Palo Alto, California, June eleventh, 2024, Chainwire
Meter, a high-performance, single-state, EVM-compatible blockchain has introduced a important token burn of 30 million $MTRG tokens. The transfer, permitted by the Meter neighborhood by way of a clear governance course of, goals to reinforce the long-term worth and stability of the Meter ecosystem.
The token burn is ready to happen on June 17 and can cut back the absolutely diluted valuation (FDV) of $MTRG by roughly 40%, whereas growing the market cap-to-FDV ratio to over 75%. Because the burn will come from unreleased tokens, it won’t have a direct affect on the circulating provide or the token value.
“The token burn is a testomony to our dedication to the Meter ecosystem and our neighborhood,” said Xiaohan Zhu, CoFounder of Meter. “This reduction in the total supply of $MTRG will create a more robust and valuable network for all the 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 the Meter Foundation’s unerring dedication to transparent governance and active community participation.
“This burn was the result of thorough discussion on various approaches within the community. We are excited to see everyone’s enthusiastic support for the project and participation in the governance process,” said Xiaohan. “We are confident that it will enhance the long-term value and utility of $MTRG.”
Originally, the total supply of the Meter Network’s native token was set at 70 million. Post-burn, the total supply will equal the current circulating supply of 40 million, with no further token releases planned except the emissions to incentivize security of the network and promote decentralization.
While a lot of recent projects and their low float, high FDV model has provoked a backlash from the wider crypto community, this move could potentially make the Meter ecosystem more attractive to a broader range of investors by promoting greater market stability.
About Meter Network
Meter is an open-source platform with Freedom and Fairness as the first principle. Highly decentralized, censorship- and MEV-resistant, and lightning fast, its native metastable coin completes Satoshi’s vision of a 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.
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