MEXC incinerated 466 million LUNC acquired via LUNC spot trading fees.
Leading cryptocurrency exchange MEXC Global has concluded the burning event for the spot trading fees of Terra Luna Classic (LUNC) pairs, LUNC/USDC and LUNC/USDT. The event, which started on September 3, 2022, finally ended on September 17, 2022.
“As the first CEX to support the burn tax proposal from the Terra Classic (LUNC) community, MEXC has burnt the spot trading fees of LUNC generated on the platform according to our time-limited burn event,” MEXC said in a statement.
Throughout the burn event, MEXC Global destroyed a total of 466,330,428.18 (466.33 million) LUNC tokens, which were accumulated from the spot trading fees of the cryptocurrency.
At the current exchange rate, the LUNC tokens destroyed by MEXC Global were worth $138,504. In a recent blog post, the leading crypto trading firm said:
“MEXC concluded the burning event for spot trading fees of LUNC/USDT and LUNC/USDC.”
The 466 million LUNC tokens were obtained from the trading fees of LUNC trading pairs, with a 0.2% trading fee attached to takers.
Notably, the LUNC spot trading fees generated for each day were burnt the following day. The largest spot trading fees for LUNC were gotten on September 6, 2022, and burnt the following day. Per the transaction details, a total of 71,023,573.19 (71 million) LUNC were destroyed by MEXC on September 7, 2022.
MEXC Contributions to LUNC Burns
It is noteworthy that MEXC is among the cryptocurrency exchanges seeking to help LUNC investors revive the value of the cryptocurrency.
MEXC has already declared that it will support the 1.2% tax burn of LUNC once the proposal is implemented on the Terra Classic network’s mainnet. The 1.2% tax burn will go live on September 21, 2022, or at a block height of 9,475,200.
However, before the exercise, MEXC launched a time-limited burn program for LUNC, an event launched to contribute to Terra’s community burn effort.
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