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.
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