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.
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.
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This article was originally published on Chainwire
Source: Cryptocurrency - investing.com
