Press releases
MDEX: Rising to the DEX Challenge, a Contender for UniSwap and SushiSwap
Bitcoinist | Feb 11, 2021 | 09:06
Singapore, 11 February 2021 – The new kid on the block, MDEX is causing a stir in DEX (decentralized exchange) waters. Launching mining on January 19th, in 8 days the MDEX total liquidity pool (LP) pledge amount exceeded USD 1 billion, and the 24-hour transaction volume exceeded USD 1.4 billion, surpassing the market’s most popular DEX duo, UniSwap, and SushiSwap. Currently, the TVL (Total Value Locked) on MDEX is USDT 1.055 billion.
Low Fees on HECO and Access to Ethereum’s Extensive Ecosystem
As an automatic market-making (AMM) DEX based on the concept of fund pools, MDEX implements a mix-chain model on Ethereum and HECO (Huobi Eco-Chain). It effectively leverages on the low transaction fees of the HECO chain and the broad, far-reaching Ethereum ecosystem.
MDEX Dual Mining Innovation: Liquidity and Transaction Mining
MDEX supports the “dual mining mechanism” of DEX-based AMM liquidity and transaction mining.
At the base of dual liquidity mining, transaction mining is equivalent to adding a layer of “leverage”. The deposits of all funds not only increases the AMM liquidity but supports trading activities.
Regardless of DEX or CEX (centralized exchange), the battle of the exchanges has always been one for liquidity. Both liquidity and transaction mining methods have proven to be tried-and-true methods in helping exchanges gain liquidity in a short period of time.
Tokenomics Model
The total supply of MDX is 1 billion and the allocation is as follows:
- Team: 10%
- Investors: 7%
- Marketing: 3%
- Mining: 80%
MDX is Deflationary with Repurchase and Burn + Repurchase and Reward
A good token economic mechanism is essential to sustain liquidity mining. Unlike most DEX tokens, MDEX has introduced a “repurchase and burn” and “repurchase and reward” mechanism, in a bid to enhance the financial value of the MDX token.
After the launch of MDEX mining, 66% of the income of the daily transaction fees will be split into two parts, 30% of which will be used to buy back MDX for burning. The remaining 70% will be used to buy HT (Huobi token) and a small portion of MDX from the secondary market to reward those who stake MDX.
At the time of this writing, the amount of MDX repurchased is 2.72 million and its real-time deflation rate is at 5.2%.
Secure and Committed
MDEX is audited by leading blockchain security audit firm CodeSafe and is committed to building the largest DeFi platform integrating DEX, IMO, and DAO on the HECO and Ethereum chains.
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/
Media Contact
Cecilia Wong, yourPRstrategist.com
+65-91826605
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