A decentralized exchange says its unique dual mining mechanism delivers transaction fees that are “close to zero” — including for major cryptocurrencies such as Bitcoin.
MDEX says a blend of liquidity mining and transaction mining results in a deeper liquidity pool and lower slippage, as well as a more user-friendly experience.
Data from CoinMarketCap shows that transaction volumes across the blockchains it uses have surpassed big names such as PancakeSwap, Sushiswap and 1inch.
MDEX has come a long way since the project launched on Jan. 6. Within a month, the project claims single-day transaction volumes exceeded $1 billion — a figure that doubled to $2 billion by Feb. 19.
The project has regularly updated a roadmap to inform users of the features that lie ahead. MDEX had initially supported Ethereum and Huobi Eco Chain only, but this was expanded to Binance Smart Chain by April 8. This was followed by MDX being included in Binance’s Innovation Zone the following month.
Giving crypto enthusiasts choice
MDEX says that the market for DeFi products has suffered from a high degree of fragmentation so far. Many prominent DEXs, such as Uniswap and SushiSwap, only support Ethereum. This has proven problematic as the blockchain battles astronomical fees, with a number of projects seeking rival networks that are cheaper and more scalable.
However, MDEX delivers token swaps across three blockchains — Binance Smart Chain, Ethereum and Huobi Eco Chain — giving crypto enthusiasts choice.
Supporting three distinctive networks helps to solve this problem and ensures that DeFi users have everything they need in one place. It can also deliver enhanced levels of liquidity — and makes it easier for investors to find opportunities that pique their interest.
MDEX also supports single token staking and offers IMOs — initial MDEX offerings — something that gives new projects the support they need as they plan to enter the market. A rather distinctive feature called “fun buyback” provides a degree of gamification for those who contribute MDX, the platform’s native token, to the burning pool.
What’s on offer
Comparing itself against rivals, MDEX says one of the most compelling benefits of its offering lies in how it provides low transaction fees. All of this comes after costs increased to “unimaginable heights” on Ethereum-based DEXs.
The fact that MDEX has been built on Huobi Eco Chain also delivers enhanced speeds. This blockchain can achieve up to 500 transactions per second with a transaction confirmation time of under three seconds. Developers at the project say this is a stark contrast to Uniswap, where it can take a minute for a transaction to finalize because of the congestion seen on the Ethereum mainnet.
MDEX describes itself as the leading decentralized app on HECO, and says its DEX has been instrumental in increasing awareness about the network. Of course, there’s still plenty more work to be done. The platform says it intends to attract more users and enhance the trading experience by listing more multi-chain assets and strengthening community governance.