BSC is just the first step for MDEX

On April 8, MDEX announced the full-function deployment of BSC in Binance smart chain, opening the reward of single currency pledge mining, transaction mining and liquidity mining, and simultaneously opening the MDX cross-chain bridge function.

Subsequently, one month after MDEX launched Binance smart chain BSC, the total locked position volume (TVL) has exceeded 2.7 billion US dollars, and nearly 5 million transactions have been conducted, with the average daily trading volume exceeding 1 billion US dollars. The total value of the stablecoins USDT, BUSD, USDC and DAI participating in single-currency liquidity mining has exceeded $700 million. BSC network mainstream token BNB, BTCB, ETH, DOT liquidity also exceeded ten million dollars.

Previously, Ethereum's Dex aggregator 1Inch announced that it would deploy its full capabilities on Binance smart chain BSC, yet today its daily transaction volume on Binance smart chain BSC is only a fraction (3%) of the daily transaction volume of native Dex Pancakeswap.

Dex's success in a chain requires not only strong strength, but also the operation of the team and the guidance of the community. But being successful across multiple chains requires more than just operations.

MDEX logged on Binance smart chain BSC with excellent performance

One month since MDEX launched BSC on April 8, TVL has leaped to the top of BSC. Third, in Binance smart chain. Volume ranks second among all DEX. According to DeBank data, in Binance smart chain BSC  , MDEX  Total locked positions were $2.4 billion, with 24-hour turnover of $1.253 billion, second only to Pancakeswap's $1.843 billion.

As can be seen from the DEBANK trend chart, the addition of MDEX contributes to BSC&NBSP of Binance smart chain. The on-chain transaction has led to significant growth. The same conclusion can be drawn from the data on the chain. MDEX was launched on the first day of Binance smart chain. On the same day and the next day (April 9), the number of new addresses on BSC reached more than 970,000, setting a new high for BSC in nearly two months.

Source: Debank

And contrary to what users think, MDEX's entry into BSC of Binance smart chain did not impact on the original leader of BSC of Binance smart chain, Dex Pancakeswap. Pancakeswap TVL and volume did not drop significantly.

In addition, MDEX still leads the DEX list of CoinMarketCap and Coingecko. According to the data of Kingdata, Binance smart chain BSC  Mdex platform token MDX has more than 18,200 coinholding addresses, and the cumulative transaction times have exceeded 4.77 million, with an average of 5,046 independent addresses interacting daily.

At the same time, MDEX on the BSC smart chain of Binance aggregates the best depth of mainstream coins. The liquidity of tokens including ETH, BTC and BNB has exceeded hundreds of millions of dollars, and the liquidity of tokens such as DOT, LTC, FIL, XRP and ADA has also reached the level of tens of millions of dollars. Due to this impact, Dex aggregator 1Inch has also announced to aggregate MDEX liquidity on Binance smart chain BSC.

Of course, while developing the BSC smart chain of Binance, MDEX did not lag behind the construction of HECO ecological chain. MDEX still ranks first in TVL, liquidity and number of transactions on the Huobi ecological chain HECO. According to the data of Kingdata, MDEX has accumulated 107 million transactions on the Huobi ecological chain HECO, and the total amount of transaction mining has exceeded 200 billion USDT.

Why has MDEX been able to repeat its success?

Before MDEX announced that it would deploy full functionality on BinanceSmart Chain BSC, platforms like 1Inch also announced that they would support public chains other than Ethereum, but the results were not satisfactory.

Many users did not expect MDEX to achieve excellent results in Binance smart chain BSC in advance. What's puzzling many investors and users, however, is why MDEX has been so successful on so many different chains. The most important reason, of course, is Ethereum's performance and transaction costs. The recent launch of Uniswap V3 and Meme tokens such as Shib have caused Ethereum transaction fees to skyrocket, with a quick transaction costing hundreds of dollars. The transaction costs of Binance smart chain BSC and Huobei ecological chain HECO are only one thousandth of that. When trading subsidies are taken into account, Mdex's transaction costs are almost zero.

