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Gaming DAO Merit Circle to Burn Nearly $170M Worth of MC Tokens
With the move, 200 million of Merit Circle's total supply of 1 billion tokens will be taken out of circulation.
Merit Circle, a decentralized autonomous organization (DAO) that allocates and helps manage capital that users use in play-to-earn online games, has voted to burn nearly $170 million worth of its native MC tokens.
With the burn, 200 million of MC's total supply of 1 billion tokens will be taken out of circulation. The proposal received overwhelming support from the community, with 99.7% voting in favor.
STORY CONTINUES BELOW
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At press time, MC was trading at 84 cents, up nearly 24% on the day.
Merit Circle offers play-to-earn gamers "scholarships," whereby gamers, often in developing countries, borrow a non-fungible token (NFT) that acts as an entrance fee for the game. In exchange, the player has to send back a cut of his in-game earnings.
Earlier this year, Merit Circle DAO, an entity with no central leadership, had voted to terminate its relationship with its peer Yield Guild Games.
Read more: Mythical Games Creates Mythos Foundation to Decentralize Web3 Gaming
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
