Recently, the world-renowned cryptocurrency trading platform MEXC launched a new M-Day event. This is a welfare event for MX Token holders and mainstream token traders. Participants can exchange new project tokens at a discounted price or free of charge.
The project launched by MEXC this time is the latest NFT Index token ENSDOMAIN. The index token is supported by more than 20 four-digit pure digital ENS domain names purchased by MEXC. These domain names have then been split into 26 million ENSDOMAIN index tokens.
According to MEXC’s announcement, the winning users who trade mainstream token spots, leveraged exchange-traded funds (ETFs) and futures during the event can use MX Token to exchange the index token ENSDOMAIN at a discounted price.
It is particularly worth mentioning that MEXC will burn all the MX Tokens received in this event.
Since December 2021, MEXC has continued to burn more MX Tokens. In MX Token 2.0, 100 million of the 450 million MX Tokens held by the team will be directly and permanently burned. Meanwhile, starting from Q1 this year, 40% of the platform’s profits will be used to repurchase and burn MX Token to ensure its deflation in the secondary market.
According to the data of the Ethereum explorer Etherscan, the total supply of MX Token has dropped from 450 million in December 2021 to about 443 million at present. Since the burning of MX Token in Q2 has not begun yet, the data only includes the number of MX Tokens burned in Q1 2022.
Up until now, the circulation of MX Token in the secondary market is about 93.8 million. Judging from this MEXC initiative, the platform will not only continue to use the platform’s profits to buy back MX Token to achieve its goal of substantial burning but will also continue to use the platform’s activities and events to strengthen the use cases of MX Token and the burning of MX Token in order to reduce its circulation in the secondary market.
Whether it is a centralized exchange or a decentralized exchange, these platform tokens have always been the sector and projects that have been paid attention to. However, the platform token of the decentralized exchange is currently used for governance only and lacks a certain value, while the platform token of the centralized exchange has already had a large number of use cases within the platform.
For example, MEXC has launched a series of activities, such as M-Day, Launchpad, MX DeFi and Kickstarter, that highlight MX Token. MX Token holders can participate in these activities to get rich rewards.
These moves have boosted the value of MX Token. Comparing platform tokens, BNB, MX Token, FTX Token (FTT) and KuCoin Token (KCS) have all increased by more than 800% in the past two years. In the past year, MX Token has had the most outstanding performance, achieving growth of up to 185.42%, while the growth of BNB, FTX and KCS in the past year is only -9.83%, 2% and 3.05%, respectively.
At present, the market capitalization of MX Token is $122 million, and the market cap of BNB, which ranks fifth, is $47.8 billion. The market cap of the former is only 1/391 of the latter.
The analysis agency ICO Analytics used SimilarWeb to analyze and conclude that MEXC’s network traffic increased by 27% in July, making it the trading platform with the largest traffic growth among the 20 mainstream cryptocurrency trading platforms in the world.
In 2021, MEXC won the title of “Best Crypto Exchange in Asia” at the Crypto Expo Dubai. Some analysts pointed out that the core reason why MEXC is well-known to global cryptocurrency traders in just a few years is that it is able to quickly discover high-quality crypto assets, provides professional products and user services, and puts more emphasis on localization when promoting its global operation strategies.
Judging from the achievements of MEXC’s global development in the past two years and the rapid growth of its global users, the market value of MX Token is at an early stage, and its valuation may also be seriously underestimated.
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, staking, NFT Index, etc., and serving more than 7 million users worldwide. The core team has a solid background in traditional finance and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. Currently, it supports the trading of more than 1,400 cryptocurrencies and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information and follow MEXC Global and MEXC Research.