{
 "symbol": "MTL", "name": "Metal DAO", "review_date": "2026-10-08",
 "reviewer": "AI", "model_id": "claude-fable-5-1", "logic_version": "value_v1", "prompt_sha256": "58434c62f807c2035cf603f7f93e6e22db880e9f4172968767efef7d1f326065",
 "one_sentence_zh": "MTL 是 Metallicus 生态（Metal Pay、Metal L2、稳定币 Metal Dollar XMD）的治理与手续费折扣代币：Metal Pay 用户持 1 万枚以上可免交易手续费并投票 XMD 篮子；收入在私营公司 Metallicus 手里，链上不可核。",
 "one_sentence_en": "MTL is the governance and fee-discount token of the Metallicus ecosystem (Metal Pay, Metal L2, the XMD stablecoin): holders of 10k+ MTL get 0% Metal Pay trading fees and vote on the XMD basket; revenue sits inside the private company Metallicus and is not verifiable on-chain.",
 "red_lines": {
   "R1": {"hit": true, "note": "未找到可核实收入：Metal Pay 是私营公司业务，无公开报表；Metal L2 官网无 TVL/交易量/收入数据；DefiLlama 无条目。", "sources": ["https://metall2.com/", "https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R2": {"hit": false, "note": "不存在回购/销毁，故不命中。", "sources": []},
   "R3": {"hit": false, "unlock_12m_frac_of_circ": 0.0, "note": "CoinGecko：流通 = 总供应 93,397,746 MTL，无锁仓；最大供应标「无限」但无排放计划证据。未命中。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R4": {"hit": false, "note": "MTL 承载治理权（治理 XMD 稳定币篮子、MIP 提案）与经济权利（Metal Pay 手续费折扣），MIP-002 Homecoming 拟使其成为 Metal 子网 gas 代币。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false", "https://metall2.com/", "https://coinmarketcap.com/cmc-ai/metal/latest-updates/"]},
   "R5": {"hit": false, "note": "能说清是什么、谁付钱（Metal Pay 用户付交易费，持币换折扣），B1 给 1.5，不命中。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R6": {"hit": false, "note": "INDODAX 于 2026-06-30 下架 MTL，属单一交易所商业决定而非监管强制；2026-07 硬分叉期间 Binance 暂停充值属升级配合。未发现被盗或跑路。", "sources": ["https://coinmarketcap.com/cmc-ai/metal/latest-updates/"]}
 },
 "A_judge": {"mechanism_executing": null, "mechanism_desc": "未找到任何收入回到 MTL 的机制（Metal Pay 收入归公司，未有回购/分红记录）；手续费折扣是消费侧权益而非收入分配。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]},
 "B": {
   "one_sentence": {"score": 1.5, "evidence": "CoinGecko 描述：治理 XMD 稳定币 + Metal Pay 分级手续费折扣（1 万 MTL 免 0% 手续费）；付费方是 Metal Pay 用户，但该业务规模与收入未公开。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "moat": {"score": 0.5, "evidence": "护城河来自 Metallicus 的合规/牌照与法币入口（官网强调合规、数字身份、fiat on-ramp），属公司资产而非代币网络效应；链本身无采用数据。", "sources": ["https://metall2.com/"]},
   "ten_years": {"score": 0.5, "evidence": "项目自 2017 年存续（ICO 代币），但架构反复迁移（ETH→Metal L2 OP Stack→拟回迁 Metal Blockchain 子网），代币价值高度依赖一家私营公司；若没有它行业不会倒退。", "sources": ["https://metall2.com/news-insights/mtl-migration", "https://coinmarketcap.com/cmc-ai/metal/latest-updates/"]},
   "people_governance": {"score": 1.0, "evidence": "治理有实际投票（MIP-00 迁移 2024-04 通过、MIP-002 Homecoming 2026-04 提出、FIUSD 纳入 XMD 篮子投票）；扣分：路线图由公司主导，迁移时间表多次 TBD；未找到国库/团队卖币数据。", "sources": ["https://metall2.com/news-insights/mtl-migration", "https://coinmarketcap.com/cmc-ai/metal/latest-updates/", "https://metall2.com/"]}
 },
 "C_judge": {
   "users_growth": {"score": 0.0, "evidence": "未找到证据。", "sources": []},
   "utility": {"score": 0.5, "evidence": "持有 1 万 MTL 可免 Metal Pay 手续费，是真实但小众的需求；gas 代币用途仍在提案阶段。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false", "https://coinmarketcap.com/cmc-ai/metal/latest-updates/"]},
   "culture": {"score": 0.0, "evidence": "未找到证据。", "sources": []},
   "web3_direction": {"score": 0.5, "evidence": "合规稳定币（多抵押 XMD、拟纳入 Fiserv FIUSD）与合规 L2 是方向之一，但规模未证。", "sources": ["https://metall2.com/", "https://coinmarketcap.com/cmc-ai/metal/latest-updates/"]}
 },
 "confidence": "low",
 "notes": "R1 命中（收入在私营公司内，链上不可核）⇒ 落选。市值 $28M、全流通，无解锁压力是唯一正面结构。"
}