While it has a lot of features to admire, Deco is not without its flaws, some of which are quite common. One of those flaws is that the Deco wallet does not support the popular ERC20 token standard, which means that you cannot store your favorite tokens there. This means that, while you can send and receive ERC20 tokens using Deco, you cannot store any ERC20 tokens in the wallet.
DECO is a project that uses a combination of blockchain and AI to record and track specific inventory records. We’ll be able to see who owns what and make sure that everyone involved has a clear understanding of the ownership of everything they own. This will be a huge asset to the cryptocurrency community, as it will help to ease some of the existing issues of confusion and many bureaucratic processes involved in the cryptocurrency world.Just when you thought developers and other members of the crypto community were busy with ongoing projects, a new project pops up on your radar. This new decentralised application (dApp) is categorised on the Defistation website as a cash transaction, and can simply be dismissed as yet another copycat project. But your curiosity overcame you and you went to the company’s website to discover that the new protocol is not typical. In fact, you’ll be surprised at the number of features this dApp has, as well as the fact that it has three decks.
What is the project the author is talking about? MDEX, a new decentralized project that offers traders and investors unique opportunities for high yields, swaps, trading liquidity and more. In this MDEX overview article, we look at what MDEX has to offer, its tokenomics, and why it has become so popular that it ranks fifth in the entire Binance smart blockchain ecosystem.
What is MDEX?
MDEX is a new decentralized trading protocol that was only launched in January 2021. It is a decentralized Automated Market Maker (AMM) exchange protocol, based on the concept of fund pools, with some similarities to the standard DEX, but differentiated from its competitors by the use of different public blockchains for ultra-low transaction costs in HECO and BSC and the deep liquidity of the Ethereum ecosystem.
MDEX tops both CoinMarketCap’s and CoinGecko’s DEX rankings, at one point even trailing Ethereum’s Uniswap and SushiSwap, Binance Smart Chain’s PancakeSwap, and the 1inch exchange, replacing Uniswap as the top DEX in CoinMarketCap’s March 2021 rankings.
MDEX innovatively integrates the various benefits of the underlying public channels into a comprehensive, composite, powerful DEX ecosystem. It uses a dual chain modeled after the Ethereum network, Huobi’s green chain (HECO) and Binance’s smart chain (BSC). This dual withdrawal mechanism, which includes liquidity extraction and transaction extraction, generates significant profits for participants, while the redemption and transaction fee burning mechanism implements a closed, self-regulating value cycle.
MDEX aims to combine the concepts of DEX, IMO and DAO to offer universal liquidity services for high value assets and to provide users with a safer, more reliable, more diversified and cheaper trading experience. To this end, they have released six key features: Cross-chain, swap (including transaction mining), liquidity mining, boardroom, IMO and fun buyback.
The most interesting feature of MDEX are the intermediate chain bridges. It’s not really new, but what’s interesting is that it has three gateways to BSC, Ethereum and HECO, a new and rapidly evolving ecosystem.
To transfer tokens from one blockchain to another, simply click on the Bridge location. Open the PC version wallet and first select the HECO network (same steps as for the mobile version wallet). Your account must have a matching token and a certain amount of HT (like a gasoline charge).
Here is an example of the translation of sheets from HECO to BSC.
To transfer tokens from one blockchain to another, simply click Bridge. Then select HECO.
The Fun Buback feature is a type of raffle where users can deposit a portion of their MDX into the pool to win a reward. You have to click where Burning Black Hole is, like above. Note that this function is also a token mechanism. This means that once you deposit your MDX to participate, it will be used to give to the winner and will be 90% burned.
The operating principle is simple. Once the MDX is entered into the burner pool, the user is given a random number. If the number matches the specified winning number, the user is rewarded. Example: If User A, after depositing MDX, receives a random number 123 that exactly matches the previously awarded Jupiter Prize winning number, this user becomes the winner of the Jupiter Prize.
The rules state that users may contribute at least 10 MDX at a time, but there is no limit on the number or frequency. The user’s input creates a burn pool of which 90% of the MDX in the burn pool is destroyed and the remaining 10% is returned to the Jupiter price. A random 3-digit number is generated for each item. Before the start of the next round, the predetermined winning number of the current round will be announced.
There are two types of rewards: 10% MDX of the burn reserve (for the Jupiter price); USDT 300,000 (USDT 100,000 for the Saturn price and USDT 200,000 for the Pluto price)
Once the MDX is added to the prize pool, the random winner’s number must match the previously announced Jupiter prize winner number (3 digits).
For example, if the predetermined winning number for the Jupiter Prize is 123 and you receive the random number 123 after depositing from MDX, you are the winner of the Jupiter Prize. If your random number is 321 or 132, you are not a winner.
Once the MDX is added to the burn list, the last two digits of the random winner’s number must match the number of the previously announced Jupiter Prize winner.
For example, if the last two digits of the predetermined number of the Jupiter Prize winner are 12,
and you get a random number a12, you’re the winner of the Saturn Award. If your random number is 321, you are not a winner.
The winner’s random number must be different from the previously announced numbers of the Jupiter Prize and Saturn Prize winners. Users who do not receive the Jupiter Award and the Saturn Award will receive the Pluto Award. Basically, all users can earn bonuses. Only the specific rewards differ.
Each round lasts 24 hours. At the end of each round, the rewards are announced and the users can collect their rewards. The prize will be announced within one hour of the end of each round.
