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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.
Updated May 9, 2023, 4:00 a.m. Published Oct 26, 2022, 11:11 a.m.
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.
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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
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