According to BlockBeats, on September 9, the public chain project Metabit Network issued an announcement stating that due to the conflict of development strategies and the malicious dumping of the previous team, the price of BMTC has fluctuated greatly. The Foundation feels that it has a great responsibility and adheres to the attitude of being responsible for the project and protecting community assets. Hereby, the following measures are issued:
BMTC Token Destruction Plan
The total issuance of BMTC tokens is 1 billion, with a circulation of 150 million, of which 70 million tokens were released by IDO, seed round, institutional round, foundation and team. After active communication between the foundation and the above parties, they reached an agreement to destroy 35 million tokens at one time within 7 days, accounting for 23.6% of the total circulation.
The above destruction plan accounts for 70% of the tokens released by the foundation, 60% of the tokens released by the team, and 50% of the tokens released by the institutional round. For the seed round and IDO, the foundation and some investors have also reached a consensus and agreed to participate in this destruction.
Buyback Program
Recently, the foundation has repurchased 1.1 million tokens from exchanges and will also participate in this destruction plan.
Future destruction commitment
In the subsequent development process, the Foundation promises to continue with further token destruction plans and continue to optimize BMTC’s ecology and market performance.
