Metal Dollar
XMD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
XMD (Metal Dollar) is a reserve-backed stablecoin index operating on the XPR Network and governed by Metal DAO alongside Metallicus. The protocol demonstrates solid operational vitality and active development (7.0/10), maintaining functional mint and redeem applications alongside active governance proposals. Tokenomics (6.0/10) relies on a 1:1 backing model using established stablecoins (such as USDC, PYUSD, and USDP/XPAX), though it suffers from centralization dependencies on Metallicus and third-party issuers. Governance and team structure (6.5/10) follow a hybrid model with transparent DAO parameter voting, although executive credentials and third-party reserve attestations remain limited in public disclosures. Security and audit history (6.0/10) shows a CertiK Skynet score of 73.50 (BBB) with verified team badges, though public standalone audit reports are not listed. Market and Use Case scored low (3.0/10) due to severe micro-cap limitations (<$1M market cap), heavy dependence on internal DEX liquidity, and limited mainstream adoption. A data gap was identified in Community Support (-1.0), and its 15% weight was proportionally redistributed across the remaining five sections. No qualifying red-flag event was affirmatively established with specific dates/material unrecovered losses.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Metal Dollar (XMD)
Metal Dollar (XMD) is a reserve-backed stablecoin index operating on the XPR Network (formerly Proton). Issued by Metallicus and governed in partnership with Metal DAO, the token is designed to reduce single-issuer counterparty risk by backing the index with a basket of fiat-pegged stablecoins, such as USD Coin (USDC), PayPal USD (PYUSD), Pax Dollar (USDP/PAX), and Tether (USDT). It functions via a 1:1 mint and redeem mechanism without discretionary algorithmic inflation.
The primary utility of XMD is focused on payment use cases and liquidity settlement within the Metallicus network, notably serving as a base trading pair on the Metal X decentralized exchange. Governance operates under a hybrid structure where Metal DAO token holders vote on collateral composition and protocol parameters, while core development and operational maintenance are managed centrally by Metallicus.
Market adoption for XMD remains limited, characterized by a micro market capitalization under $1 million, absence of major centralized exchange listings, and heavy dependence on internal ecosystem volume. The token has also experienced historical volatility, including a depeg to an all-time low of $0.1816. Furthermore, while the project holds a CertiK Skynet security score of 73.50 (BBB) with team verification, publicly accessible full audit reports and independent third-party reserve attestations remain limited.