MX Token

MX is run by MEXC, an exchange that says it was founded in 2018 and serves users in more than 170 markets. Press releases of September 2026 quote Vugar Usi as CEO. The exchange keeps shipping products, for example the MEXC CLI tool for AI agents launched on 28 September 2026. Transparency is weak: the MEXC User Agreement does not name the legal entity that operates the platform, and founder names given by CoinMarketCap could not be confirmed on MEXC pages. The MX token is a simple ERC-20 contract deployed in June 2018, with no independent developer teams. All decisions on the token, including burns, sit with one company.

• MEXC Unveils "WE SEE YOU" Brand Visual Refresh, Putting People Behind Every Trade in Focus
• MEXC Launches MEXC CLI, Connecting AI Agents From Trading Intent to Execution
• MEXC User Agreement
• Blockscout Ethereum: MXToken contract creation transaction
• CoinMarketCap: MX Token

No ETF, ETP or regulated institutional holder of MX was found in the available data. Ownership is very concentrated. On 2 October 2026 three Safe multisig wallets with no owner label held 150,000,000, 100,000,000 and 67,187,500 MX, together 317,187,500 MX or about 78% of total supply, the same amount MEXC reports as locked. A further unlabelled multisig held about 80 million MX, about 87% of the 91,837,334 MX reported as circulating; who controls it is not confirmed. Blockscout counted only 5,441 holder addresses on Ethereum, which suggests that most users hold MX inside the exchange. Access is limited too: MEXC does not serve the United States, the United Kingdom, Canada, Singapore, Hong Kong, Malaysia or Kazakhstan.

• Blockscout Ethereum: MX token holders
• MX Token page (MEXC)
• Blockscout Ethereum: MX token
• MEXC User Agreement

MEXC states a maximum supply of 1 billion MX and reports 590,975,166 MX burned, leaving 409,024,834 MX in total, with 91,837,334 circulating and 317,187,500 locked. Until late 2025 MEXC used 40% of quarterly platform profits to repurchase and burn MX, with circulation capped at 100 million. On 28 December 2025 it said this phase was complete with 92,456,834 MX circulating; future burns follow market conditions, repurchase resources move to ecosystem development, and team token releases are suspended. The burn record is a strength. The weak points are that the fixed burn rule has ended and that the locked stock is more than three times the circulating supply, with no published unlock terms.

• MX Token page (MEXC)
• Q3 2025 MX Token Buyback and Burn (MEXC Blog)
• MX Achieves 100M Circulating Supply Milestone and Advances Tokenomics Framework (MEXC)
• Blockscout Ethereum: MX token

MX has no network of its own; its use happens inside MEXC. Holding 500 or more MX for 24 hours gives a 50% fee discount on spot and futures, and paying fees in MX gives 20% off. Holders can also stake MX in Launchpool or hold it for Kickstarter events to receive airdrops of new tokens. The exchange itself is active: on 2 October 2026 CoinGecko showed about 157,404 BTC of 24-hour futures volume and about 19,390 BTC of spot volume. On-chain activity of the token is small, with 5,441 holder addresses on Ethereum. MEXC publishes no figures on how many users hold MX for discounts, so data on real usage of the token are insufficient.

• MEXC Spot Trading Fees: Maker & Taker Rates Calculator
• MX Token page (MEXC)
• CoinGecko API: MEXC (Futures) (derivatives exchange)
• CoinGecko API: MEXC (spot exchange)
• Blockscout Ethereum: MX token