About MX TOKEN
MX TOKEN (MX) is the native cryptocurrency token released by centralized exchange (CEX) MEXC in 2019. MX powers the MEXC ecosystem and provides its holders with access to unique functionality and other benefits of the platform. Holders have the right to vote on business decisions, team elections and gain priority participation in activities and more.
MEXC is a crypto exchange and P2P platform that provides access to spot, margin and futures trading. The exchange offers a versatile digital asset trading service, passive investment staking, DeFi tools and more. MEXC supports buy/sell transactions using fiat through the P2P market.
Who Are the Founders of MX TOKEN?
The company was established in April 2018 registered in Seychelles. The exchange was co-founded by Sheen Xin Hu (CEO), Aaron Wagener (COO), and Piotr Brzezinski (CTO). Besides starting the MXC Foundation, Sheen Xin Hu is also the founder and CEO at MatchX.
Sheen Xin Hu holds a dual master’s degree in Computer Systems Networking and Telecommunications from Technische Universität Berlin, and in Network and System Administration from Université Pierre et Marie Curie. He has 10 years of tech development experience, worked at Airfy and Relayr as a hardware engineer and at ASUS as a marketing assistant. Nowadays, Sheen Xin Hu is LPWAN, Docker and Blockchain evangelist and the core developer at MXC zkEVM.
Currently, MEXC is run by a Singaporean businessman, John Chen, who took over as CEO in 2021, the same year the MXC Exchange was officially rebranded to MEXC Global, now MEXC Official.
What Makes MX TOKEN (MX) Unique?
MX TOKEN (MX) is deflationary, MEXC uses a part of the collected trading fees to buy back and burn tokens, reducing the overall supply.
MX enables the growth and expansion of MEXC and incentivizes token holders to contribute to the development of the ecosystem. The core products of MEXC are: Launchpad, a platform where users can invest in projects at an early stage; Kickstarter, a pre-launch event where users vote with MX to launch projects on MEXC; MX-DeFi, a mining reward program that allows users to stake MX tokens and receive rewards; M-Day, an activity that allows users to purchase newly issued digital tokens through a lottery.
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How Many MX TOKEN (MX) Coins Are There in Circulation?
MX TOKEN (MX) is a crypto asset deployed on the Ethereum blockchain as an ERC-20 token.
MX holders get exclusive access to community activities and promotions, as well as the right to participate in voting (related to business issues, project listing, team elections). In addition, MX use cases include payment of trading fees and MX DeFi mining.
MX TOKEN (MX) has a total supply of 450,000,000 coins with 100,000,000 MX in circulation, as of June 2023.
Features
Utility Token
MX is designed as a utility token, meaning its primary use case is to access various functions and services within MEXC exchange ecosystem.
Governance Rights
Holders of MX tokens enjoy governance rights that allow them to participate in important business decisions and team elections within MEXC platform, giving them an invaluable voice in shaping its future direction.
Voting Power
MX token holders have the ability to vote on proposed changes to the platform, such as listing new cryptocurrencies, adding features or altering existing ones. This democratic voting system empowers communities to influence its development.
Priority Participation
MX token holders gain priority participation in various MEXC activities such as exclusive token sales, airdrops, trading competitions and promotions – offering them unique opportunities and benefits.
Fee Discounts
MEXC may offer reduced trading fees for users holding and using MX tokens on its platform, incentivizing token holders to become actively engaged in trading activities. This encourages token owners to actively take part in trading activities.
Staking and Rewards
Some exchanges provide MX token holders the ability to stake their coins for an extended period in exchange for rewards such as additional MX tokens or cryptocurrency assets.
Token Burns and Deflation
MEXC may implement token burn mechanisms where some MX tokens used for transactions are permanently taken out of circulation, creating scarcity while potentially increasing their value over time.
Ecosystem Benefits
MX tokens may grant access to premium features, services or partner benefits within the MEXC ecosystem, encouraging users to hold and utilize them – further reinforcing their importance within this platform.
Cross-Platform Utility
MEXC tokens may find additional uses beyond MEXC exchange itself, through partnerships or alliances with other platforms or services that extend its utility across ecosystems.
Community Engagement
MX tokens promote community within MEXC by giving users with stakes in MX tokens an interest in its success and growth – creating an active and engaged user base.
How Is the MX TOKEN Network Secured?
MX is an ERC-20 token, it operates on the Ethereum blockchain and relies on the Proof-of-Stake (PoS) consensus mechanism.
Additionally, MX TOKEN has been audited by SlowMist, a blockchain security firm specializing in cybersecurity audits and protection.
Where Can You Buy MX TOKEN (MX)?
The easiest way to obtain the MX token is to buy it directly on the MEXC exchange. There are also alternative options where you can purchase or trade MX, among them: Huobi, Bybit, Jubi and ZT. Download the CMC mobile app to track prices of MX in real-time.
MX TOKEN Conclusion
MX TOKEN (MX) has become an indispensable element of MEXC’s centralized exchange (CEX) ecosystem since its debut in 2019. Acting as MEXC’s native cryptocurrency token, MX plays an integral part in providing functionalities and benefits across their platform.
MX TOKEN stands out from its peers with its governance rights, which empower holders to play an active role in shaping its future by casting votes on essential business decisions and team elections. This democratic approach empowers token holders and fosters an environment of ownership and participation among holders.
MX TOKEN holders enjoy priority participation in platform activities, receiving exclusive opportunities, promotions and benefits that increase engagement more actively with the exchange and creates a vibrant user base.
