MEXC Global, the 19th largest cryptocurrency exchange in the world, shared a critical announcement on its Twitter account as of today. The popular exchange, which started a burn event for Terra Classic (LUNC), attracted the attention of investors.
For a while, LUNC investors have been asking exchanges to support burns. The biggest support for these moves came from the MEXC Global stock market. Successful cryptocurrency exchange Terra Classic gave the following words for their burns:
"To support the burn tax proposal from the #TerraClassic $LUNC community, #MEXC will launch a time-limited burning event for $LUNC/USDT spot trading fees"
"Please note that the burning event applies to both $LUNC/USDT & $LUNC/USDC trading pairs on MEXC."
According to the shared announcement, the popular exchange, which shared that 1.2 percent of LUNC/USDT and LUNC/USDC spot trading fees will be allocated to the burns of Terra Classic, won the love of LUNC investors.
1-The spot trading fee rate of LUNC/USDT on #MEXC will be adjusted to 1.2% during the event period.
2-#MEXC will utilize the actual trading fees received from LUNC/USDT spot trading pair to proceed with secondary market buybacks on a daily basis."
3- #Terra has officially provided a $LUNC burn address. MEXC will make arrangements to send $LUNC tokens obtained from the secondary buyback of $LUNC to the official burn address specified on a daily basis."
This burning event will continue until September 17. The popular altcoin seems to be able to continue its rise with the burns to be made during this time.
Although MEXC Global is a large exchange, Terra Classic investors want Binance, the world's largest cryptocurrency exchange, to launch a burn event as well. Judging by Binance's trading volume, the start of burns in the LUNC/BUSD pair may make the popular altcoin rise much harder. The popular stock market has not yet responded to these requests.