Metronome is proud to eschew many of the customary norms that have evolved in the world of token launches. In the service of making access to Metronome as fair and equal as possible, there is no presale, no private sale, no whitelist, and no bonus. To ensure equal public access, Metronome does not require registries or logins. Metronome doesn’t promise “lambos” and doesn’t speak about moonshots. Rather than holding itself to an arbitrary date, Metronome holds itself to its community and the quality of the cryptocurrency protocol itself.
With a community-first ethos at the forefront of its decision-making, the team decided early on that Metronome should break another norm of today’s cryptocurrency space: All proceeds from sales to the community will stay within the community, and do not go into its authors’ pockets. The idea is as simple as it is somewhat revolutionary, but the difference between “proceeds” and “tokens” has been a point of confusion. For clarity’s sake: Metronome authors receive a one-time retention of 2 million Metronome tokens, which is locked up and released over the course of three years. They receive none of the proceeds from any of the auctions — those are for the community.
Proceeds for the Community, not the Authors
Here’s what we mean by “for the community.” Recently, the team published an educational piece that outlined how Metronome’s Proceeds contract works with the Autonomous Converter contract, and demonstrated the flow between the two. A quick recap: all of the proceeds from all the auctions go into the Proceeds contract, which sends 0.25% of its contents to the Autonomous Converter contract on a daily basis to provide it with supply.
Well and good, but what does the Autonomous Converter contract do? Glad you asked.
The Autonomous Converter contract is a smart contract that Metronome Owners can interact with directly, selling their Metronome for ETH or vice versa. Since the current contents of the Autonomous Converter contract determines their relative value (the math behind this is explained in Metronome’s Owner’s Manual, starting on page 19), we expect arbitrage to keep pricing approximately accurate. If the contract has too few Metronome (or ETH), that makes it expensive compared to its corresponding pair. An owner who believes his or her Metronome (or ETH) are not worth that much will sell his or her tokens for the other token. This can balance the contract’s contents, correcting the relative price imbalance.
So why do this?
Keeping all of the proceeds in the ecosystem is an intentionally engineered aspect of Metronome to catalyze, ignite, and support this new cryptocurrency. By providing long-term support for the community through ensuring all proceeds remain in the Metronome ecosystem, we expect that Metronome will thrive and achieve its goal of being a built-to-last cryptocurrency.
Conclusion: Unique and Necessary
Metronome prides itself on its contrary-to-norms approach in the token sale space–particularly in terms of how the proceeds are treated as a community asset. The unique approach to the creation, launch, and continued evolution of this new cryptocurrency aims to disrupt already disruptive forces, challenging them to be the best iterations of themselves.
More to come,
-The Metronome Team