CryptoWallCity vs MEXC Exchange

Top Crypto Exchange MEXC Offers To Support Burning Terra (LUNA)

Exchange MEXC announced the move late Sunday, saying that all of its users can participate in the poll.

MEXC said that if at least 50% of its users approve the proposal, it will use the actual transaction fees from the LUNA/USDT spot trading to start buying LUNA tokens from the open market and burning them.

The exchange said it will announce the results of the vote by May 26. MEXC is the 20th largest cryptocurrency exchange, according to data from Coinmarketcap.com.

LUNA holders are steadily burning tokens
The MEXC vote came after Terra’s founder, Do Kwon, shared the address of LUNA’s wallet. The token price went up to 100% after the move.

A bunch of LUNA holders have started burning their tokens by depositing them into burn wallets. This trend persisted even as Kwon advised holders against such a move, saying they would only lose their tokens.

On-chain data shows that users are continuously moving LUNA tokens to the wallet. Over 1 million tokens burned in just 20 minutes, as of press time.

Holders also appear to be burning Terra’s UST, on-chain data shows. The token has increased by as much as 60% in the last 24 hours.

Burn tokens vs hard fork

Terra has faced several calls from the crypto community to ramp up token burning, in order to restore some value to holders. Major crypto figures, including Binance CEO Changpeng Zhao, have called for the blockchain to burn the tokens.

Terra’s current restoration proposal includes burning LUNA and UST. But much of this will go towards implementing a hard fork and creating a new Terra blockchain.

The new chain will also have a new version of LUNA, while the old one will be called LUNA Classic (LUNC). So far, about 66% of holders support the move.

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