Hi everyone. I m PaoloG and and as you know I was one of the first investors in MTRG since I discovered it in August 2020.
I have always followed it with enthusiasm so much so that I decided to create the Italian community of Meter and above all I created more than 10 nodes on in the POS mainnet to help decentralization.
I’ve been in the crypto world since the beginning of 2018 and since then I’ve learned a lot and especially in the last year I’ve understood how fundamental tokenomics is in a project (but we’ll talk about it later).
Having said that, I think we have reached a delicate phase of the project and we must somehow give a “push” because I really think that Meter has EVERYTHING to be able to enter the top 100 of the CMC rank.
When I say it has EVERYTHING I mean that in my opinion it has:
- a great team with a unique vision because the concept of MTR as a metastable coin and as a currency to pay the gas fee of the network was a brilliant idea by Xiaohan. Now with the 5x throttle reduction we have a really fast, scalable and also very very cheap network (we are one of the first cheapest EVMs)
- A good number of devs building DAPPs on the Meter network (see the Builders business dev doing an amazing job with his Metaverse + battles)
- A good community looking on CT to support the project like never before
The current weak point of the project in my opinion is tokenomics and I’ll explain my point of view.
I’m not talking about the total supply of 40M which is fine because as you well know 21M are already in circulation and 15M are currently blocked and will only be issued in the event of future liquidity programs (therefore today we need not fear and above all if they entering the circulation only increase the supply without affecting the price).
However, I have had my reservation about the 30M MTRG reserved for the “Foundation Growth Reserve". I don’t know if everyone knows but these 30M of MTRG are unlocked 1M at a time as the MTRG mcap reaches 100M of mcap… so for example:
- at 100M of mcap 1M of MTRG will be unlocked
- at 200M of mcap another 1M will be unlocked
- at 300M of mcap another 1M will be unlocked
- at 3B of mcap the last 1M of MTRG will be unlocked until the 30M is completely unlocked
As I told you above, I believe that tokenomics is nowadays FUNDAMENTAL in a project and I believe that the value proposition for the release of 30M tokens based on marketcap is outweighed by the reluctance of new investors reviewing Meter for investment. As the first thing most investors look for in a project is tokenomics, large unlock in the future has negative impact on the attractiveness of Meter. I fear that this thought is lingering over new as well as old community users in Meter.
To repeat: I believe that the benefit of adding these tokens into circulation is lower than its impact on attractiveness of the project on new as well as new community members
So having said that, I have decided to open this discussion on the meter forum to propose to the Meter team to make a “drastic” choice, and that’s:
I propose to totally BURN definitely these 30M
In this way it will be possible to give the project a tokenomic relaunch and therefore the possibility of regaining the right visibility that I believe this project should have.
Sorry if I was long but it was right and right now to intervene regarding this thing.
Full speed ahead Meter, together we will move forward!! $MTRG