As a show of support for the burn tax proposal put forth by the Terra Classic (LUNC) community, MEXC will initiate a time-limited burning event for spot trading fees for LUNC/USDT and LUNC/USDC beginning on September 3, 10:00 and continuing through September 17, 10:00. (UTC).
The LUNC upgrade and burning plan has received support from MEXC, making it the first CEX to do so.
MEXC will move forward with the actual trading fee that it has received, and it will carry out daily buybacks on the secondary market. In addition, MEXC will make the necessary arrangements to ensure that LUNC tokens obtained through the secondary buyback of LUNC are delivered on a daily basis to the official burn address that Terra provides.
MEXC is presently in second place for LUNC burning, according to the company’s buyback of 581,983,415.1228 LUNC.
Powering price-stable international payment systems is made possible with the assistance of the blockchain technology known as Terra. According to the company’s white paper, Terra provides fast and affordable payments. Additionally, it combines the price stability and widespread use of fiat currencies with the censorship-resistant properties of Bitcoin (BTC).
Terra’s development began in January 2018, and the cryptocurrency’s mainnet became live in April 2019 after being in beta since that time. Stablecoins anchored to the United States dollar, the South Korean won, the Mongolian tugrik, and the basket of currencies represented by the Special Drawing Rights of the International Monetary Fund will be available for purchase beginning in September 2021 via the Terra platform. In addition to this, Terra intends to present further choices.
The new era of Terra
In response to the failure of the Terra ecosystem’s stablecoin, the LUNA community has proposed a great number of potential alternatives that may be implemented in order to salvage the Terra environment. The acceptance of proposal number 1623 was one of them. Through the construction of a new chain and the launch of an airdrop of new tokens for users of the Terra ecosystem, it made great progress toward the goal of saving the Terra environment.
On May 28, 2022, the original Terra Chain was renamed Terra Classic, and the genesis block of a new chain was established to handle future transactions under the name Terra. Both chains continue to operate under the name Terra (LUNA). The first ever LUNA token now goes by the name LUNA Classic after going through its own rebranding process (LUNC). After the public announcement of the tax proposal, there was a 100% surge in the price of LUNC.
Initiatives on a Global Scale Taken by MEXC
Three months ago, MEXC Global began the second phase of its LUNA recovery plan by burning and acquiring the cryptocurrency. Following that point in time, LUNA has seen a price increase of 2,430%.
MEXC Global is the leading cryptocurrency trading platform in the world. They provide services to more than 7 million users all over the world and offer one-stop cryptocurrency trading services such as Spot, ETF, Futures, Staking, NFT Index, etc. MEXC Global is the best cryptocurrency trading platform in the world. There is presently support for trading in more than 1,400 different cryptocurrencies. MEXC Global formed the public chain sector from the outset and had the quickest listing speed.
As the bear market continues, MEXC Global has decided to waive all fees associated with spot trading for all currency pairings. MEXC Global, an exchange that stays on top of the latest market developments, is supportive of Ethereum’s planned upgrade and probable hard split. The exchange has compiled a list of two ETH tokens that might be “potentially forked.”
In addition to producing core goods that are reliable and trustworthy, MEXC Global has also created products such as Grid Trading, Trade Mining, and other helpful and lucrative products that are tailored to meet the requirements of users and Web3 trends.