CHICAGO--(BUSINESS WIRE)--Three years ago, Metronome (MET) launched as the world's first DeFi currency. Today, the team behind MET announced a vision for Metronome 2.0, which adds community-driven governance and a funding mechanism for ongoing development.
The First DeFi Cryptocurrency
In June 2018, Metronome pioneered a number of DeFi concepts that became commonplace in years following. These include:
- The concept of “Total Value Locked,” which today serves as DeFi’s most-cited metric (Metronome’s TVL stands at $58M, making it the #11 DeFi asset according to DeFi Pulse);
- A fully autonomous monetary system, capable of producing a predictable monetary supply well into the future; and
- An automated market-maker for trading MET for Ethereum (ETH) and vice-versa, long predating the likes of Uniswap, Sushiswap, and decentralized exchanges (DEX’es).
Metronome also launched with the ability for mass-pay (multiple recipients, one transaction cost) and on-chain subscription (regular payments without the need for a third-party service).
Metronome 2.0 — Governance and Ecosystem Sustainability
As the DeFi category exploded, the expectations of DeFi projects grew. These expectations included ensuring the means for funding external developers and voting on governance matters.
On its Medium, the Metronome team announced its intentions for CMET (“Community MET”), a proposed complementary governance token for Metronome. This is intended to empower MET holders with ownership of the project and the treasury funds to evolve Metronome as needed.
In the simplest terms, CMET further aligns Metronome with current expectations in DeFi — DAO-based governance and a treasury that could fund further development. This is meant to address the issues described above in terms of charting the long-term future of Metronome. The Metronome 2.0 initiative will empower MET holders with the tools necessary to build out an ecosystem and provide support to integrate it into top DeFi protocols.
The Metronome team will introduce CMET in a manner that rewards existing MET holders and provides an opportunity for new stakeholders to get involved. CMET controls a Metronome treasury that can be used for continued development of Metronome and to enable integrations with third-party DeFi protocols. The rollout will also emphasize multi-chain liquidity for MET and CMET to better position it as a universal DeFi token.
“We are incredibly proud of what Metronome achieved — a fully autonomous cryptocurrency that has proven its lasting power across crypto’s bull and bear markets,” said Jeff Garzik, chief designer of Metronome. “Our plan with CMET allows the team to make Metronome more parallel to current DeFi expectations and further underscores our commitment to making it DeFi’s true built-to-last base currency.”
“Metronome quietly defined a category when it launched, before that category even had a name — ‘DeFi,’” said Zane Huffman, Metronome strategy lead. “Revisiting the Metronome promise of endurance and reliability in the context of the DeFi category’s recent success will reintroduce a new audience to the project and widen the possibilities.”
Readers can explore the following resources to learn more about Metronome:
The Metronome team strongly encourages all users to review the Owner’s Manual before purchasing or using MET. The Owner’s Manual is available in English, Chinese (Simplified), Japanese, Korean, and Russian.