MEXC enters the fray once more for the LUNC community.
Popular Terra Rebel, Vegas revealed today in a tweet that leading crypto exchange MEXC Global appears to have resumed the tax burn on spot trading activities, sharing an excerpt from their blog post indicating that they would share the transaction ID proof for burns made from today until October 1 as part of a weekly update system.
“So it seems that Mexc is once again supporting tax/burn on spot trading. Well played MEXC_Global,” tweeted Vegas.
MEXC Global was one of the first crypto exchanges to express support for the 1.2% LUNC tax burn plan. Even before the community had finished voting on the idea, the exchange initiated a 2-week LUNC burn event for spot trading activity. MEXC consumed over 466 million LUNC within the time period.
Following the adoption of the on-chain tax parameter, the exchange has become the first major crypto exchange to guarantee support for off-chain LUNC burning. It presently hosts a total of $7 million in LUNC trading volume in the previous 24 hours, accounting for slightly more than 1% of total LUNC trading volume across all exchanges.
LUNC is now trading at $0.0002523, a loss of 8.51% in the past 24 hours. While the price has been steadily declining recently, this may be for the best because it allows users to do transactions with bigger LUNC volume, allowing for more burning. Since the tax parameter adjustment, almost 950 million LUNC had been burned.