MEXC became the first centralised exchange to go above and launch the LUNA recovery plan, following extremely good comments from the community.
Over the past 2 days, we have gathered 12,948 valid votes and gained a 98.49% support rate to burn LUNA to decrease LUNA circulation on the secondary market.
MEXC
The following are the details of the MEXC x LUNA Buy Back & Burn Plan:
- MEXC will conduct daily secondary market buybacks using the actual trading fee received from the LUNA/USDT spot trading pair. This plan will run for one month, beginning on 2022-05-26 and ending on 2022-06-26.
- Terra has supplied an official LUNA burn address 3. MEXC will make daily preparations to send LUNA tokens earned through the secondary repurchase of LUNA to the official burn address.
- On a weekly basis, MEXC will transmit transaction ID proof of transfers to the official burn address.
The actual trading cost is only applicable to LUNA/USDT spot trading, excluding ETF and Margin Trading. The MX Deduction and trading fee rebate will be deducted from the trading fee collected.
On May 9th, 2022, Terra (LUNA) made international headlines after its stable coin, UST, lost its peg against the US dollar. The fear that followed resulted in the Terra ecosystem collapsing on May 10th. Terra had lost 99% of its value in just 48 hours. Now that things have calmed down, it’s reasonable to question if LUNA is a solid cryptocurrency to invest in and how high it may rise.