My hunt for alternatives & the recent popularity of MDEX got me intrigued. So as always, I dug up the grave to look for answers. I am a crypto noob and hence my post would not focus on the technical know how but more on the practical aspect and working of the project.
MDEX is a new DEX (launched in Jan 2021) that has surpassed all other DEXes in terms of market share. So what is special about MDEX? Isn't it another DEX in the block? Yes and No. While it is another DEX, it's not just any other DEX. It has surpassed all others and that too quite convincingly. MDEX has a TVL of more than 5 billion USDT as per CMC.
The problems with Ethereum at the moment are high gas costs and low transaction speeds and both are inter-related. And this has led to innovations and solutions. Like BSC, MDEX is one such solution.
MDEX is a cross chain protocol that supports Heco, Ethereum and Bsc. So what does that mean? It means that MDEX takes advantage of these multiple chains to create a high performance composite DEX ecosystem. For those of you, who don't know what HECO means, HECO is Huobi eco-chain. Huobi is another exchange like Binance which decided to come up with its own chain just like Binance smart chain. The high transaction speed and low gas costs which Ethereum is presently struggling with became the drivers of HECO just like BSC.
To maximise the rewards for its participants, it uses dual mining incentives of liquid mining and transaction mining. You end up getting rewarded for providing liquidity as well as for transactions like swapping and trading in the form of MDX tokens. For a user the transactions are almost gas free as you are compensated through MDX tokens. Furthermore, to drive the price of the MDX token over time, it follows a 'repurchase and burn' model by decreasing the circulating supply. It also rewards users through 'repurchase and rewards' model for holding on to their tokens. MDX token also earns you governance vote.
To realise cross chain interoperability, users can use MDEX bridge between all the three chains. The Liquidity pools are ever increasing. Trade speeds are fast and the platform is super easy to use. Transactions can be realised in as less as 3 seconds. And, it is not just another replica of Uniswap or Pancakeswap. MDEX is audited by multiple agencies and has a long list of reputable partners listed on the website.
The tokens are capped at about 1 Billion with block time of 3 secs and block reward of 80 MDX per block.The halving time is every six months.
You don't know how to configure your metamask for HECO, no problem.
Follow the steps below -
Open Metamask
Select ‘Settings’, and then ‘Networks’, add ‘Network’, and set up according to the following parameters.
Network Name: HEC-Main
New RPC URL: https://http-mainnet.hecochain.com
Chain ID:128
Currency Symbol (optional): HT
Block Explorer URL (optional): https://scan.hecochain.com
So all in all, users have everything to gain from MDEX.
Remember you save on gas and earn in MDX, transactions are processed faster and you can use the bridge for cross chain transactions on MDEX.
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(Please note - This article will also show under my alter ego - Cyekmyster)