Three months ago, MEXC Global initiated a LUNC recovery plan that included burning and buying back LUNC and since then LUNC has hit its highest gains since the TerraUSD stablecoin debacle that led to the Terra Luna hard fork.
MEXC has once again committed to supporting Terra Luna Classic by supporting the 1.2% burn proposal from the Terra Luna Classic community. To that extent, MEXC has launched a time-limited burning event for spot trading fees for LUNC/USDC and LUNC/USDT from September 3, 10:00 to September 17, 10:00 UTC when the 1.2% tax burn proposal is expected to be released.
This makes MEXC the first centralized exchange (CEX) to support LUNC’s upgrade and burning proposal. Currently, MEXC ranks second when it comes to LUNC burning.
In the initiative, the trading fees received by MEXC will be used for secondary market buybacks on a daily basis. MEXC will then make arrangements to send the LUNC tokens bought in the buyback to the official burn address provided by Terra.
MEXC’s global initiatives
As a leading cryptocurrency exchange, MEXC offers cryptocurrency trading services for spot trading, ETF, crypto futures, staking and NFTs among other crypto-related services. It serves over 7 million people across the world and supports more than 1,400 cryptocurrencies.
MEXC Global offers zero fees for all spot trading during the current bear market. It has also committed to supporting Ethereum upgrade together with any possible hard forks once Ethereum migrates to a Proof-of-Stake model.
The crypto exchange also introduced Grid Trading and Trade Mining among other incentive products for its users.