We have some exciting news to share with you regarding the performance of MX Token in Q1 2023. As you may already know, MEXC recently carried out the MX burn based on the community voting result on MX Token 2.0 Proposals.
We are pleased to announce that a total of 2,115,168.05 MX tokens were burnt for Q1 2023. You can find more details about the burn address at https://etherscan.io/tx/0xa00c33aa96f25f38c55f5cf8687c28eac0ed806eb08d6dc4baa9fda7e6a8dbee.
What is the MX Token 2.0 Proposal
MEXC has reallocated 450 million MX Tokens from the Foundation Reserve after a community voting session. Starting in January 2022, we will begin a new “Buy-Back and Burn” program. We are committing 40% of the platform profit to buy back and burn MX Tokens quarterly. Furthermore, we are aiming to maintain the circulating supply of MX Tokens at 100 million.
Out of the 450 million MX Tokens, 100 million will be allocated to the Foundation Reserve to incentivize the MEXC team with a vesting and quarterly release schedule. Furthermore, 150 million MX Tokens will be allocated to set up MEXC Labs. This will serve as the investment arm of MEXC, facilitating the growth of the MEXC ecosystem.
We will also allocate 100 million MX Tokens to top-tier global strategic partners. Of course, the MX Community will be the ones voting for the partners. Finally, 100 million MX Tokens will be immediately burnt permanently by transferring them to the black hole address. The MX community can also participate in the investment decision-making process through the MX DAO initiative.
What is Buy-Back and Burn?
A buy-back and burn program refers to a process where the issuer of a token or coin buys back a certain amount of the token or coin from the market and then permanently removes (burns) it from circulation.
This process is typically used to reduce the circulating supply of a particular token or coin. It can help to increase its value by creating scarcity. By removing tokens from circulation, the issuer can make the remaining tokens more valuable, as there are fewer of them available to buy or sell.
In addition to potentially increasing the value of the token or coin, a buy-back and burn program can also help to create a more stable and predictable market for the asset. By removing tokens from circulation, the issuer can reduce the volatility of the market. Ultimately, it is beneficial for both investors and traders.
How can Users Support MX Token Buy-back and Burn Program?
In a buy-back and burn program, users can show their support by holding onto their tokens or coins and not selling them on the market. The purpose of a buy-back and burn program is to reduce the circulating supply of the token or coin. It will also help to increase its value. By holding onto their tokens, users can help to create a more stable and valuable market for the asset, which benefits all token holders.
What are the MX Token Use Cases?
MX Token is more than just an investment token. It is a token of great rewards, trading fee discounts, and even commission rebates. Participate in MEXC Launchpads and Kickstarters to receive amazing airdrops; refer friends and receive huge rebates! Find out about the entire MX Token Ecosystem right here and learn more about the functions of MX Tokens!
In the meantime, check out our MEXC trading page and find out what we have to offer! Do not miss out on the golden window. You can learn more about crypto industry news and interesting articles to get you up to speed with the crypto world. Happy trading!
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