Meter Network Reveals Significant 40 Reduction in Total MTRG Supply through Burn
Palo Alto, California, June 11th, 2024, Chainwire
Meter, a cutting-edge blockchain that is high-performing and compatible with the Ethereum Virtual Machine (EVM), has revealed a significant token burn of 30 million $MTRG tokens. This strategic move, endorsed by the Meter community through a transparent governance process, is designed to strengthen the long-term value and stability of the Meter ecosystem.
The token burn is scheduled for June 17 and will result in a reduction of the fully diluted valuation (FDV) of $MTRG by around 40%, while boosting the market cap-to-FDV ratio to over 75%. Since the burn will involve unreleased tokens, it will not directly impact the circulating supply or the token price.
Xiaohan Zhu, Co-Founder of Meter, expressed, “The token burn showcases our dedication to the Meter ecosystem and our community. The decrease in the total supply of $MTRG will establish a more resilient and valuable network for all ecosystem participants.”
This decision comes after in-depth discussions in forums and a subsequent proposal that was voted on by community members and token-holders. This process highlights the Meter Foundation’s unwavering commitment to transparent governance and active community involvement.
“The burn resulted from extensive community discussions on various strategies. We are thrilled to see the enthusiastic support and engagement from everyone in the project and governance process,” Xiaohan stated. “We believe it will enhance the long-term value and utility of $MTRG.”
Initially, the total supply of the Meter Network’s native token was set at 70 million. Following the burn, the total supply will match the current circulating supply of 40 million, with no further token releases planned except for emissions to incentivize network security and decentralization promotion.
While many recent projects and their low float, high FDV model have faced criticism from the broader crypto community, this move could potentially make the Meter ecosystem more appealing to a wider range of investors by fostering increased market stability.
About Meter Network
Meter is an open-source platform that prioritizes Freedom and Fairness as its core principles. Highly decentralized, resistant to censorship and Miner Extractable Value (MEV), and exceptionally fast, its native metastable coin completes Satoshi’s vision of sound money independent of the fiat system. Projects developed on Meter’s high-performance blockchain encompass exchanges, wallets, bridges, oracles, games, and various decentralized applications, tools, and services.
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