Palo Alto, California, June 11th, 2024, Chainwire
Meter, a cutting-edge, single-state blockchain compatible with the Ethereum Virtual Machine (EVM), has revealed a substantial token burn of 30 million $MTRG tokens. The decision, endorsed by the Meter community through a transparent governance process, is aimed at boosting 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 around 40%, while elevating the market cap-to-FDV ratio to over 75%. Since the burn will involve unreleased tokens, it will not directly impact the circulating supply or token price.
“This token burn illustrates our dedication to the Meter ecosystem and our community,” stated Xiaohan Zhu, Co-Founder of Meter. “By reducing the total supply of $MTRG, we are forging a stronger and more valuable network for all ecosystem participants.”
The decision comes after thorough forum discussions and a subsequent proposal that was put to a vote by community members and token holders. This process highlights the Meter Foundation’s unwavering commitment to transparent governance and active community involvement.
“The burn resulted from extensive discussions on various strategies within the community. We are thrilled to witness everyone’s enthusiastic backing for the project and engagement in the governance process,” Xiaohan added. “We are confident that this will enhance the long-term value and utility of $MTRG.”
Initially, the total supply of the Meter Network’s native token was established at 70 million. Following the burn, the total supply will match the current circulating supply of 40 million, with no plans for further token releases except for emissions to incentivize network security and encourage decentralization.
While many recent projects with low float and high FDV models have faced criticism from the broader crypto community, this move could potentially make the Meter ecosystem more appealing to a wider range of investors by fostering increased market stability.
About Meter Network
Meter is an open-source platform that prioritizes Freedom and Fairness as its core principles. Highly decentralized, resistant to censorship and miner-extractable value (MEV), and exceptionally fast, its native metastable coin fulfills Satoshi’s vision of sound money independent of the traditional fiat system. Projects developed on Meter’s high-performance blockchain encompass exchanges, wallets, bridges, oracles, games, and a variety of other decentralized applications, tools, and services.
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