The new MET token is a governance token for the Metronome ecosystem. Immediately after the launch of MET 2.0, MET token holders will be able to participate in the MET DAO by proposing and voting in platform decisions.
Metronome’s governance will follow a progressive decentralization roadmap, reaching an end state of full decentralization and community led governance via the MET DAO. The anticipated duration of each phase shown below is only an estimate, and the actual duration may be shorter or longer depending upon such factors as community size, voting participation and development pipeline. During the initial 3 phases, the decision to move to the next phase will be at the discretion of the multisig including its assessment of safety concerns.
Phase 1: Launch
Community members can propose decisions and the community will take sentiment votes. A newly formed multisig comprised of Metronome team members will generally implement the outcome of the vote. The multisig will be a 2-of-4 at the time of launch.
After launch, new autonomous workstreams or committees can be proposed to the DAO that will further development of the Metronome ecosystem or aid in the ongoing operations of the ecosystem. It is expected that engineering, growth and strategy workstreams will be proposed shortly after launch. Workstreams would propose budgets to the DAO for the work described in their proposal.
Phase 2: 1 month
Community members can propose actions and the community will take sentiment votes. The multisig will expand to include signers external to the Metronome team. The number of signers will expand to a 3-of-5.
Community proposals and votes will begin to transition to binding votes. The multisig will retain the power of veto on binding votes at this time on issues that could have safety concerns for users .
Protocol and Product decisions will transition to binding decisions first, while treasury management decisions (i.e. minting and burning under limited circumstances) and other safety concerns will remain under multisig authority.
Community proposals and votes will continue to transition to binding votes with protocol and product decisions transitioning first. The multisig will lose veto power on all decisions except token supply decisions. During this phase community members will have the opportunity to nominate and vote on new members of the multisig.
Full decentralization, where the DAO is comprised of and controlled by community members, all decisions are made by community vote.