Singapore – An upcoming DEX supported on Huobi’s Eco-Chain, MDEX launched mining on January 19th. In eight days the total LP (liquidity pool) pledge amount went over USD 1 billion, while its 24-hour transaction volume exceeded USD 1.4 billion. The 24-hour volume surpassed the market’s most popular DEXes, UniSwap and SushiSwap. At present, the Total Value Locked (TVL) on MDEX is USDT 1.101 billion.
Access to Ethereum’s Extensive Ecosystem and Low Fees on HECO
MDEX is an automatic market-making (AMM) DEX based on a mix-chain model on HECO (Huobi Eco-Chain) and Ethereum. It effectively leverages on the wide, far-reaching Ethereum ecosystem as well as the low transaction fees of the HECO chain.
MDEX Dual Mining Innovation: Liquidity and Transaction Mining
Supporting the “dual mining mechanism” of DEX-based AMM liquidity and transaction mining, MDEX explains the dual liquidity mining in these terms – transaction mining is equivalent to adding a layer of “leverage”. Depositing funds in the pool not only increases the AMM liquidity but also supports trading activities.
Both DEXes and CEXes (centralized exchanges) face a similar challenge – liquidity. MDEX posits that liquidity and transaction mining methods are two effective methods that help exchanges gain liquidity within a short period of time.
The total supply of MDX tokens is 1 billion with the allocation as follows:
- Team: 10%
- Investors: 7%
- Marketing: 3%
- Mining: 80%
Deflationary Model with Repurchase and Burn + Repurchase and Reward
To sustain liquidity mining, a good tokenomic mechanism is essential. In a bid to enhance the financial value of the MDX token, MDEX is implementing a “repurchase and burn” and “repurchase and reward” mechanism.
According to MDEX, 66% of the income of the daily transaction fees will be split into 2 parts – 30% will be used to repurchase MDX for burning. The 70% balance will be used to buy both HT (Huobi token) and a smaller portion of MDX from the secondary market, to reward MDX stakers.
At present the amount of MDX repurchased is 4.044 million and its real-time deflation rate is at 6.53%.
Secure and Committed
Audited by blockchain security audit firm CodeSafe, MDEX is committed to building the biggest DeFi platform that integrates DEX, IMO and DAO, on both the HECO and Ethereum chains.
To get more information about MDEX, please check out: https://mdex.com/#/
MDEX Official Channels: