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.

AccessTimeIconOct 26, 2022 at 11:11 a.m. UTC
Updated Oct 26, 2022 at 1:50 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

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.

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.




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Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.