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MX Token, MX
$26 332 817
24 Hour Volume
$4 418 392
189 152 406
MX Token / US Dollar Chart, MX/USD ()
About MX Token
MX Token project is a part of the MXC cryptocurrency platform. They have released their own token in July 2018, basing it on the Ethereum’s ERC-20 standard. The emission max supply was limited to 1 billion MX right away.
MXC crypto platform was created by a team of traders from Singapore in March 2018. The names of the actual founders of the company are unclear, but we do know of Jed Li, who is a representative for MXC Pro Foundation, and Henry Wu, who is the vice president of MXC Group.
MX Token features
The key element of MXC is its crypto exchange, and the main source of income for any exchange is its trading fee. A year after the release of their native token, the chief executives of the company decided to put the interests of their clients above their own, while also trying to help the price of MX Token grow. In order to get more traders and investors involved, they decided to share some of the money they earn from fees with those who keep MX tokens on their balance. Although, users had to make the final decision by voting for one of the following options:
- Sharing 60% of the commission fees with MX holders (in the form of monthly payments), while spending the remaining 40% on buybacks and token burning.
- Spending 100% of the commission fees on buybacks and token burning every month.
In order to make a vote that happened on 29 and 30 June 2019, the holders had to bid one token per vote, without any limits on the number of votes per holder. The exchange didn’t claim any of the tokens used for voting, and they were all returned an hour after the end of the vote. Among 15,932 participants, the majority voted for the second option by bidding 32,612,463 MX, or 78.98% of the votes.
Having taken the choice of their users into account, starting from July 2019 MXC spends 100% of their daily trading fee revenues on token buybacks from the secondary market (other exchanges and P2P marketplaces), with the token burnings following at the end of the month. The platform’s team publishes a report on all of their actions at the start of every month.
Starting November 2019, MXC exchange provides an ability to use MX tokens to pay for trading fees. And again, users are free to choose: enable the automatic 20% discount for every fee and pay using MX tokens, or not. Those who choose to opt out simply have to pay the standard 0.2% fee for every trade.
The tokens received this way are processed the same way they process those bought back from other platforms, — they are all burned at the end of the month. That destruction procedure is going to continue until the total supply of tokens on the market decreases to 100 million tokens. This deflation model for its internal economics should help to increase the MX Token to the US dollar exchange rate.
The future of MX Token and its price
Since the token utilises the Ethereum blockchain, MX Token’s chart often shows trends similar to those of ether price. So one can clearly say that there is a correlation between them. However, MX token’s growth patterns are more discernible when compared to ETH.
In fact, if you take a closer look at them, you can see the small spikes in MX Token’s price that happen at the start of almost every month. That is the result of monthly reports on token burnings and overall reducing of the total number of tokens in circulation.
Given the lack of a distinct roadmap or any other important announcements regarding platform changes (even though the latter are released from time to time), this information can be used for medium-term MX Token price predictions.
After the cryptocurrency market crash that happened back in March, MX Token has restored the price with an increase of 90.08% — from 0.0716 USD (16 March) up to 0.1361 USD (16 May).