MIP-005: Proposal to launch a new synthetic platform
Voting will go live on Snapshot, in the morning (EST) of November 1.
Metronome Synth will be a leading synthetic protocol that enables users to post multi-collateral assets from their existing crypto holdings and create a multitude of synthetic assets in one complete platform. Synth will enable the creation of crypto synthetic assets, and the ability to swap synthetic assets with zero-slippage.
You may be asking yourself, what is a synthetic asset? Synthetic assets, often referred to as synths, are tokenized assets that’s value is directly tied to another popular asset.
Synths are able to track the price of said assets by utilizing decentralized oracles, which are smart contract-based price discovery protocols.
What’s our Motivation
Metronome relaunched in August with a newly established DAO and the intent to build innovative DeFi applications for today’s users. The MET DAO created three work streams to pursue this vision and to work on behalf of the DAO. Today, we are proposing the first Metronome application for launch consideration: Metronome Synth.
Metronome Synth is a new multi-collateral/multi-synthetic protocol enabling users to stake collateral from their existing crypto holdings to create synthetic versions of popular crypto assets. Users can then continue on their Metronome journey by swapping between synthetic assets with zero slippage. The Metronome Synth protocol is powered by the MET token, which can be used as a collateral asset on the Synth platform.
Our initial development of Metronome Synth has already begun with work from the MET DAO workstreams. Completion of the Metronome Synth codebase has already been completed by the Engineering workstream and is currently undergoing a complete audit.