Meter Network announced that it will burn 40% of the total supply of MTRG tokens
The high-performance, single-state, and EVM-compatible blockchain Meter has announced a significant burn of 30 million MTRG tokens. This initiative was approved by the Meter community through a transparent governance process, aimed at enhancing the long-term value and stability of the Meter ecosystem.
The high-performance, single-state, and EVM-compatible blockchain Meter has announced a significant burn of 30 million MTRG tokens. This initiative was approved by the Meter community through a transparent governance process, aimed at enhancing the long-term value and stability of the Meter ecosystem.
The token burn is scheduled for June 17, which will reduce the fully diluted valuation (FDV) of MTRG by approximately 40%, while increasing the market cap to FDV ratio to over 75%. Since the burned tokens have not yet been issued, there will be no direct impact on the circulating supply or token price.
"The token burn embodies our commitment to the Meter ecosystem and community," said Meter co-founder Xiaohan Zhu, "The reduction in the total supply of MTRG will create a stronger and more valuable network for all ecosystem participants."*
This decision followed extensive forum discussions and subsequent voting by community members and token holders on the proposal, highlighting the Meter Foundation's relentless pursuit of transparent governance and active community participation.
"This burn is the result of in-depth discussions within the community on various avenues. We are pleased to see the enthusiastic support from a wide range of community members and their active participation in the governance process," Xiaohan stated, "We believe this will enhance the long-term value and utility of MTRG."
Initially, the total supply of Meter's native token was set at 70 million. After this burn, the total supply will be equivalent to the current circulating supply of 40 million, with no further token releases planned aside from those released to incentivize network security and promote decentralization.
Despite the recent backlash from the broader crypto community regarding many projects and their low circulating supply and high fully diluted valuation (FDV) models, this initiative has the potential to make the Meter ecosystem more attractive to a wider range of investors by promoting greater market stability.
About Meter . io
Meter is a high-performance infrastructure that allows smart contracts to interact across different blockchains. The Meter mainnet utilizes HotStuff consensus and is secured by 327 validator nodes from the community (scalable to thousands of nodes). Meter is also one of the most decentralized and high-performance Ethereum sidechains.
Meter Ecosystem
- MeterScan: https://scan.meter.io/
- VoltSwap: https://swap.meter.io/#/swap
- MeterPassport: https://passport.meter.io/transfer
- Sumer Money: https://app.sumer.money/
Meter Official Website and Community
- Official Website: https://www.meter.io
- Telegram: https://t.me/Meter_IO
- Twitter: https://twitter.com/Meter_IO
