SUMMARY

Migrate Metal L2 from the Optimism Superchain to a sovereign Metal Blockchain subnet. MTL becomes the native gas token. This proposal authorizes the technical migration, exchange transition plan, and full alignment of Metal L2 with the Metal Blockchain ecosystem.

Full details and architecture: https://metalhomecoming.com

WHAT CHANGES

- Metal L2 moves from OP Stack to a Metal Blockchain EVM subnet

- MTL becomes the native gas token (every transaction requires MTL)

- Sub-second finality (~0.5s) replaces 7-day withdrawal delays

- Full sovereignty over upgrade cadence — no forced hard forks

- Built-in compliance features for banking and credit union use cases

WHAT STAYS THE SAME

- All EVM tooling and Solidity contracts work unchanged

- Metal Dollar (XMD) continues operating with the same basket and governance

- MTL remains the Metal DAO governance token

- Existing exchange integrations preserved through parallel operation period

- We intend all wallet and dApp integrations to carry over

WHY

- MTL utility: Every transaction creates structural MTL demand

- Speed: Sub-second finality for payments and exchange compatibility

- Sovereignty: No more forced upstream upgrades

- Aligned ecosystem: Metal L2 lives on Metal Blockchain — the L0 we already operate

- Banking-ready: Compliance features built into the chain

MIGRATION PLAN

1. Phase 1: Deploy Metal Blockchain subnet testnet for exchange integration testing

2. Phase 2: Subnet mainnet launch — both chains operate in parallel

3. Phase 3: Exchanges migrate primary support to subnet

4. Phase 4: Sunset OP Stack chain after exchange transition complete

Estimated timeline: 6-12 months end-to-end. No disruption to existing users during transition.

WHAT THIS PROPOSAL AUTHORIZES

- Technical migration of Metal L2 to Metal Blockchain subnet

- MTL as native gas token on the new chain

- Coordinated exchange transition with parallel operation period

- Continued governance of XMD and ecosystem parameters by MTL holders

VOTE

For: Authorize the Homecoming migration as outlined.

Against: Continue operating Metal L2 on the Optimism Superchain.

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For complete technical architecture, exchange migration plan, financial analysis, and roadmap details: https://metalhomecoming.com

Summary

Deploy the full Metal Dollar system on Ethereum — the XMD token, minting, redemption, and reserves. Users deposit supported stablecoins (USDC, PYUSD, USDP, RLUSD) and receive XMD directly on Ethereum. No bridge required. All reserves held natively on Ethereum.

Why Ethereum

Ethereum is the home of DeFi with over $164B in stablecoin supply. Every asset in the XMD basket — USDC, PYUSD, USDP and RLUSD — originates on Ethereum, meaning reserves are held as native assets with no bridging risk.

Deploying on Ethereum gives Metal Dollar access to the protocols where stablecoins are most actively used. XMD can be listed on Curve and Uniswap for DEX liquidity, supplied to lending markets like Aave and Morpho, and composed into yield strategies across the ecosystem. These integrations dramatically increase XMD's utility and visibility beyond what Metal L2 alone can offer.

Ethereum also has the deepest exchange infrastructure. Binance, Coinbase, Bithumb, and other major exchanges all support Ethereum ERC-20 tokens natively, making XMD easier to list and more accessible to users worldwide.

This deployment is independent of any Metal L2 infrastructure decisions and can proceed immediately.

Governance

XMD basket composition remains governed by MTL holders. Adding new stablecoins to the basket still requires governance approval. Mint and redeem fee parameters are configurable via governance. Nothing changes about how Metal Dollar works — it just becomes available on Ethereum with its own reserves.