Palo Alto, California, June 11th, 2024,
Chainwire
Meter, a high-performance, single-state,
EVM-compatible blockchain has announced a significant token burn of
30 million $MTRG tokens. The move, approved by the Meter community
through a transparent governance process, aims to enhance the
long-term value and stability of the Meter ecosystem.
The token burn is set to take place on June 17 and will reduce
the fully diluted valuation (FDV) of $MTRG by approximately 40%,
while increasing the market cap-to-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 the token price.
“The token burn is a testament to our commitment to the
Meter ecosystem and our community," 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.
Website | Telegram | X | Discord | Medium
Contact
Alo
info@meter.io