Crypto exchange MEXC has asked its users to vote on whether the exchange should support recent plans to burn Terra (LUNA) tokens.
The exchange announced the move late-Sunday, stating that all of its users could participate in the poll.
MEXC said if at least 50% of its users approved the proposal, it will use the actual trading fees from LUNA/USDT spot trades to begin buying LUNA tokens from the open market, and burn them.
The exchange said it will release the results of the vote before May 26. MEXC is the 20th-largest crypto exchange, according to data from Coinmarketcap.com.
LUNA holders are steadily burning tokens
MEXC’s vote comes after Terra founder Do Kwon shared the address for LUNA’s burn wallet. The token prices shot up as much as 100% after the move.
Trending Stories
A barrage of LUNA holders began burning their tokens by sending them to the burn wallet. This trend persisted even as Kwon advised holders against such a move, stating that they will just lose their tokens.
On-chain data shows that users are consistently moving LUNA tokens into the wallet. Over 1 million tokens were burnt in just 20 minutes, as of press time.
Holders also appear to be burning Terra’s UST, on-chain data shows. The token rose as much as 60% in the past 24 hours.
Token burning vs hard fork
Terra had 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, had called on the blockchain to burn tokens.
Terra’s current recovery proposal does include burning LUNA and UST. But a bulk of this will be towards the implementation of a hard fork and the creation of 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.
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Shibarium To Launch Soon; How It Can Pump Shiba Inu Prices?
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%
- Uniswap Price Analysis: Can Ongoing Recovery Carry UNI Price to $8?
- SHIB Price Analysis: $0.00001 Breakout Could Pump SHIB by 33%
