The Metronome (MET) project ran its long-awaited falling price auction with a falling price, but the low-priced tokens were scooped up by what appeared to be whales, buying up the remaining supply within minutes.
https://twitter.com/METAuction/status/1011058281626861573
The auction, which was supposed to last for seven days until the tokens were sold, saw its completion within minutes, raising around $12 million in Ethereum, a relatively small amount for a high-profile ICO.
The MET token is based on the Ethereum network, and its aim is to be able to represent other assets from various blockchains. But users complained of rookie errors, such as high gas prices, a faulty wallet, and potentially, auction manipulation by whales.
https://twitter.com/_sanzun/status/1011035293477167104
The other problem with the Metronome auction is the rather high initial price, with many ICO participants paying much more at the start of the auction. The next few days will show if whales show up to take MET tokens at the lower rate. Gas fees for the immediate purchase have grown to tens of thousands of dollars.
The MET auction is different from the EOS auction, where tokens were distributed at the end of the day, based on the Ethereum bidding. Instead, in MET, first buyers end up with overpriced tokens. The Metronome wallet also had glitches that did now allow early users to rush in and buy at the lower price, some complained.
The MET distribution will continue with daily supply lots, starting immediately. The first daily auction was sold out fast, as the team wrote in a recent blog:
“The first Daily Supply Lot began minutes after the Initial Supply Lot ended. A total of 2,880 MET were sold with the auction closing price of 0.005563 ETH.”
MET will hold infinite daily auctions, offering the larger of the two numbers: 2,880 MET tokens, or selling 2% of the annual outstanding supply each year. The increase in token numbers will, in effect, be a pre-set level of inflation of 2%.
The Metronome project will run simultaneously on several networks, with the creation of several digital assets using the Ethereum and Bitcoin networks. This is the mechanism for switching value between chains, through a smart contract.
The Metronome project was launched after the SegWit2X hard fork, championed by Jeff Garzik, fell through on November 8, 2017.
This article appeared first on Cryptovest
