Key Takeaways:
- Committed to the Proposal – 1,640,798.5 MX tokens buy-back and burn
- Maintaining The Circulating Supply – Staying true to our proposal, maintaining a supply of 100 Million
MX Token Q3 Buy-Back and Burn Performance
We’re excited to share some significant updates about MX Token’s performance in Q3 2023. In line with the MX Token 2.0 Proposals, MEXC carried out an MX token burn, which was determined through community voting.
We are delighted to announce that a total of 1,640,798.5 MX tokens have been successfully burned during Q3 2023. If you’re interested in more detailed information about the burn address and transaction, you can check it out at this link: [Etherscan].
At the time of writing, we have already destroyed more than 568,000,000 MX tokens. We are also able to cap the circulating supply of MX tokens, maintaining it below 100,000,000. This achievement showcases the ongoing growth and progress of MX Token, and we sincerely appreciate your involvement in our community.
Let’s Look at The Q1 and Q2 Buy-Back and Burn Progression
Q1 Buy-Back and Burn
In the first quarter of the year, MX Token’s team initiated an aggressive buy-back campaign. This involved allocating a portion of their treasury to purchase MX Tokens from the open market. The goal was to reduce the circulating supply, ultimately driving up the token’s value.
As the tokens were repurchased, the team executed a transparent burn process. A total of 2,115,168.05 MX tokens were sent to a verifiable, inaccessible address, ensuring that they could never be brought back into circulation. This process was met with enthusiasm from the MX Token community. Check it out at : [Etherscan]
Q2 Buy-Back and Burn
Building on the success of Q1, the MX Token team continued their buy-back efforts into the second quarter. This showed our commitment to the project’s long-term success and the confidence we had in our token.
The burn process in Q2 was just as transparent and efficient as in the previous quarter. The tokens repurchased in Q2 were meticulously burned, further reducing the overall supply. In total, we successfully burned 1,562,500 MX tokens. We are also able to continuously maintain our circulating supply of MX tokens below 100,000,000 on the market. Check it out at : [Etherscan]
The Importance of MX Buy-Back and Burn
The Buy-Back and Burn proposal carries great importance as it effectively reduces the total token supply, thereby enhancing the scarcity of MX tokens. Moreover, this process contributes to a more stable price trajectory, instilling confidence in both future users and investors.
How Does the MX Token 2.0 Proposal Work?
Commencing from January 2022, a novel “Buy-Back and Burn” program will be set in motion. A significant portion, specifically 40% of the platform’s profits, will focus on purchasing and burning MX Tokens on a quarterly basis. The primary goal of this initiative is to sustain the circulating supply of MX Tokens at 100 million.
Among the 450 million MX Tokens in existence, 100 million will go to the Foundation Reserve. This allocation serves as an incentive for the MEXC team and adheres to a vesting schedule with quarterly releases. Another 150 million MX Tokens will proceed to establish MEXC Labs, which will act as the investment branch of MEXC, nurturing the growth of the entire MEXC ecosystem.
In addition, 100 million MX Tokens will head to top-tier global strategic partners, with active participation from the MX Community in the selection process through voting. Furthermore, to significantly reduce the overall token supply, 100 million MX Tokens will be permanently burned by transferring them to a “black hole” address.
How to buy MX Token (MX)
You can buy MX Token (MX) on MEXC by following the steps:
- Log in to your MEXC account. Click on [Spot].
- Search “MX” using the search bar to see the available trading pairs. Take MX/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of MX you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy MX] to confirm your order. You will find the purchased MX in your Spot Wallet.
You can find a detailed guide on how to buy MX tokens here.
What is New on MEXC Launchpad and Kickstarter?
Did you know, MX Zone, Launchpad, and Kickstarter got themselves a new facelift? Now, you can check up on different statistics such as personal APY, amount of projects, and many more!
Learn all about the new updates at: The Biggest Update of MEXC Launchpad in 2023
If you find it hard to navigate the MX Zone, then this article is for you! Learn all the features and privileges that you as a MX token holder can get!
Find out how to navigate MX Zone right here: Welcome to The MEXC Ecosystem
Start your travel on MEXC
