Last week, Metronome completed the migration to MET 2.0 on August 23, at approximately 11 p.m. UTC. This was a big milestone as this served as the starting gun for Metronome’s next chapter in DeFi.
The steps of Migration included:
The token migration served as a catalyst for more things to come. Upgrading the token brought modern ERC20 features to MET, including gas optimizations, safety and security improvements, gas-less permit features, as well as voting and delegation. With the migration, the MET DAO was established. The DAO structure offers something that was impossible for Metronome 1.0: dedicated resources for the development and growth of the Metronome ecosystem. The new MET DAO treasury is intended to provide the much-needed funding for ongoing development. The mission of Metronome is simple: create a DeFi ecosystem that is built to last.
While Metronome’s original focus on an autonomous cryptocurrency made the project a trailblazer in 2018, the space has evolved rapidly to favor composability. The Autonomous Converter and Chainhops were made obsolete by more ready-to-integrate alternatives like Uniswap and Anyswap. As a result, MET 1.0’s demand had decreased since the time of inception.
Additionally, MET 1.0 lacked developer resources to evolve and continue development. With 100% of all proceeds dripping back through the contracts, MET 1.0 lacked a revenue stream or dev fund which meant further development was a burden with little upside.
MET 2.0 will continue the Metronome ethos, building best-in-class products that will substantiate the Metronome ecosystem and re-introduce the project to the world. Whereas MET 1.0 starts and ends with the currency, MET 2.0 places the token as the foundation for a flourishing, impactful, revenue generating suite of integral DeFi buildouts.
We are excited to share more of the roadmap and what is ahead for Metronome in the near future. As a first step, we’ve increased the amount of protocol-owned liquidity to the full 2M MET as allotted in the Gitbook. From there, we will be testing new governance modules as part of the progressive decentralization roadmap.
Protocol Owned Liquidity
Uniswap v3 1% fee range (concentrated liquidity):
- 975 ETH
- 1,750,000 MET
Uniswap v3 0.3% fee range (full range):
- 262,500 USDC
- 250,000 MET
Shortly after launch, the community of token holders were able to vote on the first three Metronome Improvement Proposals (MIPs), all of which passed.
MIP 001: Relaunching Metronome
MIP 002: Establish DAO Framework with Autonomous Workstreams
MIP 003: Create and fund Engineering, Growth and Operations workstreams
The engineering, operations and growth workstreams have been funded [1 2 3] and started their work, and are actively researching and developing new and exciting opportunities, including auctions, synthetic protocols and the composability of yield-bearing assets. We continue to work closely with other projects in this space to develop strategic partnerships providing more ways for users to interact with the MET token. This includes not only building out our own new protocols and products but also integrating with existing platforms.
Stay tuned! In the meantime, make sure to check out the Metronome Gitbook.
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