If there is Pancakeswap on Binance Smart Chain, on Huobi HECO Chain, there is MDEX.
What does MDEX stand out from the other names in HECO Chain? What does it do and what is its product like?
Today, let's learn about MDEX (MDX).
Mdex (MDX) price, marketcap, chart, and fundamentals info
Mdex is a decentralized exchange based on automatic market-making (AMM) mechanism operating on Huobi ecological chain, HECO Chain.
Mdex integrates various advantages of multiple public chains to create an integrated DEX ecosystem (IMO, DAO ...).
Mdex uses "double mining" (liquid mining and transaction mining).
MDX - token of Mdex, not only has the function of a means of exchange, but can also be used in voting, redemption, fundraising and other purposes.
MDEX token value of MDEX
Users trading on Mdex can earn mining rewards, which will be the magnet for people to come to the exchange more.
According to public information that MDEX revealed: the exchange's revenue comes from transaction fees, accounting for 0,3% of the trading volume.
Out of the 0,3% of transaction fees charged, this number will be used to grow the MDX ecosystem:
- 0,1% is used to promote the development of ecological projects
- 0,14% to reward users who mine
- 0,06% to buy back and burn MDX
MDX can be used in the following cases:
- Voting (MDX holders can propose listing a token by voting)
- Redeem and burn (0,3% of transaction amount is used as transaction fee, 0,14% of which is used for bonus and 0,06% for burning)
- Fundraising (Similar to ICO on Ethereum, MDX is a standard fundraising token based on HT-IMO, a decentralized fundraising protocol on MDEX) - Therefore, the price of MDX will increase as IMO.
Distribute MDX token
- Total tokens in circulation: 1 billion MDX
- Block generation cycle: 3 seconds on average
- Block reward: 80 MDX per block
- Halving cycle: will halve every six months
Exploiting liquidity (Liquidity mining)
- Transaction fee: 0,3%
- Total daily mining tokens: 785,532 MDX
- Total monthly mining tokens: 23,565,972 MDX.
Boardroom reward pool
- 0,14% of transaction fees (0,3%) will be used as a reward to be awarded to users joining the Boardroom pool on the MDEX exchange.
- The rewards include trading pairs as shown in the image below and the token is of two types: HT and MDX.
- Monthly cumulative reward: 35 million USDT.
- On MDEX, users participating in trading can receive rewards as MDX.
- The trading pairs with the highest payout ratios: USDT / HFIL, SNX / USDT, AAVE / USDT, USDT / HBCH and HDOT / USDT, and APY currently exceed 600%.
- In addition to the main assets, it also includes a large number of DeFi eco-projects, such as AAVE and SNX.
MDEX's market position and performance
On February 25, MDEX's 2-hour trading volume in the DEX sector reached over the $ 24 billion mark, at one point surpassing both Uniswap and Pancake.
So far, MDEX's market share reaches 51,54% in DEX.
MDEX is a decentralized exchange based on the AMM mechanism and built on Heco, and it also supports the Ethereum public chain.
MDEX also has a "dual mining" mechanism.
The MDX will be acquired and burned regularly, which will ensure a gradual increase in MDX value in the future.
MDEX's gas fee is very cheap, average per transaction is around 0,001 USD, extremely cheap compared to its rival Uniswap.
And users will also receive an MDX reward for paid transaction fees.
One month there are more than 45,000 daily active users and total transaction volume is 40,8 billion USD.
TVL is currently over 2 billion USD.
Here's the market performance data released by MDX:
Below is a brief summary and comparison of market data DEX:
- Looking at the above statistics, we can see that the trading volume of MDEX is at the top of the market. While TVL is 1/2 of Uniswap and 2/3 of SushiSwap, and has surpassed PancakeSwap.
- However, the circulating market value of MDX is only 7,3% of UNI, 26,37% of SUSHI, and 34,43% of CAKE. That means the MDX's value is still underestimated.
- In terms of the number of trading pairs, MDEX currently has 1,510 pairs, compared to Uniswap which is more than 30,000.
