Singapore, April 8, 2021 – In an attempt to expand its ecosystem, leading decentralized exchange MDEX has integrated Binance Smart Chain (BSC), officially completing the rollout today April 8 at 8.30 pm (UTC + 8). Five seconds after integration, MDEX reports a TVL (total locked value) of more than $ 500 million.
The BSC integration includes functionality in liquidity mining, single token participation, transaction mining, and cross-chain asset services. Users can now use the MDEX Bridge to achieve cross-chain interoperability between Heco (Huobi Eco-Chain) and BSC.
BSC and Heco solve congestion problems and high fees on Ethereum
According to MDEX CTO Sky After Heco, the integration of BSC was always the plan.
“Like Heco, BSC was developed to attack congestion and high fees on the Ethereum network,” says Sky. “Both are also compatible with CeFi resources.”
According to Binance, Binance Smart Chain was conceived as a kind of extension of Binance Chain. With the dual-chain architecture, both chains are complementary: Binance Smart Chain adapts to decentralized applications (dApps) without congesting the original chain, which is optimized for ultra-fast operations. These features make it efficient and highly optimized to run dApps and transact with a lower fee.
In fact, the advantages associated with the BSC network make this move critical. A recent report announced that Binance Smart Chain outperformed Ethereum in number of daily transactions, courtesy of its low fees and fast transaction architecture.
One of the crucial attributes that make blockchain-based transactions unique is cost reduction. The Ethereum blockchain has not been able to live up to its name in this regard, with current transaction fees exceeding $ 20. It even shot to an all-time high of $ 43 on February 23.
MDEX sets its eyes on expanding the market with BSC
This makes the current decision well calculated. Being one of the few projects at both BSC and Heco, MDEX is positioning itself in the current movement to be a serious competitor in the ecosystem.
Dubbed the “golden shovel of Heco” in Chinese crypto circles, MDEX has dominated Huobi’s ecological chain, carrying roughly a third of the TVL (total locked value) of the asset’s locked value.
Having reached the ceiling of Heco, for MDEX, the integration of the BSC is undoubtedly a move to cover fertile new ground. BSC currently supports more than 100 coins across the chain with a total market value of more than $ 84 billion. Entering the BSC ecosystem is an opportunity to increase TVL and trading volumes.
Up to a new challenge
Speaking of the BSC integration, CTO Sky states that, “This is a great opportunity to test the effectiveness of our products and operations.”
As the only conventional DEX on the market that implements dual mining, combining liquidity and transaction mining, MDEX has managed to cause an explosion in the trading volumes of its platform.
On February 25, MDEX took the top spot on Coinmarketcap, capturing 54% of the market share, dethroning Ethereum DEX leader Uniswap. On March 18, MDEX TVL surpassed USD 2.3 billion, which is a new record. On March 19, its cumulative transaction fees surpassed $ 340 million, and the 7-day transaction fee amount ranked third, behind only Bitcoin and Ethereum.
Sky has confirmed that the dual mining “two firsts incentive model” will be carried over to the BSC platform. MDEX users can continue to enjoy low-to-zero fees and fast transactions in a liquid trading environment on a secure and easy-to-use platform. MDEX recently released an updated version 2.0 with even more platform enhancements on March 16.
More value for MDX token holders
Sky notes that multi-chain implementation supports expansion, leading to greater value capture.
“More assets and more transactions on MDEX means that the platform receives more fees, which means more funds to buy back and destroy MDX in the market, which will further deflate MDX.”
It refers to the MDX token buyback destruction mechanism whereby a portion of the daily transaction fees will be used to buy back MDX for burning. On March 12, the total amount of MDX repurchased and burned exceeded $ 10 million and its real-time deflation rate is 10.96%.
Regarding the semi-centralized nature of the BSC and Heco public broadcasters, Sky calls for the “continued opening of BSC and Heco to attract more developers and great applications.” When ETH 2.0 is finally rolled out, multi-chain implementation will likely become a major route for decentralized applications.
As MDEX continues to strive to be a reputable exchange that provides an excellent business environment for its growing community, it will also aspire to deliver unmatched value to the entire industry.
For more details on BSC integration: https://mdex.medium.com/mdex-com-onepager-latest-version-e7795a2ee24c
For more details about MDEX, visit the official website: https://mdex.com/#/
Official MDEX Channels:
Cecilia Wong, suPRstrategista.com