Meter, a high-performance, single-state, EVM-compatible blockchain, has announced a significant token burn of 30 million $MTRG tokens. The decision, endorsed by the Meter community through a transparent governance process, aims to bolster the long-term value and stability of the Meter ecosystem.

The token burn, scheduled for June 17, will diminish the fully diluted valuation (FDV) of $MTRG by about 40%, while elevating the market cap-to-FDV ratio to over 75%. As the burn will target unreleased tokens, it will not directly impact the circulating supply or token price.

“This token burn underscores our commitment to the Meter ecosystem and its community,” stated Xiaohan Zhu, CoFounder of Meter. “By reducing the total supply of $MTRG, we anticipate creating a more resilient and valuable network for all ecosystem participants.”

The decision follows extensive deliberations on forums and a subsequent proposal voted on by community members and token-holders. This process underscores the Meter Foundation’s unwavering dedication to transparent governance and active community engagement.

Sapphire

“This burn emerged from thorough community discussions on various strategies. We are pleased to witness the enthusiastic support and engagement from everyone involved,” added Xiaohan. “We believe it will enhance the long-term value and utility of $MTRG.”

Initially, the total supply of the Meter Network’s native token was set at 70 million. After the burn, the total supply will match the current circulating supply of 40 million, with no further token releases planned aside from emissions to incentivize network security and foster decentralization.

Amidst criticisms directed at recent projects and their low float, high FDV model, this move could potentially render the Meter ecosystem more appealing to a wider array of investors by fostering increased market stability.

About Meter Network

Meter is an open-source platform founded on principles of Freedom and Fairness. Highly decentralized, censorship- and MEV-resistant, and remarkably fast, its native metastable coin fulfills Satoshi’s vision of sound money independent from the fiat system. Projects developed on Meter’s high-performance blockchain include exchanges, wallets, bridges, oracles, games, and various other decentralized applications, tools, and services.