A review of MDEX performance at its half-year anniversary
MDEX2021 launched half-year
Since its official launch on January 19, 2021, MDEX has been growing rapidly due to its advantages of fast speed and low Gas fees. Furthermore, MDEX’s unique "dual mining incentive" mechanism, which combines liquidity and transaction mining, sparked growth by attracting millions of unique address users to join. MDX has also been listed on 30+ trading platforms such as Huobi Global, Binance, Gate.io and MEXC.
Major product feature updates
- Cross-chain bridges
Through ‘MDEX Bridge’, users can freely circulate assets in different public chains, such as HECO, BSC and ETH, which improves the efficiency of asset circulation. In the future, MDEX Bridge will support more underlying public chain assets.
- Joint mining on the Boardroom
Boardroom joint mining is MDEX’s initiative to provide more diversified income for MDX holders. Users can get different project token rewards by staking MDX, for example: stake your MDX to get COW, O3, Rabbit, TUSD, etc.
IMO (Initial MDEX Offerings) is an important part of MDEX product ecology. It allows users to apply their MDX or MDX LP tokens to participate in the initial token exchange of high-quality projects.
IMO provides financial support for the growth of high-quality DeFi projects, while simultaneously diversifying the application scenarios for MDX, the platform’s token.
The launching of the IMO project’s first phase led to the following results: total participation in exchanges amounted to $ 380 million, the number of participants in these exchanges was 8874 users, the exchange target was reached at 25726%.
- Burning Black Hole
When users apply their MDX in a Burning Black Hole activity, lucky users can get rewards from this activity and even users who do not win can get an equivalent proportion of the pool’s USDT return. However, 90% of the MDX invested in the pool by the user is directly burned. Compared with the Boardroom’s existing repurchase-burning mechanism, the Burning Black Hole activity is more interesting and also accelerates the deflation rate of MDX in the market. In the 2 months since the feature first went live, 13 sessions have been conducted which generated an additional burn of 3,808,330.41 MDX.
- Product Multilingualism
After adding 4 more languages to the MDEX product, the platform now supports 7 languages: English, Simplified Chinese, Traditional Chinese, Japanese, Turkish, Korean and Russian.
- Boardroom Lock-up
The goal of the Boardroom lock-up is to allocate more platform revenue to MDX long-term holders. The user chooses different lock-up periods (for 30, 90, 180, 365 days respectively) corresponding to different weight coefficients. Under the premise of staking the same amount of MDX, the income obtained by the user will be proportional to the lock-up weight coefficient. In other words, the longer the lock-up time for the same amount of staking, the higher the returns will be.
- Markets (BETA) function launched
The Markets (BETA) on HECO solves the pain point that users cannot view the markets of trading pairs in mainstream DEX products. MDEX Market function uses a Tradingview component, which makes the candlestick chart display more professional. At the same time, MDEX Market optimized its market trading function. Now the product UI and interaction design provides users with a trading experience similar to the CEX, thus improving user experience.
Product Update Program
The opening of DAO is MDEX’s main focus for the second half of the year. MDX holders will enjoy the right to govern the MDEX platform, plus DAO governance will include director election and voting. This way all MDX holders can elect MDEX directors and the directors will have to put proposals to the vote, only after the votes have passed can the proposals be executed. At the same time, MDX holders will have the right to decide on the allocation ratio and use of MDEX platform revenue, the form of the repurchase and burning mechanism, etc.
Deploy on more public chains
In order to better expand the MDEX ecology and provide more asset services for platform users, MDEX will continuously support new high-quality underlying public chains, such as ETH, Polygon, OEC, etc.
MDEX innovatively combines a liquidity pool with an order book to solve trading limitations caused by insufficient depth of pending orders. The launch of the order book product will greatly enhance the user’s trading experience and expand the MDEX trading product landscape.
More than a hundred “M-angels” around the world have become the evangelists of MDEX community promotion. They have actively promoted Mdex into 16 countries and serviced 14 different languages. These endeavours have led to the building of 18 high-quality large communities and the reaching of more than 220,000 community users.
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