We announced Metronome in 2017 and launched it in 2018, anticipating much of what would today be considered “DeFi.” In 2020, we achieved recognition as a DeFi asset, listing on DeFi Pulse and other sites.
Among other innovations, Metronome (MET) delivered the first in-production Autonomous Converter (a concept we now take for granted with the likes of Uniswap, SushiSwap, and others) and the first truly autonomous monetary policy. This has successfully translated to tens of millions in permanently locked liquidity — ranking it at №11 on DeFi Pulse’s list of DeFi assets.
In this regard, Metronome has been successful in achieving the desired outcome. However, it never quite took hold as the go-to DeFi currency, despite the several years’ head start that it held before the space blew up into what we understand it to be today.
As the DeFi category expanded, the expectations for DeFi projects’ governance grew immensely. For example, the lack of a treasury and distributed governance model has kept MET sidelined and excluded from major DeFi protocols that support lending, yield farming, and otherwise. On the contrary, the expectation was that the core Metronome team, rather than a group of incentivized external volunteers, would fund and execute absolutely all development.
This year, the team is poised to reinvent the project via “Metronome 2.0,” which is designed to achieve all of the above. And in doing so, the intention is to establish MET as that better DeFi currency on Ethereum and other EVM compatible chains where DeFi takes place.
Introducing CMET and MET 2.0
The following provides a high level overview on CMET, a proposed complementary governance token, and how its distribution can empower MET holders with ownership of the project and treasury funds to evolve Metronome as needed.
In the simplest terms, CMET (for “Community MET”) helps align Metronome with current expectations in DeFi — DAO-based governance and a treasury that could fund further development. This is meant to address the challenges described above in terms of charting the long-term future of Metronome.
The stages of distribution currently planned are as follows:
Airdrop: MET holders will have the ability to claim CMET in a time-sensitive airdrop on their MET holdings.
Initial DEX Offering: A portion of the unclaimed CMET from the airdrop will be sold in an auction, with all proceeds going to the CMET treasury.
Treasury: A portion of the unclaimed CMET from the airdrop will be distributed to the CMET treasury.
Liquidity Generation Event: Individuals post ETH to build out initial CMET liquidity. That ETH is paired with CMET from the treasury and participants can reclaim the full LP over time.
Multi-Chain Liquidity Mining: MET and CMET will bridge to multiple EVM-compatible chains, and individuals will have the opportunity to earn CMET for posting liquidity to those chains.
Revenue Generating MET/CMET Dapps: Applications will be built out to generate revenue for the CMET treasury. Initially, this includes a Vesper product where users can earn CMET while their deposits earn yield for the CMET treasury.
Full details on each of these mechanics will be surfaced in the coming days.
CMET Distribution Outcomes
CMET’s launch is designed to build a healthy, diverse treasury with meaningful amounts of each of the following tokens:
- CMET-ETH LP
CMET holders control the treasury. Through governance voting, funds can be used to build out Metronome’s product suite, including (but not limited to):
- Marketing initiatives
- MET lending market
- Dedicated cross-chain bridging/exchange
- Integration into the broader DeFi space: other platforms for DeFi activities, yield farming, etc.
Of course, CMET holders will have autonomy to utilize this treasury as they see fit. This may additionally play out as monetary policy to buyback MET/CMET, add liquidity, etc.
The cross-chain liquidity program encompasses three very meaningful outcomes for the MET token:
- Re-establishes MET as a cross-chain DeFi token
- Introduces MET to more nascent DeFi ecosystems on sidechains and L2, where it has more opportunity to command the niche
- Adds more liquidity, which should lead to an increasingly higher price floor for MET
And more broadly speaking, this launch is intended to re-invigorate the existing MET community and build exposure and participation from a broader DeFi community — many of whom are interested in Metronome’s idea of the better DeFi currency.
Metronome 2.0: Join Us!
We believe Metronome has all the qualities of a superior DeFi currency. A sustainable, autonomous monetary policy, a considerable amount of permanently locked liquidity, and additional features like masspay and subscriptions suggest MET can play an integral role in the current and future state of DeFi.
CMET is designed to engage and leverage existing and new MET holders to help realize these ambitions. Whether you’re a developer, analyst, trader, artist, or all-around enthusiast: we welcome you to join the community and play an active role in expanding Metronome to its full potential.