In the rapidly evolving world of decentralized finance (DeFi), Metronome stands out as a pioneer with its innovative approach to cross-chain interoperability and synthetic assets. Launched in 2018, Metronome introduced one of the first autonomous, self-governing cryptocurrencies with a suite of robust and reliable smart contracts. Now, with its revamped ecosystem powered by the Synth protocol and governed by the METDAO, Metronome aims to redefine DeFi by facilitating seamless token swaps and enabling advanced automated crypto payments. But what makes Metronome truly unique, and how has it continued to innovate in such a competitive space? Let’s dive in.
What is Metronome?
Metronome is a DeFi ecosystem powered by the Synth protocol, METDAO, and the MET Token. It aims to redefine the future of DeFi using synthetic assets to provide additional utility to blue-chip assets. The ecosystem comprises a set of DeFi tools that enable synthetics to take on multiple forms, creating a highly efficient environment for advanced DeFi users.
Our Mission
Metronome's mission is to build an ecosystem of DeFi tools that enable synthetic assets to take on multiple forms, creating a highly efficient environment for advanced DeFi users. By leveraging synthetic assets, Metronome aims to provide additional utility to blue-chip assets and redefine the future of DeFi.
Metronome Genesis
Since its initial launch in 2018, Metronome has led the way for many projects in DeFi. The project began with a set of elegant smart contracts that included one of the first Automated Market Maker (AMM) decentralized exchanges (DEXes) and a continuous mintage mechanism through daily auctions. Despite its innovative start, Metronome faced challenges due to the lack of composability in its token architecture, which hindered its growth.
Leading DeFi Since 2018
Metronome has been a trailblazer in the DeFi space since its inception. The project introduced one of the first AMM DEXes and a continuous mintage mechanism through daily auctions. However, the lack of composability in the token architecture limited its ability to grow. Despite these challenges, Metronome continued to operate and innovate over the next four years.
(Re)Launching MET Token
The decision to relaunch the MET token allows for fast-paced enhancements to keep up with the rapidly changing DeFi industry. The new token structure has enabled Metronome to transition to a Decentralized Autonomous Organization (DAO), ensuring true decentralization within its ecosystem of protocols.
Tokenomics and Distribution Model
Metronome's tokenomics and distribution model are designed to ensure fairness, broad participation, and price stability in the ecosystem. Unlike cryptocurrencies such as Bitcoin and Litecoin, Metronome does not have a fixed supply. Instead, it is coined at a regulated, fixed rate set by its autonomous contract. The daily auctions and token mintage approach ensure a steady token supply, distinguishing it from cryptocurrencies with fixed supply restrictions.
Initial Token Supply
At the time of migration, Metronome had a total supply of 14,377,915 MET. The supply distribution for the MET 2.0 governance token was determined by a snapshot of the Metronome token holders taken on August 23, 2022. The newly formed MET DAO has the power to propose and vote to increase mintage and continue Metronome’s legacy auctions in the future.
Token Distribution
The token distribution for MET 2.0 is as follows:
- Community/MET 1.0 token holders: 1,874,178 MET
- Uniswap Liquidity pool: 2,000,000 MET
- Team and Strategic Advisors: 2,000,000 MET (Unlocking evenly over a 24-month vesting period)
- Metronome DAO Treasury: 8,203,669 MET
All MET 1.0 holders receive an equal amount of MET 2.0, claimable immediately at relaunch. MET 2.0 tokens are distributed through a merkle claims process. The easiest way for users to migrate their tokens is by accessing the claims through Pure Finance.
Purpose and Utility of the MET Token
The Metronome crypto token (MET) is an ERC-20 utility token on the Ethereum network, serving three primary purposes:
- Utility within the ecosystem: The MET token provides utility within the Metronome ecosystem, enabling users to participate in the Metronome DAO and govern the future of the ecosystem.
- Cross-chain interoperability: The MET token facilitates frictionless cross-chain token swaps, addressing the issue of interoperability between different blockchain networks. This enables the MET token to be easily moved to another blockchain if one network fails or goes down.
- Automated crypto payments and subscriptions: The MET token enables recurring, automated crypto payments and subscriptions, similar to the model used by TrustSwap. This area has been historically complex to implement and scale, but advancements in smart contract programming have made it more feasible.
The Metronome blockchain ecosystem and the MET token were created for institutional-level endurance, aiming to withstand the ups and downs of the crypto industry for many years. The MET token is not tied to any single blockchain, which is a novel concept in the crypto industry and could prove to be a major draw for potential investors. This feature allows the MET token to be used across multiple blockchain networks, further enhancing its utility and versatility.
Unique Features and Benefits
The Metronome crypto token (MET) serves as a decentralized store of value that can be easily imported across blockchains, providing interoperability and flexibility. It is an ERC-20 utility token on the Ethereum network, with three primary purposes: governance, trading fee discounts, and future use cases.
Governance
MET token holders can participate in governance proposals and voting by locking their tokens in return for esMET, the governance token for the Metronome DAO.
Trading Fee Discounts
Users can 'stake' their MET tokens by depositing them into a smart contract with a set duration of time for the lockup. This allows them to receive a discount on all synthetic trading fees, based on a tiered system that considers the number of esMET held and the duration of lockup chosen.
Future Use Cases
Metronome is exploring additional use cases for the MET 2.0 token, which will be continually updated in the documentation.
Team Behind Metronome
The Metronome crypto token is developed by a team of experienced professionals in the blockchain and technology industries. Here are the core team members and their qualifications:
Jeff Garzik - CEO & Co-Founder
Jeff is a well-known cryptocurrency engineer and the chief architect of Metronome. He has been involved in the development of blockchain technology since its early days, contributing to the codebase of Bitcoin and serving as a former Bitcoin core developer.
Matthew Roszak - Chairman & Co-Founder
Matthew is a blockchain investor and the chairman of Metronome. He is also the co-founder of Bloq, a blockchain technology company, and has been an active investor in the blockchain space since 2011.
Peter Vessenes - Chief Cryptographer
Peter is a seasoned cryptographer and the founder of the first VC-backed Bitcoin company, CoinLab. He has extensive experience in
