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    Gate.io Announcement Regarding Metronome (MET) Migration

    Creation Time:2022-09-10 10:28:09 UTCRead:27818

    The team behind the Metronome (MET) migrated the tokens from 1.0 to 2.0 on August 23 based on a snapshot taken before the MET 2.0 launch. According to the Metronome team’s migration rules, only MET 1.0 token balances at the snapshot time are eligible for the MET 2.0 on a 1 for 1 basis. Any MET1.0 tokens after the snapshot time is worthless. To get the MET2.0 tokens, holders should go to the claim portal to claim tokens.

    For Gate.io users, you will receive MET 2.0 based on your MET1.0 balance at the snapshot time. Below are more details:

    1)For users who held MET 1.0 before the snapshot time and didn’t trade after the snapshot time, they will receive the same quantity of MET 2.0. They will notice no changes in their MET balance.
    2) For users who bought or sold MET 1.0 after the snapshot time, such transactions were canceled and rolled back. MET1.0 tokens and payment either in USDT or ETH were returned to respective owners.
    If it is the case for you, you will see entries of the net balance change of ETH, USDT, and MET in your Billing Details for this period of transaction’s rollback.

    Example: User A made a lot of MET1.0 sales and purchases after the snapshot time. After calculating all his sales and purchase, it is found that user A bought a total of 100 MET1.0 with a total of 100 USDT, and sold a total of 100 MET1.0 for a total of 110 USDT.
    As all the transactions were made after the snapshot time and should be canceled, the profit made will be deducted from user A’s balance as well. User A will notice a record of 10 USDT deducted (110 USDT-100USDT=10 USDT) in his Billing Details. As the MET1.0 net change is zero (100 MET-100 MET=0 MET), there is no entry for the MET1.0 change.
    Please note, the rollback is based on a user’s total transactions made after the snapshot time, which gets the same results as rolling back every single transaction.

    As the MET2.0 is based on the balance at snapshot time, if you deposited MET 1.0 to Gate.io after the snapshot time, sold your MET 1.0 tokens and withdrew the received USDT or ETH, you will see a negative balance.Please send the received assets back. Your MET2.0 is still accessible with your wallet which stored the MET 1.0 at the snapshot time. You can still sell them.

    3) The MET 1.0 tokens deposited after the snapshot are invalid and such deposits will not be credited.

    For users who deposited MET 1.0 to Gate.io after the snapshot time and didn’t sell them. You will still receive MET2.0 tokens from the wallet where you stored the MET 1.0 before the snapshot, you will not lose anything.

    MET Trading Market
    Gate.io will reopen MET 2.0 trading market later with the MET/USDT pair.The time for the trading commencement will be announced in a separate announcement later. You will be able to deposit and trade MET 2.0 by that time. MET 2.0 withdrawal will be available as soon as we have claimed all the MET 2.0 tokens for our hot wallet addresses and user addresses.

    As MET 1.0 is worthless, Gate.io will not support the MET 1.0 deposits made after the snapshot time. If you send invalid MET 1.0 to Gate.io, we will not support the token recovery.

    About MET token claim
    As MET 2.0 should be claimed by address holders via a claim portal, it is not an easy job when you have lots of addresses to handle. We are developing a tool to claim the tokens for all addresses and expect to make it soon. Once we have claimed all the tokens, we will enable MET 2.0 withdrawal.
    Learn more
    https://metronomedao.medium.com/metronome-2-0-moving-metronome-forward-10816a619ec

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    Gate.io Team
    September 10, 2022

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