New Feature Allows Metronome Users To Choose Their Blockchain

  • Metronome now lets users move MET between blockchains. 
  • Blockchain hopping increases the decentralization of cryptocurrency.

Metronome (MET) has launched its highly touted feature allowing users the option of shifting tokens between blockchains. 

MET Users Choose Their Blockchain

The blockchain shifting feature was originally announced a year ago at the launch of MET, but has only officially been available as of June 26. Metronome developers activated cross-blockchain switching after successfully moving MET tokens between ethereum and ethereum classic’s blockchain.

Shifting blockchains requires the input of an on-chain validator to vote on and approve the transaction. This process typically takes 24 hours and is designed to limit reorganizations. 

Cross-blockchain functionality has been a sticking point for cryptocurrency over the last two years, with atomic swaps first generating interest in the feature. Through metronome’s capability, users are able to shift tokens to the blockchain of their choice, or as governance issues arise. 

Increasing Decentralization

Chain hopping is a win for increasing the decentralization of cryptocurrency. Investors are not limited to the functionality of their chosen tokens and can participate in different blockchains depending upon their needs. 

Speaking in 2017, CEO and co-founder of Metronome Jeff Garzik explained the feature, 

“Metronome is the opposite of a swap: There is no asset exchange, thus no exchange rate difference, thus no exchange rate risk or volatility risk...With Metronome, the asset moves to a new blockchain, but keeps the same asset (and same asset price).”

Garzik championed the idea that tokens should not be limited to a single blockchain in an interview with CoinDesk. According to Garzik, the single-token/single-blockchain adherence creates unnecessary risk in cryptocurrency portfolios, especially in scenarios where a token’s blockchain or community becomes unstable. 

He continued, 

“‘Decentralization’ is an article of faith within the blockchain industry…one species of centralization that our industry has become comfortable with is the notion that a digital asset must be forever tied to its blockchain ledger.”

Competing Blockchains

More importantly, chain-hopping allows users the choice of their blockchain, which ultimately improves the quality and competition on the market. Ethereum is no longer solely competing for users of the eth coin. Instead, metronome and other soon-to-follow blockchain crossing tokens can vie for the communities with the most stability or best infrastructure. 

CoinDesk reports that the feature will be available on the Metronome desktop wallet, in addition to the mobile iOS and Android client.

Data Shows Hodlers Outperform Traders, Binance CEO Says

  • Binance CEO Changpeng "CZ" Zhao claims long-term cryptocurrency holders outperform traders.
  • Zhao said the crypto markets are still in their "early game" and that traders in 2025 will wish they had invested earlier. 

Binance chief executive officer Changpeng “CZ” Zhao has said that data shows long-term crypto holders outperform short-term traders.

In a series of tweets published May 24, CZ pointed out the irony of investors believing they got into cryptocurrency “too late” relative to the market, including himself. According to the exchange CEO, traders five years from now will likely be expressing a similar sentiment. 

CZ continued, explaining that he was initially envious of crypto investors who had been in the market since 2010 or 2011, despite being an early adopter himself. 

In response to a tweet asking whether “holding” is good financial advice, Binance’s chief executive revealed that data shows long-term crypto investors outperform traders. CZ commented on the difficulty of holding assets for a long period of time, which he called “passive” relative to the more active position of trading. 

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