Mdex

Mdex is an automated market maker exchange that launched on the Huobi ecological chain in January 2021 and later expanded to BNB Chain and Ethereum. Its difference is dual mining: liquidity mining rewards market makers and trading mining pays MDX by actual swap volume, each taking half of emissions, while sixty-six percent of fee revenue funds buybacks, of which seventy percent buys the platform coin and thirty percent burns MDX.

Trading follows a constant product curve with a 0.3 percent fee paid to liquidity providers and slippage set by pool depth. Locked value passed one billion dollars within eight days of launch and then drained as the ecosystem migrated. In September 2026 third-party tracking showed about 1.45 million dollars locked, the token traded more than ninety-nine percent below its February 2021 peak, and activity concentrated in a few long-tail pairs. Market makers carry impermanent loss themselves, emissions step down by epoch, and pool weights are adjusted by governance vote.