{
 "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",
 "audit": true,
 "one_sentence_zh": "MTL 是 Metallicus（Metal Pay / Metal X / Metal Blockchain 的私营开发商）生态的治理代币，治理稳定币 Metal Dollar（XMD）并在 Metal Pay 享手续费折扣；付费的是 Metal Pay 用户，但钱付给的是私营公司而非代币。",
 "one_sentence_en": "MTL is the governance token of the Metallicus ecosystem (Metal Pay / Metal X / Metal Blockchain, a private company), governing the Metal Dollar (XMD) stablecoin and giving Metal Pay fee discounts; Metal Pay users pay, but revenue goes to the private company, not the token.",
 "red_lines": {
   "R1": {"hit": true, "note": "Metallicus 为私营公司，无公开财报；链上无可查的协议收入；DefiLlama 无条目。收入不可核实。", "sources": ["https://metallicus.com/", "https://metalpay.com/"]},
   "R2": {"hit": false, "note": "无回购/销毁机制，无从命中。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R3": {"hit": false, "unlock_12m_frac_of_circ": 0.0, "note": "流通 93.4M = 总量 93.4M，FDV/市值 1.0，无锁仓解锁。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R4": {"hit": false, "note": "有治理权（XMD 发行人投票）与经济权利（Metal Pay 分级折扣）。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R5": {"hit": false, "note": "能说清是什么与谁付钱（Metal Pay 用户），但钱不流向代币。", "sources": ["https://metalpay.com/"]},
   "R6": {"hit": false, "note": "未发现被盗/下架/跑路；Metal Pay 持州级汇款牌照（路易斯安那牌照不覆盖虚拟货币）。", "sources": ["https://metalpay.com/"]}
 },
 "A_judge": {"mechanism_executing": null, "mechanism_desc": "无收入回流 MTL 的机制；MTL 仅提供 Metal Pay 折扣与 XMD 治理。Metal Blockchain 的质押代币是 METAL 而非 MTL。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false", "https://metalblockchain.org/"]},
 "B": {
   "one_sentence": {"score": 1.0, "evidence": "产品（Metal Pay 买卖加密、Metal X、面向银行/信用社的 Metal Blockchain）与付费方清楚；但代币与收入脱钩。", "sources": ["https://metallicus.com/", "https://metalpay.com/"]},
   "moat": {"score": 0.5, "evidence": "合规牌照与信用社合作（Cornerstone League 稳定币试点）是公司的护城河，不是代币的；官网注明牌照不覆盖虚拟货币传输。", "sources": ["https://metalblockchain.org/", "https://metalpay.com/"]},
   "ten_years": {"score": 0.5, "evidence": "公司自 2009 年运营，有银行业顾问；但 MTL 代币在其体系中边缘化（主链用 METAL、XPR 网络无 gas）。", "sources": ["https://metalblockchain.org/", "https://metallicus.com/"]},
   "people_governance": {"score": 1.0, "evidence": "全流通、无解锁压力；但治理实质由私营公司主导，未见 DAO 提案记录。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]}
 },
 "C_judge": {
   "users_growth": {"score": 0.0, "evidence": "未找到证据。", "sources": []},
   "utility": {"score": 0.5, "evidence": "持有 MTL 可获 Metal Pay 折扣与 XMD 治理，但非必需。", "sources": ["https://api.coingecko.com/api/v3/coins/metal?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "culture": {"score": 0.0, "evidence": "未找到证据。", "sources": []},
   "web3_direction": {"score": 0.5, "evidence": "合规稳定币/银行链上化有方向性，但代币不承载这一价值。", "sources": ["https://metalblockchain.org/"]}
 },
 "confidence": "medium",
 "notes": "R1 命中：收入在私营公司，代币不可核且不分享。1 年价格 −51.9%。"
}