Key Announcements and Updates to Metronome

Because of the autonomous, self-governing nature of Metronome, the system will be outside Metronome author control once launched. This requires as much consideration, auditing, and peer review of the economics and elements of the system as possible before launch. The following updates provide additional clarity on the Metronome initial auction, operation going forward, and pacing of features of the Metronome system. These updates will cascade through all Metronome content as well. Thank you to the Bloq team, Metronome partners and advisors, and entire Metronome community for providing feedback on these key variables. We continue to have an open mind and welcome further feedback.

Key Changes to the Metronome System

1) The initial supply auction length will be extended from 24 hours to 7 days (or until all MTN in the initial supply are sold, whichever occurs first). The first daily supply lot will begin at Midnight UTC following the close of the initial supply auction.

2) The initial price per MTN has been set at an intentionally-high 2 ETH with a floor price of 0.0000033 ETH. The price will descend every minute. A descending price auction requires that the auction begin at a theoretically too-high price, then descend to capture market price.

3) A limit on the daily supply auction has been set at 1,000 ETH per transaction. There is no limit for the initial auction.

4) The author retention will be locked up. Of the 2 million MTN making up the author retention, only 25% of that will be usable by authors at the end of the auction. The remaining 75% will become usable in 12 equal installments released quarterly over the course of the next 12 quarters (three years).

What this means for purchasers

A longer, 7 day auction is intended to allow purchasers to analyze and plan a bit more for how and when they want to participate in the initial supply auction. It may also provide the opportunity for a purchaser to participate if they would have been busy or not have access to a computer or their ERC20 compatible wallet on a particular day of the auction.

The initial price is set at a theoretically high level — this is intentional. It is intended to provide purchasers with the opportunity to plan on purchasing Metronome at the time and price they see as fair.

The limit of 1,000 ETH per transaction for the daily auctions has been put in place to encourage competition among purchasers and discourage individuals from soaking up all the new supply of MTN. This is intended to keep Metronome’s daily supply lots more competitive.

The author retention lock up is intended to allow purchasers and MTN community members to rest easier without worrying that the author retention will create a supply overhang that gives undue influence to Metronome authors.

More to come,

• The Metronome Team

UPDATE: For various reasons, the Metronome team has chosen to use the new symbol “MET.”