Meter Network Announces a Major 40% of Total $MTRG Supply Burn
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.