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.
- This Crypto Winter Suite Could Help Investors In Bear Market
- Terra USTC Price Skyrockets By 75%; Will It Recover More?
- Breaking: No VAT On Cryptocurrency Issuers In Russia, Details
- Just In: Robinhood Lists Chainlink (LINK); Price Up By 5%
- Just In: USDC Parent Inks Major Pact With New York Bank
- Here’s Why Dogecoin (DOGE), Shiba Inu (SHIB) Prices Tumbled
- This Is Why Ethereum (ETH) Recovered Sharply From Below $1K
- Top Binance Exec To Keep Buying Bitcoin, But There’s A Catch
- Expert Sees Fed Reversing Interest Rate Hikes, How Will It Affect Crypto?
- New Bullish Cycle Likely After Bitcoin Reaches This Level, Stats Show
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