If there is more than one winner of the Jupiter Prize, all winners are eligible to receive a 10% share of total burning MDX based on their share of contributed MDX. If there is no Jupiter Prize winner in this round, the prize, i.e. 10% of the burn pool’s MDX, is reserved for the next round.
MDEX tokenomics uses a buy-and-burn model that reduces the turnover of MDX tokens over time, increasing their value. This model keeps the value of the MDX stable over the long term. The tokens are also supported by a repurchase and reward model that encourages MDX holders to retain their tokens.
In tokenomics, MDEX could also experience a halving. The 5th. In June 2021, the Protocol reached its first halving event, reducing the reward per block from 80 MDX to 40 MDX, reducing daily production of dual HECO and BSC chains from 4.6 million to 2.3 million.
However, as with PancakeSwap, there seems to be no maximum bid for MDX. According to CoinMarketCap, there are 468,452,817.70 tokens in circulation.
In addition to yield, MDX tokens can also be used to participate in the governance mechanism of one of the fastest growing DEXs in the market. Holders may propose and vote to list a token on the MDEX market or provide another asset.
On the fourth. In June 2021, the team published its roadmap for the project. Here are some interesting things they make:
1) Introduction of a stable M-USD currency for full issuance of unlimited liquidity. Users can use it for Over Strike, LP Strike and Boardroom MDX Strike and provide different application scenarios and rewards for MUSD liquidity. Nevertheless, it is hoped that MDEX will enable users to achieve profitable returns while significantly improving capital efficiency.
2) Implementation of the M-MEX plan to create a one-stop shop for derivatives such as leveraged transactions, options trading, market oracles, etc.
3) To create a thriving ecosystem, the team will prioritize a number of support programs such as IMO, the MDEX Foundation, and the M Accelerator, and provide extensive support to high-quality, innovative developers and projects worldwide. The support includes, but is not limited to, financing, technology, environmental cooperation, etc. They will carefully study each request and give you a reply within 24 hours.
4) MDEX will return all rights to the CAD to the community. To that end, 21 candidates will be elected to the Board of Directors through the MDX election. Board candidates are eligible to submit proposals and receive high-yield dividends, and users can participate on the board through MDX voting and receive rewards accordingly.
6) To further encourage MDX holders who are optimistic about the long-term growth of MDEX, the team will launch a long-term betting plan and invest more funds and capital as rewards.
7) The team plans to return all product revenue to MDX owners, e.g. through bonuses or a redemption and depletion mechanism.
At the time of writing, DMEX has only been on the market for six months and has since managed to capture a significant share of TVL on Binance Smart Chain and HECO. However, this does not mean that there is no competition. Many other projects offer similar functionality, which does not make MDEX unique.
At BSC you have Ellipsis and Nerve Finance, two AMM DEX stablecoins, Autofarm, beefy.finance, O3 Swap, Dopple Finance and more.
Huobi Blockchain also owns BXH, DogeSwap, Depth, Pippi Shrimp Swap and others. While MDEX is at the top of the HECO ecosystem and certainly has the most TVLs, the growing ecosystem may well prompt users to move their funds to other projects that may offer higher returns and/or at least have a user-friendly interface.
Videos for training and additional information
Below are some videos with more information about the project:
Below are some instructional videos:
MDEX Overview – Conclusion
In summary, MDEX is a powerful DEX with a rapidly growing ecosystem. Like PancakeSwap, it has a mechanism to redeem and burn tokens to control price inflation while rewarding users with high returns.
The project also raises awareness of the HECO ecosystem, potentially alerting users to what this new public upstream blockchain has to offer. So far, MDEX has led the way in this interaction between Ethereum and BSC users. No BSC project has a bridge to HECO, at least not yet.
However, when you first visit their website, you can’t help but be overwhelmed by the amount of information and services they offer. In this author’s opinion, the home page is too large and not very user-friendly. In fact, it may not make sense, as the interface may discourage new users.
Worse, their documentation section can also overwhelm users. While it contains many useful articles on providing liquidity, using cross-chain bridges or even creating a portfolio, it does not contain a section detailing tokenomics, which is very important information for any investor or trader.
In addition, their Medium account is experiencing technical difficulties and, although they have created another account, this problem is preventing users from reading the articles they have already written, including an introductory article about the project. This is not a good thing for people trying to explore the project, and it may discourage them from even trying to contribute, despite the huge amount of TVL the project has in its smart contracts.
Also, the only unique selling point of the project seems to be the bridge to HECO. Otherwise, it offers the same features and services as other DEXs, making it a less exciting project to disrupt this growing industry.
Nevertheless, MDEX seems to be on its way to becoming a major player. Its token was listed on 23 exchanges, including Huobi and Binance. The company is also working on new projects for its IMO function such as Coinwind, Filda, O3, Open Leverage, etc. And according to the roadmap, the company has no intention of stopping developing and launching new services for its users. If the team and community continue to innovate, there is no doubt that MDEX has no long-term future.
- Through three gateways, HECO users can communicate directly with the BSC and Ethereum.
- TVL has over $3.3 billion in assets, giving it high liquidity and popularity.
- It is an efficient token system with a redemption and burning mechanism to maintain value.
- Currently offers high yields.
- Provides many interesting and entertaining features and services to encourage user participation.
- The MDEX interface seems very heavy and overwhelming. New users may find this intimidating.
- There’s a lot of information in the Documents and Help section, but it’s a bit confusing.
- Does not have a paragraph on symbolism in his papers.
- Relatively new project, no guarantee for longevity; high risk.
- broken link for the Medium article, impossible to read the introductory article on MDEX.
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