Meter Network Token Burn Impact

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI


The Meter network, a high-performance, single-state, EVM-compatible blockchain based in Palo Alto, California, recently unveiled a major initiative – a token burn of 30 million $MTRG tokens. This significant move, sanctioned by the Meter community via a transparent governance process, is designed to fortify the long-term value and stability of the Meter ecosystem.

Scheduled for June 17, the token burn will slash the fully diluted valuation (FDV) of $MTRG by approximately 40%, effectively boosting the market cap-to-FDV ratio to over 75%. Notably, this burn will target unreleased tokens, ensuring that it won't impact the circulating supply or the token price.

Xiaohan Zhu, the Co-Founder of Meter, highlighted the commitment to the Meter ecosystem and community through this token burn. Zhu emphasized that reducing the total supply of $MTRG will establish a more resilient and valuable network for all ecosystem participants.

This strategic decision came about after extensive discussions in forums and a subsequent vote by community members and token-holders. It underscores the Meter Foundation's unwavering dedication to transparent governance and active community participation.

Following the token burn, the total supply of the Meter Network's native token will be aligned with the current circulating supply of 40 million. There are no plans for further token releases, except for emissions to incentivize network security and foster decentralization.

In contrast to the criticism faced by projects with low float and high FDV models in the crypto community, Meter's token burn could potentially make the ecosystem more appealing to a broader array of investors by promoting increased market stability.

About Meter Network

Meter operates as an open-source platform that prioritizes Freedom and Fairness as fundamental principles. The platform is highly decentralized, resistant to censorship and MEV, and boasts fast transaction speeds. Its native metastable coin embodies Satoshi's vision of a stable currency independent of traditional fiat systems. Projects on Meter's high-performance blockchain span exchanges, wallets, bridges, oracles, games, and various decentralized applications and services.

Contact:

  • Alo
  • info@meter.io

Disclaimer: This is a paid press release. CoinMarketCap does not recommend investing in any cryptocurrency without conducting thorough research and seeking financial advice.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

BingX EU Achieves MiCA License to Expand Crypto Services in Europe

BingX EU MEGE zweite GmbH has obtained a MiCA license from Austria's FMA, allowing it to offer regulated crypto services across 29 EEA countries.

user avatarMohamed Farouk

Zcash Faces 11% Decline Amid Growing Market Concerns

Zcash has experienced an 11% decline in the past 24 hours, raising concerns about market stability and the impact of AI on cryptography.

user avatarElias Mukuru

HTX Strengthens Global Compliance and Showcases at TOKEN2049

HTX has made significant strides in global compliance initiatives while participating in TOKEN2049, a major event in the crypto industry held in Singapore.

user avatarDiego Alvarez

SEC Files Charges Against Richard Heart for Fraud

The SEC charged Richard Heart and his entities with conducting unregistered offerings of crypto asset securities.

user avatarMaria Fernandez

HTX Marks 13th Anniversary with Major Celebrations and Trading Events

HTX celebrated its 13th anniversary with major events, including the Anniversary Carnival and Trading Championship 3, highlighting its resilience in the crypto market.

user avatarKenji Takahashi

Richard Heart Arrested in Istanbul on Interpol Charges

Richard Heart, founder of Hex cryptocurrency, was detained in Istanbul under an Interpol Red Notice for aggravated tax fraud.

user avatarGustavo Mendoza

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.