Singapore, 1st March 2021, ZEXPRWIRE – In the blockchain industry, the situation changes instantly. The changing reality is further accentuated in the DeFi (Decentralized Finance) field.
Despite being a new existence, DeFi, including decentralized exchanges (DEX), lending, insurance, stable tokens, derivatives, aggregators, is witnessing miracles every day.
Up to now, in the ecology of the Ethereum public chain, the total lock-up volume (TLV) of DeFi has reached US$54 billion, a 45-fold increase in the past year; 24-hour transaction volume reached US$2.5 billion U.S. dollars, a surge of more than 12 times in the past year; total assests mortgaged and lent reached US$7.8 billion, a sharp increase of nearly 40 times in the past year.
At the same time, on the Ethereum chain alone appeared a handful strong projects, including Chainlink (LINK), the leading oracle with a market value of US$13 billion; UniSwap (UNI), the leading DEX with a market value of US$6 billion; Aave (AAVE), the leading lending company with a market value of US$5.8 billion; Synthetix (SNX), the leading synthetic asset agreement with a market value of US$2.5 billion; and Yearn.Finance (YFI), the leading aggregator with a market value of US$1.2 billion.
On February 19, 2021, only one month after MDEX, a DeFi platform based on the dual chain of Ethereum and Huobi ecological chain Heco, launched liquidity mining and transaction mining completed the growth journey that would take years in traditional transaction platforms.
1. MDEX’s achievement in its first month: the price of the popular project increased more than 51 times.
At 8 pm on January 19, 2021, the DeFi platform MDEX, which integrates DEX, IMO (standard fundraising token), and DAO (decentralized autonomy), launched liquid mining and transaction mining. According to data from the MDEX, on the second day of launch (January 20), the platform TVL reached us$333 million U.S. dollars, and the total transaction amount reached US$564 million U.S. dollars.
On January 21, 2021, Huobi mining Pool announced that it would invest US$1.5 billion HPT to support the mining of Heco ecological projects as well as the HPT/USDT LP liquidity mining of the MDEX platform and the HPT/USDT transaction mining. .
- The turnover in the first week exceeded US$6 billion.
Less than a week after the launch, the record daily TVL of the MDEX platform exceeded US$1 billion U.S., and the maximum single-day total transaction amount reached US$1.4 billion U.S., and cumulative transactions exceeded US$6 billion.
- The value of the platform token MDX increased as high as up to 13 times.
On January 26, 2021, the MDEX platform token MDX went online on Huobi Global. The initial price was US$0.5, and the highest exceeded US$6.9. The increase was more than 13 times in less than a month.
On February 1, 2021, MDX became the fourth largest liquid mining pool on the MDEX platform (after BTC, HT and ETH), and the total amount of MDX/USDT and MDX/WHT liquidity pools exceeded US$100 million.
Over the past month, the cumulative mining output of the MDEX platform has exceeded 72.7 million MDX, which means that supposing MDX price at US$6.2, the platform has reached US$450 million. Besides that, the platform has repurchased MDX worthy more than US$15 million, and has successively destroyed 5.33 million MDX, which is more than us$330 billion (calculating at US$6.2 per MDX).
- Subsidies for users exceeded US$120 million.
Unlike the ultra-high GAS fees on the Ethereum chain (a single transaction can cost up to tens of dollars or even hundreds of dollars), the GAS fee for each swap of MDEX is less than US$1 cent. MDEX can not only serve large mining companies, but also attracts users with smaller capital scales.
At the same time, the TPS of the Heco public chain reaches more than 500, and the time for block generation is only 3 seconds, which is 32 times faster than Ethereum.
Moreover, under the financial support from transaction mining, trading on MDEX basically entails a negative transaction fee rate. Excluding slippage loss, the MDX reward from transaction mining is much higher than the transaction fee required. In the past month, the MDEX platform has subsidized users over US$120 million for transaction fees.
- The value of the popular project BAGS grew up to 51 times.
As we all know, DeFi is often accompanied by a wealth-making effect.
Since the MDEX platform was launched, many popular projects such as BAGS (Basis Gold Share) have come into being. BAGS is the first algorithmic stable token protocol on the Huobi ecological chain Heco. After going online on Huobi Global , the initial price was US$20, but the highest surpassed US$1022 US. The increase reached 51 times.
In addition, daily APY for the LP (liquidity mining) on the MDEX platform remained stable, reaching a maximum of over 4000%.
Taking the MDEX real-time return rate in the early morning of February 19, 2021, for example. Daily APY of the three pools with the largest lock-up/trading volume, i.e., HUSD/USDT, HBTC/USDT, and ETH/USDT, reached 1643%, 1856%, and 2735% repectively.
At the same time, the top 4 APY of the top 4 liquidity mining on the MDEX platform– MDX/USDT, FILDA/HUSD, BAL/USDT and LHB/USDT, reached 411%, 313%, 304% and 259% respectively.
