Merit Circle has voted to burn 200 million MC tokens worth $147 million

Gaming and metaverse giant Merit Circle voted to burn all remaining tokens left in the community incentive portfolio as a way to reduce overall supply.

The project was conducting monthly symbolic burnings but opted for mass destruction.

  • A proposal to burn 200 million MC garnered a massive number of votes in favor of the movement. Out of 232 votes, only three were against the idea.
  • After the Community Incentives portfolio was created, 294 million tokens, representing nearly 30% of the total supply of MC1 billion, were allocated to the wallet. The assets were meant to be used for community rewards.
  • However, the tokens have been dormant in the community incentive portfolio without being used since the allocation. Meanwhile, 6,125,000 MC have been burned from the wallet per month over the past nine months, leaving nearly 200 million coins left.
  • According to an earlier proposal to burn the remaining MC coins in the community incentive portfolio, “Holding these tokens negatively inflates our token data and serves no useful purpose.”
  • The current plan, which requires a vote, states:

“Burning these (currently useless) tokens will drastically reduce the total supply of Merit Circle and bring the fully diluted valuation more in line with the circulating market capitalization. Likewise, it will remove any doubt from outsiders about upcoming token unlocks and whether these tokens will reach to the market “.

  • Based on the price of MC at the time of writing, 200 million tokens are worth $147 million.

The subsequent merit circuit votes to burn 200 million MC Tokens worth $147 million first appeared on CryptoPotato.

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