The long awaited Metronome $MET token ICO was conducted on Jun 17, 2018. But it was not as smooth as it was planned.
The Initial Supply Auction ISA
As part of the Metronome team’s goal of providing fairer, more equal access to auction opportunities and MET supply, Metronome’s Initial Supply Auction and Daily Supply Lot utilized a descending price auction (DPA).
This model is different than traditional auctions, and deserves some explanation. In a descending price auction, the price per token starts at a maximum price. The price slowly decreases until all offered supply is purchased or until the auction time limit is reached and the auction ends.
Metronome employs DPAs in an effort to establish transparent and predictable pricing. The starting price in the Initial Supply Auction will be 2 ETH per MET. As long as the auction is open and there are still MET available for purchase, the price descends by 0.0001984320568 ETH every 60 seconds, toward its floor price of 0.0000033 ETH.
This very vital information was not clearly stated and people sent in lots of ETH in 1:1 Ratio exchange for $MET. Soon enough the price dropped down and then was quickly eaten up by whales who used high GWEI to secure the purchases.
Disapproval from the community
ICOInvstments @InvestmentICO account pointed out that a whale bought 6000 ETH worth of MET. Which would make it against the idea of making it a more fair process.
“Last minutes of token auction went to very big whales,” one Reddit user commented, uploading three transactions for a total of around 3.3 million tokens. One such ‘whale’ purchased almost 2 million tokens in a single transaction.
What is Metronome?
Metronome is a new cryptocurrency focused on making greater decentralization possible and delivering institutional-class endurance.
As the first cryptocurrency capable of being exported and imported across chains, Metronome will be initially issued on Ethereum.
Metronome is a brain child of Jeff Garzik was also the chief developer for SegWit2x, a bitcoin scaling upgrade that caused a sharp divide within the cryptocurrency community and ultimately failed to activate when its planned launch date arrived in November.