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HomeCryptocurrencyMEXC Exchange Successfully Destroyed 466 Million LUNC Tokens During Burn Event: Details

MEXC Exchange Successfully Destroyed 466 Million LUNC Tokens During Burn Event: Details

In accordance with their time-limited burn event, MEXC has successfully burned the spot trading fees of LUNC generated on the platform as the first CEX to endorse the burn tax proposal from the Terra Classic (LUNC) community. According to the schedule, the crypto LUNC burning event with the 1.2% fee on transactions made on the exchange came to an end on September 18.

A significant amount of LUNC tokens were destroyed between September 4 and September 18, thanks to the 1.2% burn tax on transactions made on the MEXC exchange using the Terra Classic (LUNC) proposal, which Binance has refused to implement.

Read Also: Can LUNC Price Recovery Happen? Here’s What Former US Congressional Candidate Has to Say

According to a statement on the official blog of the cryptocurrency exchange MEXC, during their LUNC burn campaign, a total of 466,330,428 Terra Classic tokens worth $136,000 were destroyed.

The amount of LUNC burnt daily on MEXC exchange during the event is shown in the table below:

Once this measure of the Terra community, which is planned to take place between today, September 20, and tomorrow, September 21, is implemented, MEXC will continue to support it with the 1.2% tax.

Read Also: Proposal to Make Centralized Exchanges Initiate Off-Chain Burns for Terra Classic (LUNC) Launched

MEXC: A Top Crypto Exchange Offering a Range of Cryptocurrency-Related Services

As a top cryptocurrency exchange, MEXC provides a range of crypto-related services, including spot trading, ETFs, NFTs, crypto futures, and staking. It supports over 1,400 cryptocurrencies and offers services to more than 7 million users globally.

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During the present bear market, MEXC Global charges no fees for any spot trading. In addition, it has promised to support any hard forks that emerge once Ethereum switches to a Proof-of-Stake architecture.

Among other promotional products, the cryptocurrency exchange also offered Trade Mining and Grid Trading to its users.


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Oluwademilade Afolabi
Oluwademilade Afolabi
Oluwademilade is a freelance writer focused on cryptocurrency and blockchain technology. He has experience in content writing and digital journalism. Since 2019, he has contributed to several online websites, and several prominent media outlets and professionals in crypto have acknowledged his writing. Besides writing, Oluwademilade likes to read, play the bass guitar, and travel.
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