Singapore, April 8, 2021 – To expand its ecosystem, to lead decentralized exchange MDEX has integrated Binance Smart Chain (BSC) and officially completed the deployment today, April 8th, at 8.30 p.m. (UTC + 8). Five seconds after the integration, MDEX reports a TVL (Total Value Locked) of more than USD 0.5 billion.
The BSC integration includes functions for liquidity mining, single token staking, transaction mining and cross-chain asset services. Users can now use the MDEX bridge to implement cross-chain interoperability between Heco (Huobi Eco-Chain) and BSC.
BSC and Heco solve problems with overload and high fees for Ethereum
According to MDEX CTO SkyAccording to Heco, the BSC integration was always the plan.
“Like Heco, BSC was developed to combat the congestion and high fees in the Ethereum network,” explains Sky. “Both are also supported by CeFi resources.”
According to Binancethe Binance Smart Chain was envisaged as a kind of extension of the Binance Chain. With the dual-chain architecture, both chains complement each other – Binance Smart Chain is suitable for decentralized applications (dApps) without overloading the original chain, which is optimized for ultra-fast trading. These features make it efficient and very optimized to run dApps and conduct transactions for a lower fee.
Indeed, the advantages associated with the BSC network make this step critical. A recent report announced Thanks to the low fees and fast transaction architecture, Binance Smart Chain has overtaken Ethereum in the daily transaction amount.
One of the key attributes that make blockchain-based transactions unique is reduced costs. The Ethereum blockchain couldn’t live up to its name in this regard with current transaction fees of over USD 20 increased to an all-time high of USD 43 on February 23.
MDEX focuses on market expansion with BSC
This makes the current decision well calculated. As one of the few projects at both BSC and Heco, MDEX is currently positioning itself to be a serious competitor in the ecosystem.
MDEX, known in Chinese crypto circles as the “golden shovel from Heco”, has dominated the Huobi eco chain and carried around a third of the TVL (Total Value Locked) of the locked value of the assets.
After the BSC integration for MDEX has reached the Heco upper limit, it is undoubtedly a step towards opening up new fertile soil. BSC currently supported more than 100 currencies in the chain with a total market value of more than USD 84 billion. Entering the BSC ecosystem provides the opportunity to increase both TVL and trading volume.
Face a new challenge
Regarding the BSC integration, CTO Sky explains: “This is a great opportunity to test the effectiveness of our products and processes.”
As the only mainstream DEX in the market to implement dual mining – combining liquidity and transaction mining – MDEX has managed to cause an explosion in its platform trading volume.
On February 25th, MDEX took first place on Coinmarketcap, captured 54% of the market share and dethroned Ethereum’s DEX leader, Uniswap. On March 18, MDEX TVL topped USD 2.3 billion, which is a new record. On March 19, cumulative transaction fees were over $ 340 million, with the 7-day transaction fee ranking third only behind Bitcoin and Ethereum.
Sky has confirmed that the dual-mining incentive model will be carried over to the BSC platform with two scoops. MDEX users can continue to enjoy low to zero fees and fast transactions in a liquid trading environment on a secure and user-friendly platform. MDEX recently released an updated version 2.0 with even more platform improvements on March 16th.
More value for MDX token holders
Sky advises that deploying multiple chains supports expansion, resulting in higher value capture.
“More assets and more transactions on MDEX means the platform is getting more fees, which means there is more funds in the market to buy back and destroy MDX, further draining MDX.”
It refers to the MDX token buyback destruction mechanism, which uses a portion of the daily transaction fees to buy back MDX for burning. On March 12th, the total amount of MDX repurchased and burned exceeded USD 10 million and the real-time deflation rate is 10.96%.
Regarding the semi-central character of the public chains of BSC and Heco, Sky calls for the “continued openness of BSC and Heco in order to attract more excellent developers and apps”. When ETH 2.0 is finally implemented, deploying multiple chains will likely become an important avenue for decentralized apps.
As MDEX continues to strive to be a top-notch, reputable exchange that provides a great trading environment for the growing community, the company will strive to provide unmatched value to the entire industry.
Further information on BSC integration can be found at https://mdex.medium.com/mdex-com-onepager-latest-version-e7795a2ee24c
More information about MDEX can be found on the official website: https://mdex.com/#/
Official MDEX channels:
Cecilia Wong, yourPRstrategist.com