Crypto ICO Metronome Raises $12 Million in Unconventional Auction

An initial coin offering for Metronome let the market find its price with a reverse auction that sold 8 million tokens.

Aug 8, 2018 at 10:00 a.m. UTC
Updated Sep 13, 2021 at 8:15 a.m. UTC

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

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
CoinDesk Cardano Price Index (ADX)

CoinDesk - Unknown
2
CoinDesk - Unknown
CoinDesk Smart Contract Platform Select Index (SCPX)

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: KuCoin Plans to Bolster DeFi Activity on Its Blockchain After $150M Raise; Cryptos Gain

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

CoinDesk - Unknown
4
CoinDesk - Unknown
CFTC Charges 2 Men With Running a $44M Crypto Ponzi Scheme

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

CoinDesk - Unknown