- If the Heco ecosystem gets better and better, the demand on MDEX will be even higher.
What's on the MDEX?
MDEX has full functions of a standard DEX, in general it is no different from other exchanges.
Users can Swap, Trading Mining and Liquidity Mining (contributing shares to farm themselves will be guided in detail below).
Is MDEX safe to use?
As mentioned above, on Binance Smart Chain with Pancakeswap, on Huobi HECO Chain, there is MDEX.
MDEX is considered the number 1 on HECO so users feel secure when trading or farming above.
In addition, MDEX has been AUDIT and an experienced development team.
Note: stay away from “Rug Pull” attached projects. Rug Pull is dead projects, scammers hugging all of the user's coins
Farming instructions on MDEX
Set up Huobi ECO Chain
First connect Huobi ECO Chain (HECO) to MetaMask.
Go to> Networks and click on Custom RPC.
Enter the configuration for the network as below and then click the Save button.
Network NameNew RPC URLChain IDCurrency Symbol (optional)Block Explorer URL (optional)
Trade on MDEX
The above transaction is also very simple, first you connect to the Metamask wallet that has integrated Huobi ECO Chain.
Go to Swap and choose the type of token you want to trade.
Then check the transaction and confirm on the wallet.
Instructions for adding liquidity and farming on MDEX
Click Swap> Equity.
Then select "add liquidity".
Click Approve and wait for it to confirm.
Then press Supply.
Then click Coinfirm Supply. And here it means that you have contributed your shares to MDEX to farm.
Next go to Liquidity Mining.
There will be 2 more entries here, "Mdex LP" and "Single Token".
Mdex LP means I pair to farm, while in Single Token, which means single token, I only choose 1 coin to farm.
There are many farm options and interest rates vary.
To farm, you need that coin to disburse.
For example, to farm WHT / USDT pair, you must have WHT and USDT. If there is no WHT, then swap to trade (see instructions on trading above).
Select the pair you want to farm (for example, here I choose WHT / USDT).
After Approve it will show + sign, you click on it.
This is the proof I provided earlier. Then select MAX and press Confirm.
Ok if you have come here, you are done, the rest is just waiting for the reward.
It will depend on which interest rate you choose, and the rewards you receive will be displayed in real time.
If you want higher yields then you can choose other pairs, eg ETH / WHT.
Finally, if you want to harvest, click on "Harvest All Token", it will display the transaction window, click confirm and the reward will be returned to the wallet.
And if you do not want to farm anymore, then click "Unstake" to receive the reward and the original, here I am always ok.
Here I don't like farming anymore, I press Unstake> select Max and Confirm.
Then it will return you proof of liquidity, then go to Liquidity> remove it, to withdraw WHT and USDT.
You go to Swap> Total Equity, scrolling down it will show your proof of liquidity.
Well note when you farm, it will not show this item, it will only show when you Unstake.
Click Remove to proceed with withdrawing coins.
Pull the MAX to withdraw all of it. Here we withdraw all of it. Then click on "Approve" and click on "Remove", then select Confirm to withdraw.
Ok that's it, check the wallet it returned the coin to your wallet already.
MDEX's upcoming plans
In the future, MDEX will establish a fund to support new projects on HECO or BSC ...
In addition, MDEX will develop Layer 2, Bridge ...
MDEX has partnerships with many big names such as Huobi, Binance, CoinmarketCap ...
MDEX's community channels and social networks
Summary and conclusion
The attractiveness of the bull market and high performance in the DeFi market has led to the strong growth of DEX since 2021.
However, increasing gas fees in Ethereum have created so-called "spillover effects" in the market, which has spurred the development of DEXs such as MDEX and Pancakeswap.
MDEX currently has relatively low transaction costs, and even users are rewarded with MDX when trading.
In the long run, as the ecosystem stabilizes, low transaction fees, low slippage, diverse trading pairs and high transaction quality are the core competitive factors of MDEX compared to other DEXs.