Categories: Press Releases

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.

Website | Telegram | X | Discord | Medium

Contact

Alo
info@meter.io

chainwire

Recent Posts

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

29 minutes ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

60 minutes ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

1 hour ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

1 hour ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

5 hours ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

8 hours ago

This website uses cookies.