Merit Circle community initiates a proposal named "MIP-20 A 200 Million Merit Circle Token Burn"

2022/10/25 10:38

This proposal puts forward the notion of burning 200,000,000 MC tokens from the Community Incentives allocation.
Despite being allocated almost 30% of the starting 1b MC tokens, since the Community Incentives wallet was created, the tokens have had no utility and none have been spent.
Currently 6,125,000 tokens are being burned each month from the Community Incentives wallet, as per the proposal MIP-7, however the wallet 8 still has almost 200m MC tokens sitting in it. This contributes significantly to the total supply, and the fully diluted valuation of Merit Circle, as well as being included in calculations for upcoming token unlocks.
Burning these (currently purposeless) tokens will significantly reduce the total supply of Merit Circle and will 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 be hitting the market.

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