MIP-005: Launch a New Synthetic Protocol

[green-jeff]

Launch a New Synthetic Protocol

Summary

Proposal to build and launch a new synthetic platform. 

Motivation

Metronome relaunched in August with a newly established DAO and the intent to build innovative DeFi applications for today's users. The MET DAO created three workstreams to pursue this vision and to work on behalf of the DAO. Today, we are proposing the first Metronome application for launch consideration: Metronome Synth.

Metronome Synth is a new multi-collateral/multi-synthetic protocol enabling users to stake collateral from their existing crypto holdings to create synthetic versions of popular crypto assets. Users can then continue on their Metronome journey by swapping between synthetic assets with zero slippage. The Metronome Synth protocol is powered by the MET token, which can be used as a collateral asset on the Synth platform. 

Specifications

The initial build out for the Metronome Synth protocol has begun and is being funded by the DAO workstreams.

The engineering workstream has completed the majority of the codebase for Metronome Synth and the codebase will be undergoing a full audit with Quantstamp later this month. The engineering team will continue to build and support the Synth protocol after launch.

The growth workstream has actively begun conversations with teams about potential collaboration. The growth team will also be responsible for all marketing activities surrounding the launch and development of Synth. Growth responsibilities also include securing partners to provide liquidity and protocols to offer third-party DeFi integrations on the synthetic assets.

The operations workstream will oversee and coordinate launch activities. The operations team will be collaborating with the other workstreams, partners and community to ensure a smooth launch and will oversee daily operations and administrative support after launch.