According to Foresight News, blockchain gaming guild Merit Circle has released its financial report for the first quarter of 2024. The report shows a significant increase in the guild's treasury funds. As of December 31, 2023, Merit Circle had $118,132,538 in its treasury. By the end of the first quarter of 2024, this figure had risen to $201,252,368, marking a 70.36% increase compared to the previous quarter.
In addition to the increase in treasury funds, the report also revealed that Merit Circle purchased and destroyed a total of 141,402,030 BEAM tokens during the first quarter of 2024. The value of these tokens amounted to $4,705,370. The purchase and destruction of these tokens is a common practice in the crypto industry to regulate the supply of a particular token and stabilize its price.