However, all Dex built on Binance smart chain BSC and Huobi ecological chain HECO have the same advantages. MDEX is much better at operation than these DEX. According to official statistics, MDEX awarded nearly US $200 million, equivalent to 3,571 Bitcoins, for ecomining on Binance smart chain BSC.

The introduction of mining incentives has brought strong liquidity to MDEX, and the abundant liquidity has reduced the slip point of users' trading. The two forms a positive cycle, which continuously promotes the development of MDEX. For users, there is almost no difference in experience between using a low-slip-point DEX and a centralized trading platform. Currently, MDEX's slip point is less than 0.1 percent. This is also one of the reasons why MDEX can become the first DEX in the DEX list of CoinMarketCap and CoingekCo.

According to official statistics, MDEX destroyed 3.58 million and 26.28 million MDXs on Binan smart chain BSC and Huocurrency ecological chain HECO, respectively, for a total of 29.88 million MDXs worth nearly $100 million.

Secondly, MDEX has started its globalization development strategy. Since the launch of Binance smart chain BSC one month ago, the monthly users of MDEX have increased by 25% and the total number of users has exceeded 110,000. And users are no longer concentrated in a single country. According to analysis by Kingdata, the main users of Mdex come from China, Japan and the United States, with the top three countries accounting for 29.8% of the total. Peru, Costa Rica, and India are the next largest countries, with geographically dispersed users.

Source: Kingdata

The geographical dispersion of users shows that Mdex has been able to strike a balance among the cultures and habits of the many countries that use it. In an interview with Rhythm, MDEX CTO SKY said that from Huobi ecological chain HECO to Binance intelligent chain BSC, MDEX has expanded its service scope, and with the help of the development opportunity of DEFI, it will open the channel of upgrading from technology to market to ecology.

Another important reason why MDEX was able to achieve so much in just one month was ecological horizontal and vertical expansion. For horizontal ecological development, MDEX collaborates with well-known DEFI projects such as 1Inch, OpenOcean and ValueDefi. In the vertical ecology, I have optimized and participated in many projects in multiple fields of Mdex products, such as cryptographic wallet TokenPocket, wheat wallet, etc. Data service websites such as Dapprader and Dapp.com; Investment service platform TOPS and so on. Collaboration and optimization with a wide range of ecosystems, making Mdex easier for novice users, has been the key to Mdex's rapid explosion.

Word has it that MDEX may launch IMO, MDEX's Decentralized Initial MDEX Offering, this month.

MDEX layout multi-chain imagination space

In the eyes of users, Huobi ecological chain HECO and Binance smart chain BSC are competitors, and the deployment of MDEX on the two chains may lead to a decrease in support from the community. Of course, from the data point of view, MDEX is not affected. On the contrary, the BSC ecology of Binance smart chain grows faster than before after the addition of MDEX.

As for the layout of multi-chain, Sky said that in the blockchain world, each public chain is a large or small economy, and the assets and dApps on the chain cannot smoothly interact with each other. In other words, only after the completion of cross-chain, value can be transferred at high speed. The multi-chain deployment of MDEX and the creation of a full ecological transaction protocol are the due meaning of the development of blockchain. In the DEFI domain, DEX is an important infrastructure in the DEFI ecosystem in the public chain. Today, most Dex live around a single chain, each occupying a single mountain, and their development is increasingly limited.

It seems that Sky has inadvertently revealed the grand goal of MDEX, using DEX to complete cross-chain.

Cross-chain has long been a commonplace topic in the blockchain industry. Centralized trading platforms are a natural cross-chain platform, but the idea of using Dex to do this has hardly been mentioned. Mdex seems to want to pull off the feat. According to the official disclosure of MDEX, it will gradually support ETH (two-layer network), OKExchain, DOT, Near and other public chains to realize asset exchange and create a full ecological trading agreement.

MDEX has been a demonstration for us, in the near future, it will not be a problem for DEX to complete the multi-chain multi-token conversion. At that point, users will be able to switch between different assets in different chains on MDEX, acting like a centralized exchange platform, allowing seamless and smooth token transactions. For example, the MDX on the Huobi ecological chain HECO can be exchanged into the BNB on the BSC intelligent chain at any time.

Perhaps, a DEX cross - chain era is coming.

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