MX Token

As it fits into decentralized finance and other blockchain areas, MX Token is getting noticed for helping users and shaping the future of online transactions. This article looks at what MX Token does, why it’s important, and what it could become in the world of cryptocurrency.

Introduction to MX Token (MX)

MX Token has been developed using the ERC-20 standard on the Ethereum blockchain by the MEXC exchange. MEXC exchange is a centralized trading exchange that uses mega-transaction matching technology for its users, ranging from retail traders to institutional investors.

It is the native token to be used on the MEXC exchange and has several essential roles to play within the platform. They are used as proof of stake for communities, traders, participants, and those holders who can vote to elect other community members.

MX Token was created with complete planning and many purposes. MEXC exchange wanted to use the MX Token as a means of discount for traders in trading fees.

Moreover, the token was to be required by the MEXC exchange so that its users could easily participate in events and get involved in other paid and unpaid projects. Moreover, MX Token also provides liquidity so that transactions are quickly completed.

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The Genesis of MX Token

MX Token was launched by Metin Mehmet Durgun in 2019 whereas it was registered in 2018. In 2011, Metin graduated from Belarusian University after completing his bachelor’s in international economics. He further worked in Amber Group and as an operational manager in a company before launching MX Token.

The co-founders of MX token were Sheen Xin Hu, Aaron Wagener, and Piotr Brzezinski. In 2021, with the name change of the MXC platform to MEXC Global, the CEO was also changed to John Chen, a Singaporean businessman.

How MX Token Works

MX Token rules within the MEXC ecosystem are quite simple to understand. An average of 40 percent of the profits that MEXC makes from trading fees is utilized to buy back the MX Tokens. They do this so that a constant supply of 100 million tokens is easily maintained.

Since it’s a utility token, it helps in executing various key functions that improve user interaction and efficiency. Furthermore, it’s used as a medium of exchange on MEXC, allowing users to use it for utilizing services, participating in token sales, and engaging in the voting process.

Additionally, one common use-case of this token is to reduce transaction fee. Those who hold MX tokens are entitled to discounts on trading fees and it also allows them to participate in exclusive platform events such as Launchpad, Kickstarter, and M-day.

MX Tokenomics

With a total supply of 450,000,000 coins and 100,000,000 MX in circulation. Here are the supply details as of April 2024.

• Market Cap: $482,480,849 (#143)
• Volume (24h): $29,707,305 (#173)
• Volume/Market Cap (24h): 6.17%
• Circulating Supply: 98,368,834 MX (9.84% of Total Supply)
• Total Supply: 426,493,834 MX
• Max. Supply: 1,000,000,000 MX
• Fully Diluted Market Cap: $4,904,494,638

MX tokens are burned to remove a portion of the total supply from circulation, directly increasing the scarcity of the token. With this token burn strategy, the demand will increase and supply will decrease, leading to an increase in MX Token price.

Benefits of Holding MX Token

MEXC Exchange launched the MX Token with many benefits and let’s discuss some of them.

1. Reduced Trading Fees

By holding MX Tokens, your trading fees on the MEXC exchange will be reduced significantly. If you hold around 1000 MX Tokens for 15 days, you can get a 50% discount on your trading fees, and that too on the perpetual future contracts. This increases your final profits and is quite beneficial if you trade with higher volumes.

2. Voting Rights and Governance

You become part of their community by holding MX Tokens for a longer period. The token holders assist in the important decisions of the platform such as which new assets should be listed. Moreover, you can request updates on certain features of the platform to improve performance. It’s vital to know that the more tokens you hold, the higher will be your voting power.

3. Free Airdrops

All the traders who have held at least 1000 MX Tokens can get an opportunity to participate in over 30 free airdrops every week. However, it does not mean money, airdrops usually consist of newly listed assets and you will be able to take your part from the reward pool.

4.  Participation in Token Sales

You can participate in token sales and evaluate the ones that you think are better, far before they are actually launched on other platforms. This can open many profitable investment opportunities and all the different tokens for sale will be listed on the MEXC platform.

5. Increase in Affiliate Commissions

If you hold a significant amount of MX Tokens, you can boost your commissions by becoming an affiliate up to 70%. If 5 people traded on the platform through your link in a specific period and you had 2000 MX tokens at the same time, you will be eligible for 70% commissions. Moreover, the other way could be by having 20,000 MX Tokens in your account.

Acquiring and Storing MX Token

You can buy MX tokens from the MEXC exchange or any other crypto trading platform. Here are a few steps you can follow to secure buy MX Token.

