For most of 2020, the buzz word in the cryptosphere was ‘DeFi’. The sprawling movements and burgeoning growth in the decentralized exchange space in the last months are now screaming ‘DEX’.
And if the past month is anything to go by, the spectacular moves from Heco-based DEX MDEX.COM appear to have entrenched its Number One leading position as the current DEX king on both Coinmarketcap and CoinGecko.
Condensing One Year’s Journey Worth into One Month
Recently launched on January 19, 2021, a month later on February 20, the young DEX (decentralized exchange) managed to exceed USD 5 billion in 24-hour trading volumes, which astoundingly eclipsed the cumulative volumes of all the rest of the other DEXes on that day.
When compared with leading DEX Uniswap, which took 840 days to exceed USD 100 billion in cumulative trading volumes, MDEX took just 50 days! How did a relatively unknown DEX manage such a feat?
Favorable DEX Environment
We will of course do well to remember that decentralization is at the core of the entire crypto movement. explains:
“For liquidity mining, also known as yield farming, MDX tokens are generated for the users who provide liquidity to the pool. In transaction mining, users can harvest MDX by trading the specified pairs and 0.3% transaction fees will be charged for transaction mining. Of the 66% transaction fees charged, 30% will be used to repurchase and destroy MDX. The rest of the 70% will be used to purchase HT from the secondary market to reward MDX/USDT, MDX/WHT, MDX stakers. All these transactions are publicized on the chain. This “dual mining mechanism” of transaction mining and liquidity mining completes an ecological “closed loop” designed to support liquidity on an AMM-based DEX.”
On MDEX, its low handling fees of only 0.1 cent per swap, means that 1 USDT of HT can support nearly 1,000 swap transactions. Combined with low slippage, good depth and high APY for transaction and liquidity mining, trading on MDEX can generally achieve zero and even negative transaction fees because, excluding slippage losses, the MDX rewards generated by the MDEX platform users for trading and mining are much higher than the transaction fees required for the transactions.
In terms of transaction speed, utilizing the Huobi Eco-Chain (Heco), MDEX transaction confirmation times are a mere 3 seconds.
In addition, platform user experience has been designed to be simple and user-friendly, and the MDX token is designed with community governance in mind.
MDEX.COM: All about Maintaining Excellence and Innovation
Currently MDEX.COM is the DEX with the lowest transaction fees, with the platform having paid out more than USD 310 million in transaction fee subsidies. Cumulative Liquidity Pool rewards are USD 210 million with the LP yield rate the highest in the entire ecosystem.
As the first DEX to implement the utilization of transaction fees for token buybacks and burns, MDEX maintains that innovation will continue to be a part of its overall vision. The DEX has indicated that its goal is to create a comprehensive DeFi ecosystem that integrates DEX, IMO (Initial Membership Offering) and DAO (Decentralized Autonomous Organization) and continue to provide excellent services and quality trading experience.
As always, community focus will stay paramount in all upcoming developments.
To know more about MDEX.COM, its Official Website is https://mdex.com/#/
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