MEXC Declares It Will Support the Upgrade of LUNC and Burn LUNC Spot Trading Fees

2022-9-8 20:55

MEXC will begin a time-limited burning event for spot trading fees for LUNC/USDT and LUNC/USDC starting September 3, 10:00 until September 17, 10:00 in support of the burn tax proposal from the Terra Classic (LUNC) community (UTC).

MEXC is the first CEX to back the LUNC upgrade and burning proposal.

MEXC will proceed with the actual trading fee received, and daily secondary market buybacks will be carried out. Additionally, MEXC will arrange for the daily delivery of LUNC tokens acquired from the secondary buyback of LUNC to the official burn address that Terra supplies.

With a buyback of 581,983,415.1228 LUNC, MEXC is currently ranked second for LUNC burning.

Terra Protocol

With the help of the blockchain protocol Terra, price-stable international payment systems can be powered. According to its white paper, Terra offers quick and inexpensive settlements and combines the price stability and widespread use of fiat currencies with Bitcoin’s (BTC) resistance to censorship.

Terra underwent development beginning in January 2018, and its mainnet launched formally in April 2019. As of September 2021, Terra offers stablecoins pegged to the US dollar, the South Korean won, the Mongolian tugrik, and the basket of currencies represented by the Special Drawing Rights of the International Monetary Fund. Terra also plans to introduce more options.

Terra’s new phase

The LUNA community has put forth numerous solutions to save the Terra ecosystem in the wake of the stability of ecosystem’s stablecoin collapsing. Proposal 1623’s approval was one of them. It significantly advanced efforts to save the Terra ecosystem by building a new chain and starting an airdrop of new tokens for users of Terra ecosystem.

The original Terra Chain was renamed Terra Classic on May 28, 2022, and the genesis block of the new chain was launched to handle future transactions under the name Terra (LUNA). As LUNA Classic, the original native token LUNA has also undergone a name change (LUNC). The cost of LUNC increased by 100% after the tax proposal was made public.

Global Initiatives by MEXC

MEXC Global started another LUNA recovery plan three months ago by burning and purchasing LUNA. Since that time, LUNA has experienced a gain of 2,430%.

MEXC Global is the top cryptocurrency trading platform in the world, serving more than 7 million users globally and offering one-stop cryptocurrency trading services like Spot, ETF, Futures, Staking, NFT Index, etc. The trading of more than 1,400 cryptocurrencies is currently supported. MEXC Global established the public chain sector from the start and had the quickest listing speed.

MEXC Global offers zero fees for all spot trading pairs as we experience a bear market. With a list of two “potential forked” ETH tokens, MEXC Global, an exchange that keeps up with current market trends, supports Ethereum’s upgrade and potential hard fork.

Along with developing secure and trustworthy core products, MEXC Global has also introduced Grid Trading, Trade Mining, and other useful and lucrative products that fit users’ needs and Web3 trends.

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