- Meter, a single-state, high-performance blockchain that is compatible with EVMs, has declared a large token burn of 30 million $MTRG tokens.
- Enhancing the stability and long-term value of the Meter ecosystem is the aim of this move. The Meter community endorsed it via an open governance procedure.
On June 17, the token burn is scheduled to occur, which will result in a roughly 40% decrease in the fully diluted valuation (FDV) of $MTRG and an increase in the market cap-to-FDV ratio to more than 75%. The burn won’t directly affect the amount in circulation or the price of tokens because it will originate from unreleased tokens.
The choice was made after in-depth forum discussions and a proposal that was put to a vote by token holders and community members. The procedure demonstrates the Meter Foundation’s unwavering commitment to open governance and engaged community involvement.
The initial currency supply for the Meter Network’s native token is 70 million. The total quantity will match the 40 million tokens that are now in use after burn. Apart from emissions, which are meant to promote decentralization and network security, no more token releases are planned.
Although many previous projects with their high FDV, limited float models have angered the larger crypto community, this action may increase market stability and entice a wider pool of investors to the Meter ecosystem.
Concerning Meter Network
Freedom and justice are the cornerstones of Meter, an open-source platform. Its native metastable coin, which is extremely decentralized, immune to censorship and MEV, and incredibly quick, realizes Satoshi’s dream of a sound money that is not dependent on the fiat system. Meter’s high-performance blockchain is used to power a variety of decentralized apps, tools, and services, such as games, wallets, bridges, oracles, and exchanges.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
