• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Meter Network Token Burn Impact

user avatar

by Giorgi Kostiuk

2 years ago


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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Micron Stock Price Target Reaches $1500 Amid AI Memory Chip Boom

chest

Analysts are increasingly optimistic about Micron Technology's stock, with a price target of $1500 driven by strong earnings projections and demand for AI memory chips.

user avatarLi Weicheng

Marvell Technology Set to Join S&P 500 Index

chest

Marvell Technology is set to join the S&P 500 index on June 22, boosting investor confidence and stock prices.

user avatarAisha Farooq

Morpho Secures $175 Million Funding to Strengthen DeFi Position

chest

Morpho, a decentralized lending protocol, has raised $175 million in funding to strengthen its position in the DeFi space.

user avatarTenzin Dorje

Metaplanet Considers Share Repurchase Program Amid Bitcoin Price Decline

chest

Metaplanet, Japan's largest publicly traded Bitcoin treasury company, is considering a share repurchase program to enhance its Bitcoin yield per share as its market value falls below its Bitcoin holdings.

user avatarBayarjavkhlan Ganbaatar

BlackRock and XRP Ecosystem Connection Strengthens

chest

A documented link between BlackRock and Ripple's ecosystem has emerged, highlighting the role of Wormhole in facilitating interoperability.

user avatarMohamed Farouk

ZachXBT Raises Concerns Over Humanity Protocol Incident

chest

ZachXBT raises concerns about the Humanity Protocol incident, suggesting it may be a staged exit rather than a genuine hack, impacting the project's credibility.

user avatarElias Mukuru

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.