The high-performance, single-state, and EVM-compatible blockchain Meter has announced a significant burn of 30 million MTRG tokens. This measure was approved by the Meter community through a transparent governance process and aims to enhance the long-term value and stability of the Meter ecosystem.
The token burn is scheduled to take place on June 17th, which will reduce the fully diluted valuation (FDV) of MTRG by approximately 40% and increase the market cap to FDV ratio to over 75%. Since the burned tokens have not been issued, it will not have a direct impact on circulating supply or token price.
"The token burn demonstrates our commitment to the Meter ecosystem and community." Co-founder of Meter, Xiaohan Zhu, stated, "The reduction in total supply of MTRG will create a stronger and more valuable network for all ecosystem participants."
This decision underwent extensive forum discussions and subsequent voting by community members and token holders on the proposal, highlighting the Meter Foundation's relentless pursuit of transparent governance and active community participation.
"The burn is the result of in-depth discussions within the community through various channels. We are pleased to see the enthusiastic support of the project from the community and their active participation in the governance process," Xiaohan said. "We believe this will enhance the long-term value and utility of MTRG."
Initially, the native token total supply of the Meter network was set at 70 million tokens. After this burn, the total supply will be equivalent to the current circulating supply of 40 million tokens, with no further token release plans apart from those released to incentivize network security and promote decentralization.
Despite recent discontent within the broader crypto community over many projects and their low circulating supply, high fully diluted valuation (FDV) models, this measure has the potential to make the Meter ecosystem more attractive to a wider range of investors by promoting greater market stability.
About Meter.io
Meter is a high-performance infrastructure that allows smart contracts to interact across different blockchains. The mainnet of Meter uses the HotStuff consensus and is secured by 327 community validators (scalable to thousands of nodes). Meter is also one of the most decentralized and high-performance Ethereum sidechains.
Meter Ecosystem
- MeterScan: https://scan.meter.io/
- VoltSwap: https://swap.meter.io/#/swap
- MeterPassport: https://passport.meter.io/transfer
- Sumer Money: https://app.sumer.money/
Meter Official Website and Community
- Official Website: https://www.meter.io
- Telegram: https://t.me/Meter_IO
- Twitter: https://twitter.com/Meter_IO
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