In a new development, the prominent player in gaming and metaverse, Merit Circle, is moving to sustain its value, The DAO voted to burn all MC tokens left in its Community Incentives wallet. This process serves to cut down the project’s total token supply. As attention in the metaverse kept soaring, some new projects emerged to support activities in the virtual world. Merit Circle crypto aims to maximize value in metaverse activities like games. Crypto centres on crypto assets, virtual investments, and gaming. Related Reading: Hedera: A Quick Evaluation Of The Network – And How HBAR Performed This Week Before now, the DAO maintained a monthly burning mechanism for the MC tokens allocated in the wallet. However, it currently has a massive agreement that will destroy the remaining tokens. Merit Circle Agreed To Burn MC Tokens The Merit Circle raised a proposal to burn 200 million MC tokens in its Community Incentives wallet. The tokens are worth about $147 million. The burning proposal received a significant number of positive votes. The detail revealed that only 3 out of 232 votes were against the burning motion. The Community Incentives wallet received 30% of the 1 billion total MC token supply after its creation. The wallet is meant to be the source of tokens for community rewards. However, the tokens have remained dormant without serving any utility purpose from the time of the wallet’s creation. Hence, the project dev...
