What's hot in crypto this week?
The cryptocurrency Metronome (MET). It was built on the Ethereum blockchain to be a long-term monetary system. With the aim of outliving other cryptocurrencies, MET seeks to optimize for self-governance through fully autonomous smart contracts, provide reliability and predictability with a daily mintage supply, and have portability across chains.
Additionally, Metronome offers advanced payment features including mass pay, which allows for users to send MET to multiple addresses in a single transaction to save on fees. It also offers subscriptions that let you authorize a set amount of MET to move between two addresses on a recurring basis.
Metronome also has key features aimed at supporting a decentralized finance future, including a "Core DeFi Asset," which serves as a reliable, immutable basis upon which decentralized finance projects can build up. It also offers a Decentralized Exchange and a Metronome system that has a total value locked of $11.5 million.
The team on July 15 announced a new listing on the Professional Digital Currency Exchange, PROBIT.
A month earlier, Metronome announced it was integrating with Coin Payments, which is a payment processor that allows businesses and merchants to accept cryptocurrencies as payments. This means businesses in 182 countries can now accept MET tokens as a form of payment.
How has MET’s FCAS score changed?
MET FCAS spiked 110-points (25.82%) in the past two weeks, mostly driven by a 226-point (59.32%) climb in User Activity. Developer Behavior and Market Maturity also increased 37-points (8.24%) and 21-points (23.82%) respectively.
What's Flipside's take?
MET’s network activity shows that over 580,000 MET tokens were bought by users between July 29 and 30, which caused the price of MET to nearly double.
One of the above events must have caused the price of MET to increase by $0.1 on July 29.
What we found is that many users had contracts already in place that would be triggered by this event, to trade MET on repeat for several days.
The contracts were written to borrow ETH from the decentralized finance protocol, Aave, and use Metronome’s autonomous converter to buy the currency MET and trade it on the Uniswap Protocol, which is a decentralized protocol for "automated liquidity provision" on Ethereum. The loan was then paid back on Aave. It could do this all in one transaction.
Each user made approximately $3 per transaction, and the contracts kept trading as long as price was still increasing. This of course caused an upward pressure on price.
This is a great illustration of how decentralized finance is more efficient and profit maximizing than centralized finance. That users can instantaneously borrow ETH on Aave using flash loans, and then use Metronome’s autonomous converter to buy MET just as easily, creates the perfect set-up to make money through code from beginning to end.
The Flipside Crypto Asset Score Tracker provides institutional and sophisticated retail investors the ability to track over 500 cryptocurrencies' fundamentals. FCAS Tracker is currently free to a select group of new users as it continues to develop the product. Visit Flipside here to gain access to Flipside Analytics.