Fast-growing Heco-based MDEX recently announced their record breaking daily transaction volume of USD 5.05 billion. Implementing a unique ‘dual-chain dual-mining’ mechanism on the platform, MDEX burst on the DEX scene just slightly over a month ago on Jan 19 and has not looked back since.
The young and ambitious DEX has its sights set on dethroning Uniswap and has surpassed the DEX king a number of times in daily trading volumes, the most spectacular being its USD 5.05 billion volume on February 24. Currently in terms of DEX market share, MDEX is ranked number one on Coinmarketcap, capturing 54.49% of the market at the time of this writing.
Skyrocketing DEX Environment
2020 saw the DeFi market begin its exponential surge with a temporary slowdown in November. From December to the beginning of 2021, the pace picked up again with a vengeance and a number of the top DEXes have begun to boast daily trading volumes exceeding USD 1 billion.
The DeFi space has been offering decentralized financial alternatives in the form of decentralized exchanges (DEX), lending, insurance, stablecoins, derivatives, aggregators and more. Currently, the total DeFi TVL on the Ethereum public chain is USD 38 billion, a 38-fold increase from one year ago. Just on the Ethereum chain alone, MakerDAO, the leading decentralized USD-pegged stablecoin Dai, has a market value of USD 6.3 billion; Aave, the leading lending company has a market value of USD 5.03 and Uniswap, the leading DEX has a market value of USD 3.9 billion.
Zero Transaction Fees and Fast Transactions on MDEX
Amid concerns about Ethereum’s high gas fees on Uniswap, however, many DeFi users are beginning to look at alternatives in the DEX space.
Based on the Huobi Ecological Chain, MDEX leverages the Heco public chain to deliver low transaction fees and fast delivery times. Presently, MDEX.COM transaction fees only cost about 0.1 cents per swap, which means that 1 USDT equivalent of HT can support nearly 1,000 swaps.
Implementing both liquidity pool and transaction mining (dual mining), trading on MDEX can generally achieve zero and even negative transaction fees. This is 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 the past month, the MDEX platform has paid out almost USD 280 million in transaction mining rewards and USD 200 million in liquidity mining rewards to users.
In addition to the zero or even negative transaction fees, MDEX also boasts fast delivery times. With transaction speeds of 500 TPS on the Heco public chain, transactions on MDEX take only about 3 seconds.
Attracting Star Projects
With a user interface designed for excellent experiences for both projects and users, zero-fee and fast transactions combined with low slippage, good depth and high APY for transaction and liquidity mining, MDEX has been attracting an increasing number of popular DeFi projects on its platform.
With operations between Huobi Exchange and MDEX configured to be simple and user-friendly, the young DEX is also facilitating many Huobi and Heco-based projects. Huobi family assets (HBTC, HLTC, HBCH, HDOT, HFIL, wHT, HPT, HUSD), Heco projects (FILDA, LHB) and even highly sought-after DeFi projects on the Ethereum public chain (AAVE, SNX, UNI, LINK, BAL, YFI) have all started liquidity mining on the MDEX platform.
Popular projects such as BAGS (Basis Gold Share) originated on the MDEX platform. The first algorithmic stablecoin protocol on Heco, after landing on Huobi Global, BAGS’ initial price jumped from USD 20 to reach as high as USD 1,022, an increase of 51 times.
For more details about MDEX, please visit the Official Website: https://mdex.com/
MDEX Official Channels:
Twitter: https://twitter.com/Mdextech
Telegram: https://t.me/MixDex
Medium: https://mdex.medium.com/