Parametric Transformer is a device that can transmute up to 150 materials placed within to convert it into some other material. Use Elemental Attacks to generate energy for the transmutation. It has a cooldown of 7 days.
It is a mysterious artifact found in the Tianqiu Treasure Trail quest. This device can be placed in the world, and interacted with to drop non-event items of varying qualities into the machine. The quality corresponds to the rarity (number of stars) of the item added into the device, to Quality 150.
A progress bar will appear over the device and the player must use attacks that do Elemental Damage to charge the device with energy. When the device is fully charged, the device will disappear and the player will obtain various rewards. This device has a cooldown of 6 days 22 hours (rounded up to 7 days in the gadget description) after it is used.
You can read about Parametric Transformer here.