MDEX: A strong contender in the DEX race

As the global crypto demand ramps up amidst increasing popularity, the need for exchanges has concurrently risen. This has led to the entry of many new crypto exchange platforms into the mix. In the search for an exchange, both projects and users have to be careful and discerning in their choices. With crypto being largely unregulated, users are usually at the mercy of whatever exchange they are on.

Besides regulatory issues, transaction fees and speed are also areas that users need to look into, with gas fees on some chains skyrocketing and transactional delays when the network is under heavy load.

Along with conventional exchanges in the space, the need for decentralized exchanges is also growing. With regulatory pressure mounting on CEXes, decentralized finance is becoming more popular than ever. Its ability to stay out of the purview of the government means that many now flock to it. The current DeFi market capitalization stands at about $114B.

A Dark Horse amongst DEXes

Lesser known than its more popular counterparts, MDEX.COM is an automated market maker (AMM) that originated on the Huobi ECO-chain (HECO). Amid its ups and downs, the DEX has continued to grow throughout this year. However, can it stand out from the throng?

MDEX’s current existence on both the HECO-chain and Binance Smart Chain (BSC) means that it boasts some of the fastest transfer speeds in the industry. This, combined with its low carbon footprint in comparison to Ethereum-based DEXes, makes it a strong competitor. The exchange’s mining feature means that over time the cost of transactions is similar to cheaper chains and with enough input, it can be net-zero.

MDEX first came under the spotlight for pooling the highest 24-hour transaction volume in the history of DEXes. It also recorded the highest daily trading volume for both chains reaching USD 5.05 billion establishing itself as one of the strong DEX contenders in the market. The number of current addresses holding MDX tokens stands at 277,660 in total on the BSC & HECO Chain.

Its multi-chain existence also means that there is flexibility in migration among pools. Gas fees for switching are lower than they would be otherwise and execution speed is only 3 seconds.

Multi-Chain Compatibility

MDEX began as an Ethereum and HECO-chain platform that uses an Ethereum Virtual Machine (EVM) address to connect with both chains. While reinforcing cross chain interoperability, MDEX introduced an on-chain non-custodial bridge between HECO-chain and Binance Smart Chain. This allows for unprecedented flexibility, meaning that there is now accessibility between the chains. Whatever tokens are needed on either network can be accessed through MDEX without the need for an intermediary. Most DEXes are native to one chain at the moment, MDEX is one of the exceptions and aims to support even more chains simultaneously.

Last year’s crypto surge has led to a large influx of new users into the industry. Unlike seasoned traders, candlestick charts and analysis tools are like a whole new language to read for newcomers and are something they need to pick up with time. MDEX’s easy-to-use, user-friendly interface will be welcome among the droves of newcomers to crypto for its accessibility.

The exchange also features a native launchpad. Initial MDEX Offering (termed IMO on MDEX) is among one of the best choices for dev teams looking to make a splash utilising an IDO launchpad. With multi-chain compatibility, projects will gain access to a far larger audience than they would otherwise.

The platform’s IMO for Coinwind attracted a total of 8,874 participating wallet addresses and raised total funds of $385,891,505, over-collecting a staggering 25,726%. Its recent IMO for Demeter attracted 6,500 addresses, with a total of $350 million raised, and 23 million MDX tokens locked.

Passive Income with the MDX Token

Yet another feather in the exchange’s cap is its allowance of liquidity locking on its network. Users can lock liquidity for selected periods of time. In addition to the rewards they gain, this also makes the network stronger by increasing liquidity for all users. With the AMM capability on the chain, along with multiple locking options, the potential for returns is higher than is generally available elsewhere.

MDEX users can earn by participating in three types of programs namely LP, Single, and Innovation. The available token pairs in liquidity pools include USDT, ETH, MDX & HT. Users can earn about 318.84% APY by staking their MDX tokens. The daily reward scheme across all programs exceeds $2 million as of Q4, 2021.

Its native token, MDX, is also widely held by users. For this metric, it is second only to Pancakeswap and comes out ahead of even the popular Uniswap. The MDEX also burns MDX periodically, creating scarcity and driving the price of the token up.

Disclaimer: This is a sponsored post brought to you by MDEX.

The post MDEX: A strong contender in the DEX race appeared first on CryptoSlate.

Text source: CryptoSlate

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