Gaming DAO Merit Circle to Burn Nearly $170M Worth of MC Tokens
Play-to-earn gaming decentralized autonomous organization (DAO) Merit Circle has voted to burn nearly $170 million worth of its native MC tokens.
The burn will see 200 million MC token taken out of circulation, out of MC's total supply of 1 billion tokens. The proposal received overwhelming support from the community, with 99.7% voting in favour.
At press time, MC was trading at $0.84, up nearly 24% on the day.
Merit Circle offers play-to-earn gamers "scholarships", whereby gamers, often in developing countries, borrow the non-fungible token (NFT) that acts as an entrance fee for the game. In exchange, the player has to send back a cut of the 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.
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