Palo Alto, California, June 11, 2024, Chainwire
Meter, a high-performance, single-state, EVM-compatible blockchain, has announced a major $30 million MTRG token burn. The move, approved by the Meter community through a transparent governance process, aims to improve the long-term value and stability of the Meter ecosystem.
The token burn will take place on June 17 and will reduce the fully diluted valuation (FDV) of $MTRG by approximately 40%, while increasing the market cap/FDV ratio to over 75%. As the burn will come from unreleased tokens, it will not have a direct impact on the circulating supply or price of the token.
“The token burn is a testament to our commitment to the Meter ecosystem and our community,” said Xiaohan Zhu, co-founder of Meter. “This reduction in the total supply of $MTRG will create a more robust and valuable network for all ecosystem participants.”
The decision follows extensive forum discussions and a subsequent proposal that was voted on by community members and token holders. The process underscores Meter Foundation's unwavering dedication to transparent governance and active community engagement.
“This burn was the result of extensive discussion about various approaches within the community. “We are excited to see everyone’s enthusiastic support for the project and participation in the governance process,” Xiaohan said. “We are confident it will enhance the long-term value and utility of $MTRG.”
Originally, the total supply of Meter Network's native token was set at 70 million. After the burn, the total supply will equal the current circulating supply of 40 million, and no further token releases are planned except issuances to incentivize network security and promote decentralization.
While many recent projects and their low float, high FDV model have sparked backlash from the broader crypto community, this move could make the Meter ecosystem more attractive to a broader range of investors by promoting greater stability of the market.
About the meter network
Meter is an open source platform with freedom and fairness as the first principle. Highly decentralized, censorship and FSM resistant, and lightning fast, its native metastable currency completes Satoshi's vision of sound money independent of the fiat system. Projects built on Meter's high-performance blockchain include exchanges, wallets, bridges, oracles, games, and other assorted decentralized applications, tools, and services.
Website | Telegram | X | Discord | Half
ContactHello[email protected]
This article was originally published on Chainwire.
