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.

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.

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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The post MEXC Exchange Successfully Destroyed 466 Million LUNC Tokens During Burn Event: Details appeared first on Times Tabloid.

Several exchanges including KuCoin, Huobi, and MEXC Global have enforced this proposal by the Terra Classic community. So far, the MEXC exchange has burned over 154.8 million LUNC tokens within 5 days.

MEXC LUNC Burn Event

MEXC Global, a widely used crypto exchange created by experts from Wall Street Journal, Japan, and Europe became the first centralized exchange to activate the LUNC 1.2% tax burn. 

Related: Terra Classic (LUNC) Outshines Bitcoin On KuCoin, Wins Huobi’s Support For 1.2% Tax Burn

On September 3, MEXC Global announced support for the Terra Classic (LUNC) upgrade and launched a burning event for LUNC spot trading fees. The event which began on September 3, 2022, will be rounded off on September 17, 2022.

The popular centralized exchange wrote, “to support the burn tax proposal from the Terra Classic (LUNC) community, MEXC will launch a time-limited burning event for spot trading fees of LUNC/USDT and LUNC/USDC.”

MEXC adopted the approach of using the trading fees received from LUNC/USDT and LUNC/USDC spot trading pairs to buy back Terra Classic (LUNC)every day throughout the event period. These tokens are later sent to the official burn address provided by Terra. 

Read Also: Terra Classic (LUNC) Wins First-Ever DEX Listing, After Over 424% Growth in 30 Days

Details of LUNC Burned 

While the burn event is yet to be concluded, MEXC burned 154,799,894.51 LUNC tokens. 

On day 1 of the burn event, the exchange sent 11,015,812.43 LUNC tokens to the burn address while 14,461,785.28 LUNC tokens were destroyed on the second day. 

Terra Classic tokens burned on day 3 amounted to 22,520,586.51 while 35,778,137.17 LUNC tokens were burned on the fifth day into the event. The largest burn amount was recorded on day 4 as 71,023,573.19 LUNC tokens were transferred to the dead wallet by MEXC. 

Terra Classic (LUNC) continues to trend due to its recent good performance in the crypto market. Following the positive developments around the embattled token, investors and exchanges have shown support for the token. Recently, LUNC was listed on a decentralized exchange for the first time while Binance introduced a new trading pair for the token.

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The post Top Exchange Burns Over 154.8 Million Terra Classic (LUNC) Tokens in 5 Days: Detail appeared first on Times Tabloid.