As per the decision of Mdex DAO community, MDEX will implement the proposal of “Starting a new cross-chain deployment on Ethereum/polygon/Solana” and officially deployed on the ETH network. In the initial stage of ETH deployment, only the transaction function will be enabled for the time being, and all transaction fees will be used to reward LPs. MDEX will activate and iterate other functions later on.
For the vast majority of new public chains, replicating the Ethereum ecosystem, which is also the choice of many developers and entrepreneurs, is their sure path in their early development stage. After the emergence of new public chains such as BSC and Heco, they often choose these emerging chains as their citadel: ordinary users are aware of the high transaction fees and the even more expensive cost to develop and deploy contracts on Ethereum.
As a consequence, a significant portion of users are deterred from finding a more diverse and vast market. To solve this issue and expand the user base, it is commonplace to see various projects moving from Ethereum to BSC, Heco, Matic, and other networks, while few projects like Mdex are doing it oppositely.
Competitiveness and achievements are the protectors for MDEX’s “reverse” path. Multiple MDEX data performances have suggested that MDEX has remained its leadership in DEX.
According to CoinmarkeCap, Mdex enjoys a market share of over 9% in terms of trading volume, second only to Uniswap and Pancake, and higher than Sushi and 1inch.
Among DeBank, we can see a more obvious change. In terms of trading volume, a number of transactions, and a number of users, Mdex has been in the top position for the last three months.
Since the launch of Mdex until now, Mdex’s trading volume, as shown in the blueand light green part of the chart above, has been ranked at the top for quite a long time.
The same achievement is seen in the number of transactions: Mdex (in orange) has been at the top of the ranking for a long time.
It (orange section) possess the same position in terms of number of users.
According to the data by Debank, Mdex has received a total of over $2 billion in TVL and ranks 5th behind Pancake, Curve, Uniswap and Sushi and above a host of old star DeFi protocols such as Bancor and Balancer.
In terms of the number of addresses with tokens and the number of addresses that have interacted with the contract, which directly reflect the number of users of the project, Mdex is second only to Pancake and Uniswap, reaching 270,000 and 1 million respectively. It is fair to say that Mdex is now a project with millions of users.
Although these achievements seem somewhat surprising at the first glance, a closer look reveals that there are strong reasons behind MDEX’ radiant performance. Multi-chain deployment is the growth path for Dex. On the one hand, it will effectively meet users’ needs. Nowadays, cross-chain infrastructure and R&D teams are constantly improving, and users tend to trade in different blockchain networks.
Therefore, they need to be able to find a Dex that they are familiar with and support in each network, instead of having to choose and understand the project in every new environment, especially when it comes to trading and mining that are associated with asset risks. Multi-chain deployment can help users alleviate a lot of learning costs. And like most crypto investors, Mdex community members also started to know and learn DeFi from Ethereum, making it a natural step to go back to Ethereum and enhancing the cohesiveness of the community members.
Secondly, for the project, it can also create more revenue for the protocol. The transaction overflow in Ethereum also proves the market potential in multi-chain deployment. After deploying in Ethereum, Mdex can gain revenue from ETH users.
What merits mentioning is that deploying on ETH was decided by MDEX community vote, which is the first important action taken after the official launch of the Mdex DAO. The vote of this proposal attracted more than 360 million valid votes, a staggering scale on which the community demonstrated an unprecedented level of cohesion and enthusiasm. This has given investors great confidence. The resolution to deploy in the Ethernet network also highlights the community’s confidence and support for its own product, which lends great strength to MDEX’s growth.