Meter Network Announces Major $MTRG Token Burn to Boost Ecosystem Value
Meter Network's Strategic Token Burn
Meter, a high-performance blockchain compatible with the Ethereum Virtual Machine (EVM), has unveiled plans to burn 30 million $MTRG tokens. This strategic decision, backed by the Meter community through a transparent governance process, is designed to bolster the long-term value and stability of the Meter ecosystem.
Impact on Market Dynamics
Scheduled for June 17, the token burn will significantly decrease the fully diluted valuation (FDV) of $MTRG by approximately 40%. This initiative aims to increase the market cap-to-FDV ratio to over 75%. As these tokens are unreleased, the burn will not immediately affect the circulating supply or the token's market price.
Community-Driven Governance
The decision emerged from extensive discussions within the community, highlighting Meter Foundation's commitment to transparent governance. This participatory process underscores the active role of community members and token-holders in shaping the network's future.
Long-term Ecosystem Benefits
With the original token supply set at 70 million, the post-burn supply will align with the current circulating supply of 40 million. The reduction in the total supply is expected to make the network more robust and appealing to investors, fostering greater market stability.
Enhancing Market Attractiveness
Aiming to differentiate itself from projects with high FDV models, Meter's token burn is poised to attract a broader range of investors. This move reflects the network's dedication to creating a stable and valuable ecosystem.
About Meter Network
Meter is an open-source platform rooted in principles of freedom and fairness. The network is highly decentralized, resistant to censorship and miner extractable value (MEV), and operates with impressive speed. The platform supports various projects, including exchanges, wallets, and decentralized applications, contributing to a dynamic blockchain ecosystem.
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