MDEX stands for Mandala Exchange, a famous decentralized protocol created on the basis of the Huobi Chain. AMM technology is employed for funding pools. A decentralized exchange and automated market maker (AMM) was launched in January 2021.
The platform has acquired huge popularity within a short time frame thanks to its extensive functionality that enables the support of several cross-chain transaction protocols. In this way, the platform has the benefits of diverse public chains creating a mature and sophisticated ecosystem with excellent performance capabilities. The native token of the platform MDX can be used for multiple goals such as fundraising, trading, repurchase, voting, etc.
The goal of the founders is to create a platform that could be a DEX, DAO, IMO/ICO on Ethereum, and HECO chain. This approach was selected to develop a safe and trustworthy configuration for users.
The architecture of the exchange works on Binance Smart Chain (BSC) and HECO. Besides, the team of developers has managed to introduce cross-chain interoperability between such ecosystems as ETH, BSC, and HECO.
The platform was initially launched on the HECO chain, which is a decentralized public chain where developers working with Ethereum can design and launch dApps. It also works with Ethereum and presents the same functionality providing compatibility with smart contracts. HECO is not that popular as Ethereum therefore it has some advantages over it such as cost-efficiency and faster speed of work. In the middle of March 2021, it integrated with BSC that empowered the facility and helped it to evolve eventually into a multi-chain protocol.
The exchange supports such cryptocurrencies as BTC, ETH, DASH, and BCH. The system features a dual mining mechanism for liquidity mining and transaction mining that provides considerable returns for the members of the community. The decentralized exchange embraces the extensive functionality that includes swapping, liquidity mining, IMO (Initial MDEX offering), boardroom, and fun payback.
The boardroom was created to back liquidity providers. It is also needed to stake native tokens and get MDX rewards. It went live to motivate MDX long term holders to keep the assets. The platform offers different lockup periods to its users. The rewards are proportional to periods of lockup, so different rewards can be obtained from different amounts of MDX.
IMO that is based on the decentralized initial offering swapping mechanism was launched on May 25th, 2021. As for the trading, the platform is equipped with all the necessary functionality. For instance, the MDEX Market function that employs a Tradingview component with its candlestick chart display looks highly professional.
The Fun Buyback is an interesting feature that enables the members of the ecosystem to get a random number after they contribute MDX to the burning pool. The rewards are granted each time when the number received by a user coincides with the winning number.
Using innovative dualized mining, customers can enter secured transactions. There is also the guaranteed liquidity process that users can take advantage of. The scheme turned out to be an efficient double mining solution. Apart from the AMM functionality matching off the trades in an automated manner, it functions as an aide for companies that launch their Dapps.
The platform has an ‘Innovation Zone’, where users can trade new tokens and get promising rewards. The exchange has a board of Directors called ‘Boardroom mechanism’ that started its work in February 2021, after the ecological fund was launched by the company that is worth 15 million USD in MDEX. The token of the platform can be used for voting when new coins are listed on the exchange via pledging and voting.
The security of the Mdex exchange is on the highest level. The team of the company introduces top-notch features to make the project stand out from the rest. The servers of the brand are scattered across the world leading to a lower risk of server downtime. It also raises the level of resistance to hackers’ attacks. As this is a DEX, the platform doesn’t manage users’ assets, hence hackers can’t get access to MDEX funds.
MDEX has a high transaction speed that is higher than Uniswap’s. Transactions are confirmed within 3 seconds. The system on the platform is rather flexible and enables migration for the members of the community from one pool to another.
The platform had undergone numerous security auditions by reputable audit companies that include such names as CERTIK, Fairyproof, Slow Mist, DEX that confirmed the security of the facility and the robustness of the system employed by the platform.
MDEX fees and financial details
Transaction fees are burnt as the platform employs a repurchase and burn scheme that was introduced to preserve the system’s value. Each time users spend their MDX tokens, it activates Burning Black Hole that even enables rewards for lucky users from this action. 90% of investments in the pool are directly burnt. The Burning Black Hole activity exists along with Boardroom’s repurchase-burning mechanism and accelerates the deflation rate of the native token. When this feature was introduced after the launch of the platform in January 2021, 13 burning sessions were arranged within 2 months.
MDEX is a no-fee exchange that charges 0.30% per transaction for both takers and makers. The platform doesn’t charge for transfer and withdrawal. There are only network fees that are needed to pay rewards to miners.
The platform launched a referral program in August 2021, so it became possible to invite other users to join the community and make profits from it. MDEX is a global platform supporting 7 languages: English, Simplified Chinese, Traditional Chinese, Japanese, Turkish, Korean, and Russian.
Though the company doesn’t recommend any particular wallet, it is possible to use it with Huobi Wallet, MetaMask, TokenPocket wallet. The list of compatible wallets also includes ONTO, Math, and Bitkeep.