1. Create Account

Firstly, visit the website of the exchange and create your account by clicking on the “Log In” or “Register” button. Enter your email and create a strong password to register yourself as a user. Now verify your email by clicking on the link sent on it.

2. Deposit Funds

Every exchange offers several depositing methods such as Credit/Debit cards and P2P. You can use one of these options to transfer funds from your bank account to the exchange. If you are using P2P, then ensure that you are dealing with a seller verified by the exchange.

3. Verification

Although you now have funds to buy MX tokens, you cannot trade until you have been verified. The exchange will demand your passport and national identity card with a live photo to verify that you are a legitimate person. Moreover, you will be unable to buy MX tokens if you are less than 18 years old.

4. Acquiring and Storing

Finally, you are ready to purchase the MX token.

Now write “MX” on the search bar and you will be redirected to their spot-buying page. Select an order type such as market or limit order and choose the amount of MX tokens that you want to buy. Lastly, click on the “Buy” button and your order will be executed.

Although MX tokens will be quite securely stored in the exchange, you can still transfer them to any of your crypto wallets for enhanced safety. The top three types of crypto wallets are listed below:

• Hardware wallets
• Software wallets
• Web wallets

Moreover, here are some security practices you should follow when having single or multiple crypto wallets.

• You should enable two-factor authentication on all accounts.

• You should always use unique passwords for different wallets.

• You should keep your wallet software up to date.

MX Token in DeFi and Blockchain Ecosystems

Mx Token is used in various DeFi activities like staking and yield farming, where users can earn more MX by participating. These steps help MX Token fit into the growing DeFi trend and make it more attractive to investors who like decentralized finance.

On the other hand, MX Token also has potential uses in other blockchain projects. Since it works on the Ethereum network, it can easily join other apps and blockchain systems. MX Token could help with transactions between different blockchains or be used in deciding how other platforms are run. This flexibility could make MX Token useful in many places, not just on MEXC.

Market Analysis: MX Token’s Performance

MX token started its rise in 2021 with high volume and ended the year with green. 2022 was not the same for the MX token as it was completely bearish, starting from January to December.

This is where everyone thought about the end of the MX token, but 2023 proved them wrong as volume was seen. Although the last few months of 2023 were bearish, the overall trend for the year was positive.

MX token broke all its highs in 2024 and is on an uptrend now with a current price of $5.28. Even the Binance BNB token was unable to break its all-time high in 2024.

Future Roadmap and Developments

MX Token has a detailed plan for growing and improving. It’s gonna focus on always coming up with new ideas, teaming up with big names in the industry, and getting the community involved. These steps will be crucial as MX Token works to become more widely used and useful.

Conclusion: The Strategic Importance of MX Token

MX Token significantly boosts the MEXC Exchange by lowering trading costs and enhancing user participation in decision-making. Moreover, its importance in the larger crypto market is growing due to its potential in DeFi and other blockchain ecosystems.

With the growth that we see currently, it seems that MX Token is gonna shape the future of digital asset trading by continuing to integrate innovative features and expanding its influence across the industry.

We Coin-Labs.com provides only objective information about MX Token.
Therefore, we are not responsible for the investment decision in MX Token and the resulting loss.

MX Token Basics

Here are some factors that investors should consider before investing in MX Token.

Cryptocurrency Features	MX Token ()
Publisher or Developers
Headquarters (Registration Number)
Symbol
Platform
Published Date (CMC Registration)	2024-10-02
Max Supply	958,691,258,152,859

Reliability Score of MX Token in 2024

These are indexes mesuring the investment reliability of MX Token conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 0 Exchanges
Number of Available Pairs Worldwide	1 Pairs
Market Cap of the Cryptocurrency	6,683,329 USD (Rank #1295)

The table above shows the result of investment suitability evaluation for MX Token.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

MX Token Price

Here are the price and recent trading volume of MX Token. (Data of 2024-10-03 00:15:00)

Price Items	Price and Trading Volume of MX Token
MX Token Price	0.000 USD
Price Change 24h	-5.48%
Price Change 7d	-4.99%
Trading Volume 24h	11 USD
Trading Volume Change 24h	-82.47%

Cryptocurrency Metadata

You can check the development status and social media information of MX Token through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter
🤖 Reddit
🎺 Message Board

Where to Buy MX Token

Here are the top ten world crypto exchanges where traders can buy MX Token in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Not listed
Coinbase	Not listed
Kraken	Not listed
KuCoin	Not listed
Bitfinex	Not listed
OKX	Not listed
Huobi	Not listed
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Not listed

Frequently Asked Questions