MEXC repurchased and burned 4,189,275 MX in the third quarter, an increase of 8% quarter-on-quarter

On October 23, the cryptocurrency trading platform MEXC announced that a total of 4,189,275 MX were repurchased and burned in the third quarter. Compared with the burning amount of 3,876,215 MX in Q2, an increase of 8% quarter-on-quart, based on the current price of 0.9USDT, the total value of MX burnt in Q3 is about US$3.77 million. 

This is the fourth time that MEXC has repurchased and burned MX since it launched MX Token 2.0, of which 100 million were burned on December 8, 2021. This amount was originally held by the MEXC Foundation, and was later initiated by MEXC, and MX holders voted to burn. 

In addition, in the new "MX Token repurchase plan" in MX Token 2.0, 40% of the platform's total profits are used to repurchase and burn MX, so that the circulation of MX in the secondary market does not exceed 100 million. 

According to MEXC's burning announcement, MEXC repurchased and burned 2,266,655 MX in Q1, 3,876,215 in Q2, and 4,189,275 MX in Q3. So far, more than 110 million MXs have been burned in 4 times, and the total cost of burn has exceeded 279.3 million US dollars. 

According to Etherscan data, the total supply of MX has dropped to 439,667,855 pieces, of which the secondary market circulation has dropped to 89,667,855 pieces, which has exceeded the expectation of "less than 100 million pieces in circulation". 

"Platform Token Burning" is a common method for cryptocurrency trading platforms to increase the value of platform currency from the supply. The difference is that MEXC's "use 40% of the platform's total profits to repur and burn MX" measures, The destruction of MX is even stronger. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

At the same time, the core value of the platform token is to build application scenarios around the demand of the platform. For example, in the MEXC platform, using MX can deduct transaction fees, including spot transactions, contract transactions and leveraged ETF transactions, and enjoy 10%-20% % discounts; participate in Launchpad for low-cost access to new projects; MX DeFi, and more. 

From 2021 to now, the lowest increase of MX has reached 616%, and the highest increase has reached 2845%. The current market value of MX is $89 million, which is 500 times larger than the market value of BNB at $44.63 billion. 

About MEXC: 

MEXC is a leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, etc.,and serving more than 10 million users worldwide. The core team has a solid background in traditional finance, and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. In October 2021, MEXC Global won the title of "Best Cryptocurrency Exchange in Asia". Currently, it supports the trading of more than 1,600 cryptocurrency, and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information, and follow MEXC Global and M-Ventures & Labs. 

This post is commissioned by MEXC and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.