MEXC is back with some exciting news! As you may already know, MEXC is carrying out the MX burn based on the community voting result on MX Token 2.0 Proposals. Therefore, we are pleased to announce that a total of 2,152,700 MX tokens were burnt for Q1 2024!
Information on MEXC’s 2024 Q1 MX Burn
- Total MX burned in Q1 2024: 2,152,700 MX Tokens
- Etherscan address for MX burn: MX Token Burn Transaction
- Total Amount of MX Destroyed: 573,506,166 MX Tokens
With a maximum supply of 1,000,000,000 MX tokens, 57.35% (573,506,166 MX) of it is already permanently burned and removed from circulation. Furthermore, MEXC is able to maintain a market circulation of less than 100,000,000 MX tokens. This ensures the scarcity and value of MX in the broader market.
Finally, there is a total of 328,125,500 locked MX tokens. Among these locked tokens, 45.71% or 150,000,000 MX is reserved for MEXC Labs to fund innovative studies. Another 30.48% or 100,000,000 MX is set aside for MEXC Partnership. The final 23.81% or 78,125,500 MX is locked for the MEXC Team, ensuring smooth operation and satisfactory services across the MEXC platform.
Amazing Performance of MX Token Price
MX tokens are at the forefront of innovation with token growth exceeding major native CEX tokens! In 2 short years, we are continuously breaking all-time highs! At a previous low of $0.81 in 2023, we have grown more than 625%, reaching a staggering all-time high of $5.85. Furthermore, Q1 of 2024 was stellar for MX tokens. We saw 2 all-time highs, respectively, at $4.1 and $5.8 along with great utility for MX tokens.
Holding MX tokens now grants you up to a 100% discount on trading fees as well as a variety of free airdrops daily! Learn more at MX Zone today.
Recap on the MX Token 2.0 Proposal
The MX Token 2.0 Proposal, implemented in January 2022, introduces a groundbreaking “Buy-Back and Burn” program. Every quarter, MEXC will allocate 40% of the platform’s profit to repurchase and burn MX tokens. It aims to maintain a stable circulating supply of 100 million MX Tokens.
Within the total supply of 450 million MX Tokens, 100 million MX Tokens are reserved for the Foundation Reserve. This reserve does not only serve as an incentive mechanism for the MEXC team. It also follows a vesting schedule with quarterly releases, ensuring alignment with long-term objectives. Meanwhile, another 150 million MX Tokens have been allocated to establish MEXC Labs to nurture the overall growth of the MEXC ecosystem.
MEXC also distributed 100 million MX Tokens among top-tier global strategic partners, with their selection facilitated through community voting. This democratic process ensures community participation in shaping the strategic partnerships that contribute to the MX ecosystem’s expansion.
To further enhance tokenomics and create scarcity, an additional 100 million MX Tokens were permanently burned. This reduction in the overall token supply will be achieved by transferring these tokens to a “black hole” address, contributing to the deflationary nature of the MX Token.
How Does The MX Token Buy-Back and Burn Benefit MX Holders?
The MX Token’s innovative buy-back and burn program significantly benefits MX holders in several ways. Firstly, by allocating 40% of the platform’s profits to repurchase and burn MX tokens every quarter, MEXC ensures a continuous reduction in the circulating supply. This reduction mechanism inherently drives up the value of MX tokens over time, rewarding holders with increased token scarcity and potentially higher prices.
Meanwhile, the buy-back and burn program instills confidence among investors by demonstrating MEXC’s commitment to token value appreciation.
Additionally, the stability achieved through maintaining a target circulating supply of 100 million MX tokens enhances the token’s utility within the MEXC ecosystem. As we expand and attract more users, the scarcity of MX tokens coupled with the integral role of accessing platform features and services can drive up demand, further benefiting holders.
How to buy MX Token (MX)
- Visit and log in to the official MEXC website, hover the cursor over [Spot] at the top of the page, and select [Spot].
- Type “MX” into the search bar on the right, and find the MX/USDT trading pair.
- Below the K-line chart, enter the amount and the price at which you want to buy MX.
- Click on [Buy MX] to complete the purchase and wait for the order to be executed on the market.
You can find a detailed guide on how to buy MX tokens here.
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