Merit Circle Community Launches Proposal to Burn 200 Million $MC from Community Incentives Allocation

The Game guild Merit Circle's community launched the MIP-20 proposal to burn 200 million $MC from the community incentives allocation. The voting on the proposal will end at 10:00 UTC on October 26th.

According to the proposal MIP-20, the total initial supply of the Merit Circle token ($MC) was 1 billion, with nearly 30% of the community incentives allocation, but the tokens have had no utility and none have been spent since the creation of the community incentives wallet. 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. 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.