In 2021, the Metronome team’s primary goal is to support MET’s next evolutionary phase by further integrating it into the DeFi ecosystem of today. Call it “Metronome 2.0.”
Launched in 2018, Metronome was effectively “DeFi before DeFi.” It is a permissionless protocol that has operated autonomously without fault for nearly three years and holds tens of millions in permanently locked liquidity. But in order for it to be further recognized as a DeFi asset, MET needs to integrate in existing DeFi primitives. Through CREAM Finance, we can enable the use of MET for collateralized lending.
First step: CREAM
On April 22, we will be submitting a proposal to CREAM Finance for the consideration of MET as supported asset on their lending platform. Voting weight is polled based on a wallet’s CREAM balance in the 28 days leading up to the vote.
The Metronome community can maximize its collective voting power by holding CREAM (or crCREAM) tokens in their voting wallets for 28 days prior to the vote.
What This Means
MET on CREAM means users can take out loans on their MET without sacrificing their existing holdings. MET is the ideal collateral token for loans because so much locked liquidity translates to a price floor users can reference to more safely determine an appropriate collateral ratio with.
MET on CREAM also puts Metronome on a fast-track for a Vesper pool, enabling users to earn MET yield in the set-and-forget Vesper Grow pool framework.
Finally, with CREAM and Vesper integration, MET can further establish itself in the existing DeFi landscape. Both platforms unlock new market features: yield aggregating opportunities through Vesper and speculative activities associated with CREAM lending.
This helps to establish a healthier, more comprehensive Metronome market which we seek to utilize for further listings and adoption by other products, as well as the first major step to building out Metronome 2.0.
Metronome will be joined by counterparts at Spacechain and Vesper to get-out-the-vote. There will be more news closer to the date with an explanation on how to vote with your CREAM. Make sure to spread the word so all supporters are aware and can help contribute toward Metronome’s future in the DeFi ecosystem!