In October, we unveiled MIP-005, which outlined the development of our first protocol, Metronome Synth. Here is what you need to know:
During Synth’s beta period, starting on January 10th, we will gradually release new features to showcase the protocol’s capabilities to maximize capital efficiency. Our new synthetic protocol will enable users to supercharge their existing crypto assets into synthetic versions of popular cryptocurrencies, giving the potential for higher yield, zero slippage, and multi-synthetic generation.
To start, users must have installed a Web3 Wallet (such as MetaMask) and hold one of the supported collateral assets. Once users have deposited their collateral, they can choose a synth to generate, and then swap in the Synth Marketplace.
Please note that Synth is an overcollateralized protocol and requires more collateral deposited to generate synthetics.
The MET DAO will govern any changes to the Synth protocol via proposals and voting through our MIP mechanism; see here for our previous MIPs.
Any feedback and suggestions during this testing period are encouraged and greatly appreciated as the team continues to work toward improving the protocol. If you would like to contribute, please join our Discord. Thank you to everyone in the community for your support.
Follow us on Twitter as we dive deeper into Synth’s features and how to navigate the app.