Unlike traditional ICO’s, which seek to reward initial buyers, Metronome’s token sale was noteworthy for pursuing to sell its tokens at a lower price with the passing of each minute up to seven days. According to the latest post-mortem report given by the team, the clients let the auction run for six days, 23 hours and 40 minutes.
The project sold 8 million MET tokens for a total of 26,502.21 ETH, which is valued at $12 million (estimated to be $10 million at the times of writing). That was derived from 1,443 different wallets addresses, making the worth of tokens an average of $3,623 each. In the sales review, Metronome recognised that the timing emerged as a key challenge for hiking a vast amount for sale.
The team published that ‘Metronome’s initial Supply Auction took place during one of the deepest dips of an already obstinate bear market for cryptocurrencies as a whole in 2018’.
Thus, they trust, reduced market appetite to utilise ETH to purchase new tokens, especially if the buyers ETH was lower than the price they had paid earlier for it. Still, those who were involved highlighted that the technical methods underlying the sale went smoothly.
The operability of Metronome on a technical level works as planned, its first supply auction functioned as intended, and all the customers had access to the auction opportunities- the post read.
Metronome was created by Jeff Garzik and designed for longevity. Metronome has created a token that can quickly move on and off blockchains, permitting a choice of rule sets and governance models which in theory should support smooth running.