It looks like the Web3 gaming ecosystem is doing better than ever, and an important altcoin is mirroring the statement. Check out the latest reports about this below.

A lesser-known cryptocurrency in the Web3 gaming ecosystem has experienced a significant increase of over 51% this week, following a new proposal regarding token migration.

The Merit Circle (MC) Decentralized Autonomous Organization (DAO) native token is currently trading at approximately $0.405, compared to $0.267 just one week ago.

This price surge coincides with a discussion period for a new ecosystem proposal that, if approved, would transform the existing MC token into a new BEAM token on a 1:100 ratio.

Merit Circle introduced Beam, a new blockchain platform focused on gaming earlier this year. The MC token currently functions as the native gas solution for Beam, but the developers believe that a token rebranding would draw more attention to the new network.

The developers stated the following:

“We believe that converting to a more Beam-focused ecosystem will improve brand recognition and strength. We believe that Beam is competing with other gaming networks such as Immutable and Ronin.”

The devs continued and stated this:

“Educating those outside the DAO about this, through means such as written pieces and ongoing reminders about the changes in our ecosystem, will take significant time and effort. Instead, a token conversion allows us to strategically align both those within the DAO and outside the DAO, with our vision in an efficient manner.”

The online publication the Daily Hodl noted about the digital asset the fact that despite the price gains this week, MC still remains more than 96.5% down from its all-time high of $11.70.

“The 160th-ranked crypto asset by market cap is up more than 4% in the past 24 hours.”

Stay tuned for more news from the crypto space and make sure to check out the crypto markets as well.