The MEXC Global exchange has completed its burning event for the spot trading fees of Terra Luna Classic pairs which include LUNC/USDC and LUNC/USDT on 17th September 2022.
MEXC Global Successfully Conducted 14-Day Burn Event For LUNC
Recall that the event was initiated following the exchange’s support for the LUNC 1.2% tax burn proposal on the 3rd September 2022 and it stated that the event will first run for a space of two weeks which after it will wait for the community feedback.
“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.
It is worth noting that in this space of two weeks, MEXC Global has burnt a total of 466,330,428.18 (466.33 million) LUNC tokens worth $138,504, which were accumulated from the spot trading fees of the cryptocurrency.
The over 466 million LUNC tokens were from the trading fees of LUNC trading pairs, with a 0.2% trading fee attached to takers.
It is good to know that the fees generated from trading in a day are burnt the following day and the largest was gotten on the 6th of September 2022 which was later burned on the 7thof September.
On the 7th of September, 2022, a total of 71,023,573.19 (71 million) LUNC were destroyed which was the highest burnt.
It is worth noting that the idea of the 1.2% tax burn proposal is to revive the token from the effect of the horrible May terra collapse which led to the crash of the UST and its token, LUNA.
Various Exchanges Support LUNC 1.2% Tax Burn Proposal
The proposal is slated to go live on the 20th of September, 2022 and surprisingly, various exchanges have added their support ahead of its release.
Exchanges like Binance, KuCoin, Gate.io, MEXC Global, Lbank, Huobi, Bitrue, and CoinInn added support to the LUNC 1.2% burn proposal of which only Kucoin, MEXC Global, and CoinInn will support burns on LUNC trading.