Metronome Synth

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Frequently asked questions

What is Metronome?

Metronome is a complete synthetic protocol that allows users to generate various synthetic assets using crypto assets as collateral. It aims to provide a comprehensive decentralized finance (DeFi) experience by addressing the limitations and problems found in existing synthetic marketplaces. Metronome also has a governance system where MET token holders are responsible for governing the future of the ecosystem. The MET token provides utility within the ecosystem and allows participation in the governance process.

How can I maximize capital efficiency using synthetic assets?

To maximize capital efficiency using synthetic assets, you can follow these steps:

1. Install a Web3 Wallet, such as MetaMask, to interact with decentralized applications (dApps) in the crypto space.

2. Hold one of the supported collateral assets required by the synthetic asset protocol. This collateral will be used to generate synthetic assets.

3. Deposit the required collateral into the protocol. Note that the protocol is overcollateralized, meaning you need to deposit more collateral than the value of the synthetic assets you want to generate.

4. Choose a synthetic asset (synth) from the approved list that you want to generate. The value of the synth will be directly tied to the value of another popular asset.

5. Swap the generated synth in the synthetic marketplace. This allows you to trade or utilize the synthetic asset in various DeFi activities.

By following these steps, you can maximize capital efficiency by utilizing synthetic assets and participating in the decentralized finance (DeFi) ecosystem.

What is the role of MET token holders in governing the protocol?

The role of MET token holders in governing the protocol is to participate in the Metronome DAO (Decentralized Autonomous Organization). They are responsible for making decisions and governing the future of the Metronome ecosystem. This governance is done through proposals and voting using the MIP (Metronome Improvement Proposal) mechanism. Any changes to the Synth protocol, which is a complete synthetic protocol that allows users to generate various synthetics using crypto assets as collateral, will be governed by the MET DAO. MET token holders have the power to participate in the DAO and shape the direction of the ecosystem.

How can I participate in the Metronome DAO?

To participate in the Metronome DAO, you need to follow these steps:

1. Install a Web3 Wallet: You must have a Web3 Wallet, such as MetaMask, installed on your device.

2. Hold Supported Collateral Assets: You need to hold one of the supported collateral assets. These assets include ETH, vaETH, WBTC, DAI, USDC, vaUSDC, FRAX, vaFRAX, msETH, msUSDC, and msBTC.

3. Deposit Collateral: Once you have the supported collateral asset, you can deposit it into the protocol.

4. Generate Synthetics: After depositing your collateral, you can choose a synth to generate. The synthetics are created using the collateral assets.

5. Swap in the Synth Marketplace: Once you have generated the synthetics, you can swap them in the Synth Marketplace.

Please note that the Synth protocol is overcollateralized, meaning you need to deposit more collateral than the value of the synthetics you want to generate.

The governance of the Metronome protocol is handled by the MET DAO. MET token holders have the responsibility of governing the future of the Metronome ecosystem. They can participate in the DAO by proposing and voting on changes to the Synth protocol through the MIP mechanism.

During the beta period of Metronome Synth, which is set to launch on January 10th, 2023, new features will be gradually released to showcase the protocol's capabilities. These features aim to maximize capital efficiency and allow users to generate synthetic versions of popular cryptocurrencies, offering higher yield, zero slippage, and multi-synthetic generation.

If you want to contribute or provide feedback during the testing period, you can join the Metronome Discord community.

When is the beta app launching?

The beta app for Metronome Synth will be launching on January 10th, 2023.

What collateral assets are supported by Metronome?

Metronome supports a variety of collateral assets for generating synthetic assets. The supported collateral assets include ETH, vaETH, WBTC, DAI, USDC, vaUSDC, FRAX, vaFRAX, msETH, msUSDC, and msBTC.

How can I provide feedback and suggestions for improving the protocol?

To provide feedback and suggestions for improving the protocol, you can join the Metronome Discord community. During the testing period, the team encourages and greatly appreciates any feedback and suggestions from the community. Additionally, you can follow Metronome on Twitter for updates and further information on Synth's features and how to navigate the app. The MET DAO governs any changes to the Synth protocol through proposals and voting using the MIP mechanism.