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YinYangX, you are correct that the Determination Gauge is not shared between characters, and medals are untradable. However, you want to gather Determination on other characters because, in addition to the items in the shop, you have to pay medals to raise your Alliance rank (and unlock higher sections of the shop).
(Credit to Kobe )
As you can see, it adds up to over 8000 medals.
Any character on the account can pay to raise the account's rank, and you want to save your main's medals for the goodies in the shop. So you collect determination on other characters for the upgrade fees.
The one you got from Memory Keeper was a temporary one that was only meant to help you do the quest line. It disappears when you get the real Vanishing Journey Arcane Symbol. This is how it's always been.
Maplestory is still, and has been for many years, among the top 10 most played games in Korea. Currently in the top 5, as far as I know.
As long as that is so, Nexon Korea has no reason to want to shut it down. They'll keep putting out more new content. Right now they are focusing on Grandis and its evil Transcendent, Gerard Darmoor.
I think the reason LAB was empty near the end is because most people had finished what they needed to do there. And I think most people still have school in June.
Perhaps it would be best to bring this event back at a different time of year each time, so different people would have a chance at it.
But anyway, I support it being a recurring event. I don't think it's fair to deny new players those legion blocks.