MX

Rank #190•Exchange-based Tokens, Centralized Exchange (CEX) Token, Ethereum Ecosystem

CoinYQ Dossier

The burn reached its target; the exchange still writes the benefits

MX reduced its onchain total to 409 million, yet only 91.8 million was reported circulating. That gap, and a fee discount changed in 2026, shows why contract supply, MEXC custody and account privileges must be read separately.

A billion-token ceiling became three different balances

The selected asset is the Ethereum contract ending `7f36`. Its total supply is 409,024,834 MX, exactly matching MEXC's current dashboard total. The same dashboard says 590,975,166 of an original one billion have been burned. It then splits the remainder into 317,187,500 locked and 91,837,334 circulating.

Locked is an operator classification, not a second onchain supply. Q4 2025 makes the motion visible: MEXC reported releasing 1,562,500 MX while burning 2,182,000. Unlocks can enlarge circulating inventory even as total supply falls.

Forty percent of profit is a company policy before it is a burn

MX 2.0 set a target of 100 million circulating and said 40% of quarterly platform profit would fund repurchases and burns. The Q4 2025 transaction proves a particular burn occurred; it cannot by itself verify the exchange's profit figure, purchase price, or completeness of the 40% calculation.

The target was described as achieved in January 2026 with circulation at 91,837,334. The next obligation is less mechanical than the slogan: MEXC said the roadmap would move beyond the primary deflation target. Future purchases, releases and benefits therefore depend on later announcements and custody decisions.

The token travels freely; its benefits stop at the account gate

The current MX page advertises Launchpool, Kickstarter and fee deductions. Launchpool rewards depend on event pools, hourly stake and KYC; Kickstarter uses exchange snapshots and risk controls. On February 9, 2026 MEXC suspended the 50% holder discount for 500 MX but kept a 20% discount when fees are actually deducted in MX.

These are MEXC account terms. A self-custodied Ethereum balance cannot force enrollment, listing votes, airdrops or a discount. MX is also not named in the Proof-of-Reserves context as a redeemable claim on customer reserves. The reviewed legal documents establish service rules and platform discretion, not equity, profit share, fiduciary duty or redemption against MEXC.

How the project changed

2019-07
Community-approved buybacks begin
MEXC later described its early program as using platform trading-fee profit.
2022-01
MX Token 2.0 is implemented
The quarterly 40%-of-profit policy and 100-million circulation target become the core plan.
2025-07-15
Q2 burn removes 2,398,000 MX
MEXC publishes the burn transaction and repeats the 40% policy.
2026-01-15
Q4 report declares the primary target reached
It records 2,182,000 burned, 1,562,500 released and 91,837,334 circulating.
2026-02-09
Fee benefits are narrowed
The 500-MX passive discount stops; MX payment deduction stays at 20%.

Evidence and primary sources

Last evidence review: 2026-09-05

What is MX?

MX is an 18-decimal Ethereum ERC-20 at `0x11eef04c884e24d9b7b4760e7476d06ddf797f36`. The contract calls itself MX Token and its current total supply is 409,024,834 MX. MEXC's dashboard divides that amount into 91,837,334 circulating and 317,187,500 locked, and reports 590,975,166 burned from a one-billion starting maximum.

MX links a transferable token to centralized-exchange account benefits. Users may pay eligible fees with MX for a 20% discount, commit it in Kickstarter, or stake it in selected Launchpool events. Those functions require MEXC eligibility, KYC, snapshots and event rules; the ERC-20 balance alone does not execute them.

What problem does MX solve?

MX connects a transferable Ethereum token with benefits that MEXC administers inside exchange accounts. Its one-billion starting maximum, remaining total supply, locked balances and circulating supply describe different quantities. Burning reduces the total, while releasing locked tokens can add to circulation. MEXC can also change account benefits: on February 9, 2026 it suspended the passive 50% discount for holding at least 500 MX while retaining the 20% MX-payment discount.

Ethereum code transfers and burns tokens. MEXC measures account holdings, admits users to events, calculates rewards, releases locked supply and announces buybacks. A community vote or burn transaction does not by itself establish shares in the exchange or independently verify its platform profit.

How does MX work?

The Ethereum contract is a fixed-supply-style transferable token with burn and allowance-based burn functions; it exposes no standard `owner()` response and current supply equals MEXC's reported total. Burning is irreversible, but the quarterly program depends on MEXC choosing and funding market purchases before sending MX to a burn transaction.

Under the published MX 2.0 plan, MEXC said it would allocate 40% of quarterly platform profit to buybacks until circulating supply reached 100 million. Q4 2025 burned 2,182,000 MX, released 1,562,500 from locks and reported circulation of 91,837,334. Thus burn, release and circulation are separate movements, and 'deflation' does not mean every unlocked balance shrinks.

Launchpool locks eligible tokens during an event and allocates project rewards pro rata; Kickstarter uses 24-hour account snapshots and committed MX, which is not frozen under its current rules. Both exclude some account types and jurisdictions. MEXC can adjust event rules and risk-control eligibility, so these are contractual platform services, not autonomous protocol yields.

Key facts

Canonical contract: Ethereum 0x11eef04c884e24d9b7b4760e7476d06ddf797f36.
Current onchain total supply is 409,024,834 MX.
MEXC reports 91,837,334 circulating and 317,187,500 locked.
MEXC reports 590,975,166 burned from a one-billion maximum.
Q4 2025 burned 2,182,000 MX and released 1,562,500 MX.
The passive 50% discount for holding 500 MX was suspended on 2026-02-09.
A 20% eligible-fee discount remains when users enable MX deduction.
Launchpool and Kickstarter benefits require MEXC accounts and event eligibility.

Official links

Official website Block explorer X / Twitter Reddit GitHub

Related coins

Frequently asked questions

What is the canonical MX contract?

The Ethereum ERC-20 at 0x11eef04c884e24d9b7b4760e7476d06ddf797f36. CoinGecko also lists a Morph representation, but this dossier does not assume a bridge right without official bridge documentation.

How many MX exist?

The Ethereum contract and MEXC dashboard show 409,024,834 total. MEXC classifies 91,837,334 as circulating and 317,187,500 as locked, with 590,975,166 burned from one billion.

Does holding 500 MX still give a 50% fee discount?

MEXC suspended that passive holder discount effective February 9, 2026. The 20% discount for paying eligible fees through MX deduction remained.

Does MX staking pay exchange profit?

No. Launchpool distributes each event's project-token pool under MEXC rules. The buyback policy uses a stated share of platform profit, but holders receive no direct profit payment.

Can MX holders govern MEXC or own its reserves?

No such right is established. Kickstarter 'votes' support listing events and calculate airdrops; they are not corporate votes, equity or reserve redemption.

External trackers

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