Not a pioneer in the decentralized exchange market, but MDEX is showing everyone its “slow but steady” moves. Despite being a latecomer, the recent statistics have made all eyes turn.
So what is so special about MDEX and what has this DEX floor shown in just 2 months from the day it came into operation. Let’s find out in the article below!
Basic introduction to MDEX
MDEX is a decentralized exchange that operates using the AMM mechanism on the Heco chain.
MDEX aims to combine the advantages of chains to create a DEX ecosystem (integrated DEX, IMO, DAO).
MDEX uses a “dual mining” mechanism, which is liquidity mining and transaction mining.
Users who trade on MDEX can get mining rewards like Uniswap, 1Inch,…
According to the announcement of MDEX, the exchange’s income from transaction fees accounts for 0.3% of the total trading volume on the exchange. All of that 0.3% will be used for the purpose of building the MDEX ecosystem of which, 0.1% is for project development funds, 0.14% for mining rewards and 0.06% for MDX buyback and burn).
As of now, the mining reward has exceeded 35 million USDT and more than 22 million USDT is used for redemption purposes.
MDX is the native token of the MDEX exchange used in the following cases:
- Voting: MDX holders have the right to propose listing any token by voting or mortgaging assets.
- Buyback & Burn: As mentioned above, of the 0.3% transaction fee, 0.14% will be given to the collateral and liquidity users, 0.06% will be burned.
- Fundraising: MDEX organizes fundraising using the HT-IMO (Initial Miner Offerings) protocol – a form quite similar to ICO projects on Ethereum. MDX will act as an intermediary if users want to buy new tokens.
Read more: MDEX trading guide – The pioneer DEX exchange on Huobi ECO Chain right at Techtipsnreview Wallet
Distribution of MDX tokens
- Total Supply: 1,000,000,000 MDX.
- Block cycle: 3 seconds on average.
- Block reward: 80MDX/block.
- Halving cycle: 6 months.
Liquidity Mining
- Transaction fee: 0.3%, similar to Uniswap.
- Amount of tokens mined: 785,532 MDX/day; 23,565,972 MDX/month.
Boardroom reward pool
- Almost 50% of the fees from transactions will be given to users participating in the pool on Boardroom on MDEX.
- It is expected that in a month, about 35 million USDT will be used as a reward.
Transaction Mining
- Users will receive MDEX tokens (MDX) when trading on MDEX.
- The trading pairs with the highest reward ratio are USDT/HFIL, SNX/USDT, AAVE/USDT, USDT/HBCH and HDOT/USDT. The APY for these pairs is now over 600%.
The position of MDEX in the market
Market share of top DEX as of February 25, 2021 (Source: coinmarketcap)
- As of 2/25/2021, the performance MDEX parameters are very significant.
- The 24-hour trading volume reached $3.12 billion, surpassing Uniswap and Pancakeswap to take the top spot in decentralized exchanges.
- The market share of MDEX accounts for 51.54% of all DEX exchanges.
- The gas fee of MDEX is very cheap, ranging from 0.03 to 0.06 USD, sometimes only 0.001 USD, which is a lot cheaper than Uniswap. Not only that users after completing the transaction also receive an amount of MDX reward.
Compare MDEX and other DEXs
Comparison of MDEX, Uniswap, Sushiswap and Pancakeswap as of 2/25/2021 (Source: TokenInsight)
It can be seen that the average daily trading volume of MDEX is much superior. Specifically, 4 times more than Uniswap, nearly 10 times more than Sushiswap and 4.5 times more than Pancakeswap.
However, the market capitalization of MDX coin is much lower than that of the remaining DEX tokens (only 1/14 times that of UNI) even though MDX’s TVL is almost the lowest. This shows that the MDX token seems to be undervalued compared to its true value.
In terms of the number of supported trading pairs, currently MDEX has more than 1500 pairs, equivalent to 1/20 of Uniswap’s pairs. However, this number can completely skyrocket in the near future because the Heco ecosystem is expanding day by day.
How to speed up MDEX trading on Metamask
Recently, some brothers have encountered lag or pending status when trading MDEX on Metamask, so in this article I will provide a few more ways to fix this situation:
Method 1: Change nodes
- There are 2 nodes that you can use when setting up a Heco chain network on Metamask:
- Node 1: https://http-mainnet-node1.hecochain.com
- Node 2: https://http-mainnet.hecochain.com
- After logging in Metamaskchoose Settings.
- Choose Network (Network) then choose Heco network that you have already set up.
- Find New RPC URL (New RPC URL) then paste 1 of 2 new node addresses to replace the old node and then press Save.
Method 2: Double gas fee
If the first method doesn’t work, you can try some of the following:
- Double gas fees to speed up transactions.
- Go to Metamask Settings (Settings) Advanced (Advanced) Reset account (Reset account).
- Go to Metamask Settings (Settings) Advanced (Advanced) On Advanced gas control (Advanced gas control) On Customize transaction nonce (Customize the transaction’s disposable number) Find “Nonce” when there is a pending transaction.
Epilogue
Pancakeswap’s native token (CAKE) has been benefiting a lot from the recent BSC hot trend, and we’ve also seen some of the potential of MDEX when looking at the exchange’s daily trading volume. Assuming that the Heco chain universe will expand greatly in the near future, do you think MDX will be undervalued again? What will its true potential be like?
Time will answer those questions and let’s look forward to the next articles to update the latest information about this market!
You can refer to the original post here.
Source: Reviews & tutorials on how to speed up MDEX transactions
– TechtipsnReview
