Morpheus Labs to burn up to 45% of total supply over the next 48 months with first 50 million burnt today

Morpheus Labs announces Token Burn

At Morpheus Labs, we are committed to strengthen the value and usage of MITX tokens in the long run. As a result, our team will be conducting token burns as a form to facilitate the market’s needs

But let’s start with the basics…

What is a Token Burn?

Token burn is a process of sending an amount of tokens to a wallet address — commonly referred to as the “black hole” — where the private keys are unobtainable by anyone. This process makes the tokens unusable forever and cannot be undone.

Why are Token Burns Necessary?

Token burns will keep the token value at a healthy level and importantly embrace the importance of scarcity as the supply of the tokens in circulation is intentionally decreased.

Economic principles have proven that this is an effective method and a reinforcement for the respective project’s growth.

Overview of the Supply of MITX Tokens and Token Burns:

The team has just executed a token burn of 50 Million MITX, with the proof-of-burn shown in the image below.

Proof-of-Burn

Proof-of-Burn:

https://etherscan.io/tx/0xf4525f9c91fad5253ff474f0d39875ec88c50a370b4b4668002d8d10d0270c17

We will be conducting monthly token burns progressively throughout the next 48 months. The burn will be capped at a maximum of 45% of the initial circulating supply (450M MITX out of 1B), leaving us with an estimated supply of 550M MITX tokens.

The final circulating supply might vary due to some of these tokens being used for exchange listing fees or other similar expenses that might arise during that time.


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