MX Token: A Complete Guide to the MEXC Ecosystem and How It Powers DeFi & CEX Services

MX: Everything You Need to Know

MX is a cryptocurrency token that powers the MEXC ecosystem, a centralized exchange (CEX) and decentralized finance (DeFi) platform that offers various services such as spot, margin, and futures trading, passive investment staking, DeFi tools, and more. MX holders can enjoy exclusive benefits and privileges on the platform, such as voting rights, fee discounts, priority participation, and rewards. MX is also deflationary, as MEXC uses a part of the collected trading fees to buy back and burn tokens, reducing the overall supply. In this article, we will explore what MX is, how it works, who is the team behind it, and what are the use cases for this cryptocurrency.

What is MX?

MX is an ERC-20 token that was released by MEXC in 2019. MEXC is a crypto exchange and P2P platform that provides access to over 1,000 trading pairs across various markets. MEXC also supports buy/sell transactions using fiat through the P2P market. MEXC aims to provide a versatile digital asset trading service that caters to both beginners and professionals.

MX is the native token of MEXC and the governance token of the MXC Foundation, a non-profit organization that oversees the development and maintenance of the MEXC ecosystem. MX holders can participate in various community activities and promotions, as well as vote on business decisions, team elections, and project listings. MX holders can also enjoy fee discounts, priority participation in activities such as Launchpad, Kickstarter, MX-DeFi, and M-Day, and receive rewards in various forms.

How does MX work?

MX works on two main mechanisms: the MX Buyback-and-Burn Program and the MX DeFi Mining Program.

The MX Buyback-and-Burn Program is a mechanism that reduces the supply of MX tokens over time. MEXC uses 20% of its daily net profit to buy back MX tokens from the secondary market and burn them every quarter. The buyback-and-burn process is transparent and verifiable on the blockchain. The total supply of MX tokens is 1 billion, but the current circulating supply is around 100 million.

The MX DeFi Mining Program is a mechanism that rewards MX holders for staking their tokens on the platform. Users can stake their MX tokens and receive rewards in various tokens such as USDT, BTC, ETH, DOT, FIL, UNI, and more. The rewards are distributed daily based on the proportion of staked MX tokens to the total staked amount. The annual percentage yield (APY) of staking MX tokens varies depending on the reward token and the market conditions.

Who is the team behind MX?

MEXC 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 20213, the same year the MXC Exchange was officially rebranded to MEXC Global, now MEXC Official. John Chen has over 20 years of experience in finance and technology sectors.

MEXC also has a team of engineers, researchers, designers, and community managers who are working on developing and improving the platform. MEXC has received funding from several investors and partners such as Ripple’s Xpring fund, Digital Currency Group (DCG), Kenetic Capital (KC), CoinFund (CF), LD Capital (LD), cFund (cF), Borderless Capital (BC), Arrington XRP Capital (AXC), NGC Ventures (NGC), DeFi Capital (DFC), Wave Financial Group (WFG), among others.

What are the use cases for MX?

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.

MX is also compatible with existing DeFi protocols and applications, which means that users can leverage the composability and interoperability of the Ethereum ecosystem to create more complex and innovative financial products and services.

Conclusion

MX is a cryptocurrency token that powers the MEXC ecosystem, a centralized exchange (CEX) and decentralized finance (DeFi) platform that offers various services such as spot, margin, and futures trading, passive investment staking, DeFi tools, and more. MX holders can enjoy exclusive benefits and privileges on the platform, such as voting rights, fee discounts, priority participation, and rewards. MX is also deflationary, as MEXC uses a part of the collected trading fees to buy back and burn tokens, reducing the overall supply. MX is backed by a team of experienced engineers, researchers, and investors who are working on developing and improving the platform. MX is one of the leading CEX tokens in terms of market capitalization and trading volume.