The burn math is finally making sense. 91.8M MX circulating against a 100M stable supply target the deflationary runway is nearly complete. 40% of quarterly profits buying back and burning MX means supply approaches its floor as exchange revenue grows. 2,700+ listed tokens, 40M users, RealStocks giving USDT access to 7,000 US equities, Ondo RWA pairs live, Pre-IPO futures launching. The product velocity is real. The problem: BGB did 452% YoY in the same window MX did negative 31%. Exchange tokens live and die by relative performance, and MX is losing that comparison badly despite shipping mor…
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