Up to now, the cumulative rewards distributed through airdrops on the MDEX platform have exceeded US$9.95 million. Among them, 16 days after the launch, an average of more than US$600,000 US was airdropped. In the last two days, the figure reached as much as US$700,000 per day. It is expected that the number will continue to increase in the future.
2. The core on-chain data outperformed that on UniSwap and SushiSwap, and the circulating market value is only 1/15 and 1/6
When it comes to DeFi, UniSwap and SushiSwap have to be mentioned. UniSwap first started at the end of 2018. Although MDEX has only been online for one month, it has become the fastest-exploding DEX by virtue of the prosperous ecology of Ethereum and the very user-friendly advantage on the Huobi ecological chain Heco.
Publicized data shows that as of now, the highest single-day TVL on the MDEX platform has exceeded US$1.33 billion, and the total daily transaction amount has exceeded US$5.05 billion.
In fact, as early as January 25, 2021, the total amount of 24-hour transactions on the MDEX platform exceeded US$1.3 billion, overtaking the total daily transaction volume of UniSwap and SushiSwap (US$1.28 billion) for the first time.
- The monthly turnover exceeded US$40.8 billion.
In the past month, the cumulative transaction value of MDEX platform exceeded US$40.8 billion. In contrast, since the creation of UniSwap, the total transaction amount has just exceeded US$100 billion. If MDEX keeps its current growth pace, it would have surpassed UniSwap’s total transaction volume accumulated over the past two years by the end of April 2021.
DeFiBox data shows that on the Ethereum chain, Uniswap’s single-day TVL is US$4.28 billion, and SushiSwap’s single-day TVL is US$3.69 billion. In comparison, the single-day TVL of the MDEX platform is approximately US$1.38 billion, that is to say, the relevant data of MDEX is approximately 1/3 of UniSwap and SushiSwap.
Feixiaohao data shows that the circulation market value of UNI, the platform token of Uniswap, is about US$6 billion, and that of SUSHI, the platform token of SushiSwap platform, is about US$2.5. While for MDEX’s platform token–MAX, the current circulating market value is around US$400 million. This means that the circulating market value of MDEX is only about 1/15 of UNI and about 1/6 of SUSHI.
On February 19, 2021, DeFiBox data showed that MDEX’s total transaction volume in the past 24 hours reached US$2.29 billion, far exceeding Uniswap’s total transaction volume of US$1.219 billion, ranking first in the global DEX rankings. This also means that MDEX is moving forward to be the global DEX leader.
3. The growth path of DEX has just begun and MDX is expected to realize value return.
As Coinbase, the largest compliance trading platform in the United States, is going to go public on the Nasdaq, the settlement price of Coinbase’s shares on the Nasdaq private market has been on rise all the way. The rough valuation has also increased from US$8 bilion in the previous round to over US$100 billion, an growth of more than 12 times. This valuation also exceeds that of Intercontinental Exchange (ICE) which is the parent company of New York Stock Exchange and also one of the world’s largest stock exchanges. ICE was listed in 2005 and boasts a current market value of approximately US$64 billion. At the same time, Coinbase also surpassed the market value of Asia’s largest stock exchange, the Hong Kong Stock Exchange (HK:00388) which was listed in 2000 and whose current market value is US$92 billion.
Stimulated by the soaring valuation of Coinbase, the leading CEX platform tokens such as BNB, HT, OKB from Binance, Huobi, and Ouyi, have also begun restructuing their valuations. Their prices have risen unanimously over the past month, outperforming the performance of other mainstream tokens, such as BTC. Of them, BNB once exceeded US$340; HT exceeded US$26, OKB exceeded US$18. Both of their unit price and market value hit a record high.
Representative DEX projects, such as Uniswap, Sushiswap and MDEX are just starting their grand journey towards further growth.
For MDEX, which has just been online for a month, only demonstrates the “basic features” of a DEX project. In terms of the competition for liquidity MDEX’s “strategy” has just begun.
Up to now, a wide viarity of tokens, including but not limited to Huobi H family assets (HBTC, HLTC, HBCH, HDOT, HFIL, wHT, HPT, HUSD), Heco project (FILDA, LHB) and popular DeFi projects on the Ethereum public chain (AAVE, SNX, UNI, LINK, BAL, YFI) have all started LP on the MDEX platform.
It is expected that in the future, MDEX will continue to deploy more ecological projects and cross-chain assets of star public chains, and continue to expand the boundaries of the transaction ecology and community. This will bring us a broader future. But this also means that the competition among top DEX projects, such as MDEX, Uniswap, SushiSwap etc., is just rolling on.
In fact, whether in terms of the strong growth potential of the encrypted transaction field or MDEX’s dazzling performance compared to other top DEX projects, MDX–MDEX’s platform token has been significantly underestimated.
At present, the MDEX platform only provides transaction mining and liquidity mining. In the near future, it is expected to launch options/futures contracts, transaction insurance, lending and other decentralized derivatives transactions, which will continue to bring more revenue to the entire platform. This financial strength, in turn, will empower MDX.
In the future, as MDEX platform ecology keeps growing, MDX is expected to achieve value return.