Introducing the HECO-based MDEX Platform for SAFE, LOW-COST and INCENTIVIZED TRADING
It has been a month since MDEX, the new HECO (Huobi Eco-Chain) decentralized exchange was launched.
The most updated data from the DEX looks promising:
To date –
- Highest daily transaction volume exceeded USDT 2.32 Billion
- Total Volume Locked (TVL) exceeded USDT 1.4 Billion
- Highest daily Liquidity TVL exceeded USDT 1.33 Billion
- 35 Million MDX tokens have been distributed for Liquidity Mining
- Over USDT 100 Million Transaction Mining fee subsidies for users
- Over USDT 38.6 Billion in total transaction volumes
- Over USDT 9.95 Million in total airdrops (16 days launched with an average of over USDT 600,000 per day; the past 2 days went as high as USDT 700,000/day — this daily rate is expected to keep increasing)
- Over USDT 15 Million in total repurchases of MDX tokens
- Average transaction fee per user so far (including fee subsidies) — about 0! (Due to the MDX rewards generated by transaction mining users being much higher than the transaction fees required, not including slippage losses)
DEX offers Safer, More Cost-Effective and Incentivized Trading
DEXes have come a long way — the new generation of DEXes emerging are finally posing a threat to CEXes (centralized exchanges). Run by central authorities who hold your funds in custody while you trade on the platform, CEXes put your funds at risk of theft by hackers who target exchanges holding large funds. DEXes offer a safer alternative.
Decentralized exchanges are smart contracts that exist on the blockchain and allow trades to be made directly from your wallet, peer-to-peer. Since the funds either do not leave the user wallet or are securely held in a smart contract instead of by a central authority, users can avoid paying withdrawal fees.
To provide liquidity to traders, DEXes pool funds provided by users so that the smart contract can perform the trades on demand. This also offers up another benefit to the users as liquidity providers can also earn staking fees.
Based on Huobi Eco Chain (HECO)
The MDEX platform is based on the Huobi ECO Chain (HECO) which is a decentralized, high-efficiency and energy-saving public chain created by Huobi to make the creation of decentralized applications more efficient and cost-effective.
Users who are frustrated with the high gas fees and frequent congestion problems on Ethereum now have an alternative in MDEX.
Leveraging HECO, MDEX offers significant advantages.
（1）Lower transaction fees: Compared with Ethereum’s consensus algorithm EthAsh, Huobi Eco-Chain has lower block production costs. Gas fee is about USD0.001 HT.
（2）Higher transaction efficiency: Compared with Ethereum’s TPS, HECO’s TPS can reach up to 500 with transaction confirmation times of about 3 seconds.
How to Join the MDEX Liquidity Pools and Start Trading
1. First, go to Metamask to set up a HECO wallet.
After selecting ‘Settings’, then ‘Networks’, add ‘Network’, and set up according to the following parameters. When that is completed, click ‘save’.
New RPC URL：https://http-mainnet.hecochain.com
Currency Symbol (optional)：HT
Block Explorer URL (optional)：https://scan.hecochain.com
2. Next deposit tokens to your HECO wallet.
- Presently, this is done by withdrawing HECO (HRC20) tokens from Huobi Global.
- You will need to register and then log in to your Huobi Global account to withdraw the assets.
- In your Huobi Wallet, select the asset you wish to withdraw and then select ‘HECO’ under Chain Name. Here you will need to enter your MetaMask wallet address (from the one you set up in Step 1) and the amount of tokens you wish to withdraw.
- The token contract address of HECO tokens can be found here: https://scan.hecochain.com/tokens
- Always be sure to keep a small amount of HT in your wallet to pay gas fees for your transactions.
3. Now you can join Liquidity Mining on MDEX.
- Select the ‘Swap’ tab and follow the step-by-step instructions to add liquidity.
- Then go back to the Home page and select ‘Liquidity’.
- Select the LP (liquidity pool) in which you want to stake. Click ‘+’ to stake and then click ‘confirm’
- To remove liquidity, click ‘unstake’ and ‘confirm’.
4. To participate in Trade Mining, follow these steps.
- After you’ve staked your liquidity, click on the tab ‘Trading Mining’.
- Select the trading pairs that you want.
- Enter the amount that you want to swap and confirm.
And there you have it, the keys to successfully using the MDEX platform for safer, lower cost and incentivized trading!