MIP-001: Relaunching Metronome

[green-jeff]

MIP 001: Relaunching Metronome

Summary

Ratify the relaunch of Metronome and create the Metronome DAO.

Motivation

Metronome has been responsible for many innovations in DeFi, such as mintage via daily auctions to seed protocol owned liquidity through an Automated Market Maker. However, a number of future trends in the DeFi space were not predicted at Metronome’s inception over 4 years ago. Over the past few years, we have seen how crucial DAOs have proven for DeFi projects as they have provided a new mechanism for communities to actively be involved. Metronome 1.0 lacked this vital DAO framework or any mechanism for incentivized contribution.

Alas, Metronome has an opportunity to redefine itself. The intention behind the Metronome relaunch and the MET DAO initiation is to establish a synergy between the many combined years of DeFi expertise across the Metronome team and a newly empowered community of token holders.

With a persistent focus on decentralization, Metronome 2.0 (MET 2.0) will consistently pursue the notion of community buildout, empowerment, and evangelization. With a successful decentralization story, MET 2.0 token holders have the power to grow the ecosystem and scale contributions far beyond the capacity of the Metronome core team.

Specifications

A new MET 2.0 token contract has been launched and MET 1.0 token holders have the ability to claim their new MET 2.0 tokens on a 1:1 basis. Immediately after launch, MET 2.0 token holders will be able to participate in the MET DAO by proposing and voting on platform decisions. At the time of launch, the TokenPorter contract was used to mint additional MET 1.0 tokens and swap them in the ACC. The ACC funds were then transferred to the newly created MET DAO treasury multisig wallet. The purpose of the MET DAO treasury is to fuel the continued development of the Metronome ecosystem by providing funding for new Metronome products and collaborating with leading DeFi projects.

The MET DAO treasury will also provide protocol-owned liquidity on Uniswap v3, estimated as follows (exact numbers dependent on market conditions at migration):

272,500 USDC + 250,000 MET, 0.3% fee tier full range liquidity.

Additionally, MET 2.0 will adhere to a quantitative, executable, verifiable set of decentralization goals.

This includes, but is not limited to:

• Separating DAO responsibilities into 2 core multisig wallets, a treasury multisig and operations multisig
• • The treasury multisig will manage the majority of the DAO treasury assets
• • The operations multisig will be responsible for ongoing operations and can request funds from the Treasury for maintenance costs, vendor payments, etc.
• Each multisig will increase in the number of signers and strive to have an increasing number of external signers
• Progressive decentralization approach that ultimately confers on-chain execution to the DAO

Supply Distribution

• Community/MET 1.0 token holders (1,756,991 MET)
• • MET 1.0 token holders will be able to claim these MET 2.0 tokens on a 1:1 basis
• Uniswap Liquidity Pools (2,000,000 MET)
• • A total allocation of 2,000,000 MET 2.0 tokens will be allocated to fund a Uniswap V3 liquidity pairs
• *250,000 MET + 272,500 USDC; 0.3% fee tier Uniswap v3 full range.
• • Concentrated liquidity to be determined via vote.
• Team and Strategic Partners (2,000,000 MET)
• • Mirroring the MET 1.0 launch, 2,000,000 MET 2.0 tokens (unlocking evenly over a 24 month vesting period) have been allocated for the MET 2.0 team and strategic partners
• Metronome DAO Treasury (8,620,924 MET)
• • The total amount of MET 1.0 in the ACC minus allocation to Uniswap at the time of the snapshot has been allocated to the Metronome DAO Treasury