Crypto ICO Metronome Raises $12 Million in Unconventional Auction
Metronome supporters waited until the very end to buy the last available tokens.
As opposed to traditional ICOs, which have sought to reward early buyers, Metronome’s sale, completed Tuesday, was notable for seeking to sell its tokens at a progressively lower price each minute for up to seven days. Buyers let the auction run 6 days, 23 hours and 40 minutes, according to a post-mortem post by the team.
In total, the project sold 8 million MET tokens for 26,502.21 ETH – which the post valued at $12.1 million (approximately $10 million at time of writing) – from 1,443 different wallet addresses, making an average purchase of $3,623-worth of tokens each.
In its review of the sale, Metronome acknowledged that the timing proved to be a challenge for raising a large amount from the sale.
The team writes:
“Metronome’s Initial Supply Auction took place during one of the deepest dips of an already stubborn bear market for cryptocurrencies as a whole in 2018.”
This, they believe, dampened market appetite to use ETH to buy a new token, particularly if buyers’ ETH were well below the price they had initially paid for them. Still, those involved emphasized that the technical process underlying the sale went smooth.
“The functionality of Metronome on a technical level works as designed, its Initial Supply Auction operated as intended, and that all users still had the same access to the auction opportunities,” the post reads.
As we previously reported, Metronome – created by Jeff Garzik’s Bloq – is built for longevity, being a token that can easily move on and off multiple blockchains, allowing a choice of rule sets and governance models that, in theory, should facilitate smooth running.
Garzik told CoinDesk last October, “It’s sort of a best-of-all-worlds cryptocurrency,” a “boxcar” that can ride on any compatible blockchain.
Metronome image via Shutterstock
You may be interested
Russian State Duma Defers Consideration of Bill On Digital Financial Assetsbtcethereumadmin - March 23, 2019
The State Duma of the Russian Federation has rescheduled consideration of the bill “On Digital Financial Assets” for April 2019.…
Major Latin American E-Commerce Company Bans Cryptocurrency-Related Adsbtcethereumadmin - March 23, 2019
The largest e-commerce company in Latin America, Mercado Livre, has prohibited cryptocurrency advertising on their website. The largest e-commerce company…
You Can Now Donate to the Tor Project in 9 Different Cryptocurrenciesbtcethereumadmin - March 23, 2019
The Tor Project, a digital anonymity-focused nonprofit, is now accepting cryptocurrency donations directly, with donors able to take advantage of…