Meter Network Announces Significant 40 Burn of Total MTRG Supply
Palo Alto, California, June 11th, 2024, Chainwire
Meter, a top-performing blockchain that is EVM-compatible and operates in a single state, 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 bolster 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 roughly 40%, while increasing the market cap-to-FDV ratio to over 75%. As the burned tokens will be taken from unreleased tokens, it will not directly impact the circulating supply or the token price.
“We view this token burn as a demonstration of our dedication to the Meter ecosystem and our community,” stated Xiaohan Zhu, Co-Founder of Meter. “By decreasing the total supply of $MTRG, we aim to create a stronger and more valuable network for all ecosystem participants.”
This decision comes after extensive discussions in forums and a subsequent proposal that was voted on by community members and token holders. It highlights the Meter Foundation’s unwavering commitment to transparent governance and active community involvement.
“The burn was the culmination of in-depth conversations on various strategies within the community. We are thrilled to witness everyone’s enthusiastic backing for the project and participation in the governance process,” Xiaohan added. “We are confident that this move 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 additional token releases planned except for emissions to incentivize network security and promote decentralization.
In a landscape where many recent projects with low float and high FDV have faced criticism from the wider crypto community, this action could potentially make the Meter ecosystem more appealing to a broader range of investors by fostering greater market stability.
About Meter Network
Meter is an open-source platform that prioritizes Freedom and Fairness as its core values. Highly decentralized, resistant to censorship and MEV, and exceptionally fast, its native metastable coin fulfills Satoshi’s vision of independent sound money outside the fiat system. Projects developed on Meter’s high-performance blockchain include exchanges, wallets, bridges, oracles, games, and various other decentralized applications, tools, and services.
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