The sector of decentralized finance (DeFi) is certainly one of the most popular subjects in the past number of years.
And it can’t be any other method, given the explosive development of the field. The current worth secured different DeFi protocols surpasses $60 billion.
While this might not seem like an incredible number offered the sky-high evaluations in the general crypto market in 2021, the DeFi TVL was less than a billion simply a year earlier. This highlights the significant boost and the rise in demand.
It’s also worth keeping in mind, however, that the market for DeFi products is currently rather fragmented. The issues with Ethereum’s scalability brought forward other solutions, and users gathered them in search of the new most popular task. Binance’s Smart Chain is among the most lively communities at the minute, but there are others such as Huobi’s HECO, etc.
The main concern with the leading decentralized exchanges such as Uniswap or Sushiswap, for example, is that they only deal with Ethereum. This is where MDEX enters into the image.
What is MDEX?
MDEX is a leading decentralized exchange that supports cross-chain transaction protocols of BSC, HECO, and ETH.
The exchange integrates the various advantages of different public chains and creates a really well-rounded and composite environment with rather high efficiency abilities. With a “double mining” system for liquidity mining and deal mining, it’s capable of bringing more considerable returns to the participants.
Furthermore, the transaction cost has a “repurchase and burn” system that’s meant to realize a closed and likewise a self-driven loop to record more value. It runs on HECO and on BSC. Users are also able to recognize cross-chain interoperability in between BSC, ETH, and HECO.
Presently, MDEX delivers 5 important capabilities – – namely: swap, liquidity mining, boardroom, IMO, and fun buyback.
The first 2 are pretty self-explanatory. The conference room supports liquidity service providers and single token staking to earn benefits in MDX. IMO represents Initial Mdex Offering, and it’s based on the platform’s decentralized initial offering swap mechanism.
Finally, the Fun Buyback allows users to get a random number after contributing MDX to the burning swimming pool. If the number accompanies a pre-designated winning number, users receive benefits.
A Brief Comparison
Information from CoinMarketCap presently reveals that MDEX is second on their DEX list. It accounts for 11.7% of the total market, whereas Uniswap’s V3 currently declares a 16.6% market share.
In terms of total 24-hour volume, Uniswap sits at a little over $800,000, while MDEX sits at almost $600,000.
The main control panel of the decentralized exchange exposes that the overall value locked is, presently, around $3.37 billion.
As the need for DeFi items grows, the major distinction in deal volume reveals that there is plenty of space for development, and it’s most likely a matter of time up until DEXes, in basic, start picking up.