Metronome Rides the DeFi Wave

MET FCAS has skyrocketed in the past two weeks due to users trading the token on DeFi protocol Uniswap. Price has increased 46.27% in the same time period. 

Fundamental Data: MET FCAS spiked 110-points (25.82%) in the past two weeks, mostly driven by a 226-point (59.32%) climb in User Activity. Developer Behavior and Market Maturity also increased 37-points (8.24%) and 21-points (23.82%) respectively. 

Recent Events: 

  • On July 15th, the team announced a new listing on Professional Digital Currency Exchange, PROBIT. 
  • On June 18th, Metronome announced it was integrating with Coin Payments, which is a payment processor that allows businesses and merchants to accept cryptocurrencies as payments. This means businesses in 182 countries can now accept MET tokens as a form of payment. 

Analysis: MET’s network activity shows that over 580,000 MET tokens were bought by users between July 29th and 30th, which caused the price of MET to nearly double. 

One of the above events must have caused the price of MET to increase by $0.1 on July 29th. 

What we found is that many users had contracts already in place that would be triggered by this event, to trade MET on repeat for several days.

The contracts were written to borrow ETH from the Aave protocol, use Metronome’s autonomous converter to buy MET, trade MET on the Uniswap Protocol, and pay back the loan on Aave, all in one transaction. 

Each user made approximately $3 per transaction, and the contracts kept trading as long as price was still increasing. This of course caused an upward pressure on price. 

Perspective: This is a great illustration of how DeFi is more efficient and profit maximizing than centralized finance. The fact that users can instantaneously borrow ETH on Aave using flash loans, and then use Metronome’s autonomous converter to buy MET just as easily, creates the perfect set-up to make money through code from beginning to end. 

About Metronome (MET): Metronome (MET) was built on the Ethereum blockchain as a new type of cryptocurrency seeking to be a long-term monetary system. With the aim of outliving other cryptocurrencies, MET seeks to optimize for self-governance through fully autonomous smart contracts; reliability and predictability with a daily mintage supply; and portability across chains. 

Additionally, Metronome offers advanced payment features including mass pay, which allows for users to send MET to multiple addresses in a single transaction to save on transaction fees; and subscriptions, the ability to authorize a set amount of MET to move between two addresses on a recurring basis.

Metronome presents key features aimed at supporting a DeFi future, including a Core DeFi Asset, which serves as a reliable, immutable basis upon which DeFi projects can build, a Decentralized Exchange, and the Metronome system has a Total Value Locked (TVL) of $11.5M. 

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