Metabit Network Announces Token Burn And Buyback Plans

According to BlockBeats, on September 9, the public blockchain project Metabit Network announced measures in response to recent significant price fluctuations of its BMTC token. These fluctuations were attributed to malicious actions by former team members amid strategic conflicts. The foundation emphasized its responsibility to the project and the protection of community assets, outlining the following steps: BMTC Token Burn Plan The total issuance of BMTC tokens is 1 billion, with 150 million in circulation. Of these, 70 million tokens were released through IDO, seed rounds, institutional rounds, the foundation, and the team. After active communication with these parties, an agreement was reached to destroy 35 million tokens within seven days, accounting for 23.6% of the circulating supply. This burn plan includes 70% of the tokens released by the foundation, 60% of the team-released tokens, and 50% of the institutional round tokens. Additionally, the foundation reached a consensus with some seed round and IDO investors to participate in this burn. Buyback Plan Recently, the foundation repurchased 1.1 million tokens from exchanges, which will also be included in the burn plan. Future Burn Commitment Moving forward, the foundation commits to further token burn plans to continuously optimize the BMTC ecosystem and market performance.