Contract Focus (Pt. 3 of 3): The Autonomous Converter Contract
Last week, we reviewed the Proceeds Contract and demonstrated how the community benefits from keeping 100% of the proceeds within the ecosystem. In our final Contract Focus, we feature the Autonomous Converter Contract (ACC) and demonstrate how community members can interact with it to convert ETH to MET via the website portal.
(Note that each chain where Metronome resides offers an ACC where MET can be exchanged for that chain’s native token and vice versa. For the purposes of this piece, however, we’re focusing on the original chain, Ethereum.)
Each day after the daily auction has closed, 0.25% of the contents of the ETH in the Proceeds contract is sent to the ACC, providing a long-term supply. The ACC allows users to sell MET for ETH or ETH for MET at any time during the day. The price is then calculated using the ratio of MET and ETH contents in the ACC at that time. This formula is similar to the price calculator Bancor uses, but is specific to Metronome and the chains it supports.
Interacting with the ACC via the website portal
The website makes it easy to convert ETH to MET using the ACC. (Note: To convert MET to ETH or interact with the ETC ACC, please download the Metronome wallet.) Interacting with the ACC via the portal has requirements similar to the daily auction.
- Get an ERC20-compatible wallet or the MetaMask Chrome extension.
- Go through the “Buy” portal and follow the steps for converting with the ACC.
For more information about obtaining ETH and the general flow, please review our post from before the Initial supply auction. Below we outline how to convert your ETH to MET using the ACC from the website.
First, navigate to “Buy” on the metronome.io website, and choose the option on the right to “Convert ETH to MET” using the Autonomous Converter. Next, the below screen will appear asking to connect MetaMask to Metronome. Proceed with connecting.
Next, enter the amount of ETH you wish to convert to MET and choose “Review in MetaMask” to complete the transaction.
MetaMask will then summarize the transaction and ask you to confirm.
Lastly, after the transaction has processed, a confirmation image will appear.
More to come.
Jordan Kruger is the managing director of the Metronome project.