MEXC Token (MX) Burn

Current supply read from totalSupply of contract 0x11ee…7f36: 409,024,834 MX. Genesis was 1B, so 590,975,166 MX (59.10%) have been destroyed — the highest share among active exchange tokens this ledger tracks (GT 63.3% but mostly unissued tokens; BNB 40%; KCS 28.9%). The figure is NOT taken from CoinGecko, although this time CoinGecko's total supply is correct at 409.02M.

The ledger rebuilds 55 individual rounds: 8 monthly rounds Oct 2018–Jun 2019 (added 3 Sep 2026 after bisecting the archive node to 200-block precision), 29 monthly rounds Jul 2019–Nov 2021, 2 large lumps, and 19 quarterly rounds from Q1 2022 to Q4 2025. The 55 rounds total 590.974M, 1,036 MX off the supply difference — block-bisection rounding, not a missing round.

A little-known prehistory: the MX contract was created in July 2018 with a totalSupply of 3B, then cut to exactly 1B on 8 Sep 2018 before listing. This ledger uses 1B as genesis per MEXC's own disclosure and does NOT count those 2B as burned — adding them yields "86% of supply burned", a meaningless number.

Era one (Oct 2018–Nov 2021): 37 monthly rounds. Tiny at first — 482,503 MX in Oct 2018, 417,263 in Nov, 436,260 in Dec — then climbing with exchange volume: 911,936 (Jan 2019), 1.66M (Feb 2019), 3.47M (Apr 2019), 5.04M (May 2019), 9.88M (Jun 2019), an early peak of 11.11M (Nov 2019). Through 2020–2021 a steady 4–12M per month, topping at 12.16M in Jun 2021. The 37 rounds sum to 244.8M MX.

Two off-cadence lumps make up 58.5% of all burning: 245,568,421 MX on 6 Mar 2020 and 100,000,000 MX on 8 Dec 2021 — 345.57M together. These were unissued/locked team and platform allocations destroyed in two tokenomics restructurings, not market buybacks; their dollar value is therefore not comparable with profit-funded burns. Excluding the lumps, MX burned "for real" with exchange money is 245.4M, or 24.5% of genesis.

Era three (from 2022): quarterly burns around the 14th of Jan/Apr/Jul/Oct under the MX Token 2.0 model — 40% of quarterly profit bought back and destroyed. 19 rounds: 2022 10.33M (Q1 2.27; Q2 3.88; Q3 4.19); 2023 7.79M (Q4'22 2.47; Q1 2.12; Q2 1.56; Q3 1.64); 2024 10.10M (Q4'23 3.24; Q1 2.15; Q2 2.23; Q3 2.48); 2025 10.58M (Q4'24 3.39; Q1 2.21; Q2 2.40; Q3 2.58); and Q4'25 2.18M executed 14 Jan 2026. A stable 1.5–4.2M MX per quarter across four years, 40.97M in total.

On the four-year cadence, the Q1 2026 round should have landed around 14 Apr 2026 and Q2 2026 around 14 Jul 2026. As of 3 Sep 2026 on-chain totalSupply has sat unchanged at 409,024,834 since 14 Jan 2026 — 7.5 months without a burn, the longest gap since the quarterly program began (never more than 3.5 months before). This ledger also found no "MX Buy-back & Burn Q1 2026" announcement on MEXC's site, whereas every prior quarter had a post with a transaction hash.

The ledger does not conclude the program has stopped — MEXC has said nothing, and late burns have precedent (Q3'22 slipped to 23 Oct). But for MX holders this is the biggest open variable right now: two overdue rounds equal roughly 4.5–5M MX ($8–9M at early-September-2026 prices) not yet destroyed. This page reads totalSupply daily, so any catch-up round will appear in the history table the day it happens.

Because the rule is 40% of quarterly profit, burn value ÷ 0.4 estimates profit — MEXC publishes no financials, nor the dollars spent per round (the Q1 2025 notice lists only 2,206,000 MX and a tx hash). This ledger prices recent rounds at the burn-day MX price: Q2'25 2.40M MX ≈ $5.58M → implied profit ≈ $13.9M; Q3'25 2.58M ≈ $6.37M → ≈ $15.9M; Q4'25 2.18M ≈ $4.43M → ≈ $11.1M. That is roughly $45–65M of profit per year — small against the 40M users MEXC advertises, and this ledger's estimate.

Two reasons the figure may be off: MEXC may buy MX throughout the quarter at prices other than the burn-day price (MX ranged $1.7–2.5 in 2025), and "profit" by the exchange's internal definition may net out many items. So the ledger uses the division only for trend: quarterly burns in MX were nearly flat 2022–2025 while MX rose from ~$0.8 (early 2022) to $1.75, meaning implied profit in dollars roughly doubled then plateaued.

MX has an unusual supply structure: total supply 409.02M but CoinGecko lists 91.84M circulating — 317M MX (77.5%) sit with MEXC as unissued platform/team reserves. The MX 2.0 model aims to keep circulation around 100M, so each quarterly burn (destroying tokens bought on the market) actually pulls circulation below that mark while the 317M reserve stays intact. That is why MX's FDV is always about 4.5× its market cap, whatever the price.

There is no public unlock schedule for those 317M — MEXC commits to no lock-up, nor has it released more to the market per the data this ledger can read (CoinGecko circulation has hovered around 90–100M for years). The risk cuts the other way: that reserve could be lump-burned as in 2020 and 2021, or never. This page's "Unlocks" column is empty for lack of a data source, not because it is zero.

ATH $5.85 on 9 Apr 2024, ATL $0.042 on 24 Nov 2019 (CoinGecko). Multiplying the 590.97M burned by the market price gives a billion-dollar figure, but 345.6M of that were unissued tokens destroyed at near-zero cost, so the dollar figure is meaningful only for the 40.97M quarterly burns — ~$45M at burn-day prices for the rounds this ledger could price.

The MX contract lowers totalSupply directly on burn: no 0x…dEaD wallet to count, no Transfer event to filter. The ledger reads totalSupply daily via eth_call on a public node; when supply drops by more than 1,000 MX versus the previous snapshot, a new round is logged automatically to the history table with a quarter label. All 55 historical rounds were rebuilt by bisecting block numbers on an archive node to 200-block (~40-minute) precision, using the block timestamp as the burn date.

This page has no daily table for MX: there are no daily buybacks and no published revenue; the USD column in the history table exists only for rounds from Q2 2025 (priced at burn-day price), earlier rounds are left blank rather than back-estimated. The 91.84M circulating figure is CoinGecko's; the ledger cannot verify it on-chain because MEXC does not disclose its reserve addresses.