MEXC Announces Support for LUNC Upgrade and Burning of LUNC Spot Trading Fees

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

The spot trading fee rate of LUNC/USDT and LUNC/USDC on MEXC will be adjusted to 1.2% during the event period. The actual trading fee received will be proceeded by MEXC with secondary market buybacks on a daily basis. MEXC will make arrangements to send LUNC tokens obtained from the secondary buy back of LUNC to the official burn address which is provided by Terra on a daily basis.

Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.

Development on Terra began in January 2018, and its mainnet officially launched in April 2019. As of September 2021, it offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund’s Special Drawing Rights basket of currencies — and it intends to roll out additional options.

After the collapse of the stablecoin of the Terra ecosystem, the LUNA community has proposed various methods to rescue the Terra ecosystem. Among them, the passage of Proposal 1623 brought substantial progress to rescue the Terra ecosystem by creating a brand new chain and airdrops its new tokens to the users of the Terra ecosystem.

On May 28, 2022, the genesis block of the new chain was launched to conduct future transactions under the name Terra (LUNA), and the original Terra Chain was rebranded as Terra Classic. The original native token LUNA has also been renamed as LUNA Classic (LUNC).After the tax proposal was released, the price of LUNC increased by 100%.

Three months ago, MEXC initiated another LUNA recovery plan by burning and buying back LUNA as well. Since then, LUNA hit the highest gain of 2430%.

As far as we know, MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services such as Spot, ETF, Futures, Staking, NFT Index, etc., and serving more than 7 million users worldwide. Currently, it supports the trading of more than 1,400 cryptocurrencies. With the fastest listing speed, MEXC laid out the public chain sector from the very beginning.

Recently, under a bear market,MEXC offers zero fee for all spot trading pairs. As an exchange that keeps up with hot market trends,MEXC also supports Ethereum’s upgrade and its potential hard fork with a list of two “potential forked” ETH tokens.

While creating safe and reliable core products , MEXC has also launched Grid Trading, Trade Mining and other functional and incentive products suitable for users in combination with Web3 trends and user needs.

About MEXC

MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, etc.,and serving more than 7 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 won the title of “Best Cryptocurrency Exchange in Asia”. Currently, it supports the trading of more than 1,400 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 and MEXC Research.

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