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

[PRESS RELEASE – Please Read Disclaimer]

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

MEXC is the first CEX to support the LUNC upgrade and burning proposal.

MEXC X LUNC

The actual trading fee received will be proceeded by MEXC and will implement secondary market buybacks on a daily basis. Also, 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 that is provided by Terra.

Currently, MEXC ranks second for the LUNC burning, with 581,983,415.1228 LUNC buy back.

What is Terra Protocol?

Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payment 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.

As of September 2021, Terra 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.

Rebranding of Terra

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.

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.

MEXC Global Initiatives

Three months ago, MEXC Global initiated another LUNA recovery plan by burning and buying back LUNA as well. Since then, LUNA hit the highest gain of 2,430%.

With much support, MEXC Global is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services such as Spot, ETF, Futures, Staking, NFT Index, etc., and serves more than 7 million users worldwide.

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

MEXC Global has also launched Grid Trading, Trade Mining and other functional and incentive products.

About MEXC:

MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services. 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 Global won the title of “Best Cryptocurrency Exchange in Asia”. Visit the website and blog for more information, and follow MEXC Global and MEXC Research for more.