Each month, thousands of new innovations unfold themselves to the public – be they scientific or digital innovations. As for the blockchain universe, it keeps expanding as time passes by. Huge projects with promising futures, like Helium or Elrond, test the capabilities of this DLT, giving us a better idea of the capacity that this technology has. As it aims to make everything safer by migrating from a centralized world towards a decentralized one, blockchain technology is still in its early days. With its limits still unknown, blockchain technology offers the perfect ground for inventors to test and experiment with their projects.
There are many flaws in today’s global financial system; with rising global inequality, high intermediary costs, and slow transactions being some of them. This system is ‘begging’ for a solution, and blockchain technology is lending a helping hand towards a better global financial system by providing a global, open alternative known as decentralized finance (DeFi). Decentralized finance is one of the main focuses when it comes to the idea of decentralization. Just as the name states, DeFi is a term for a variety of financial applications in blockchain technology.
The world of decentralized finance has experienced tremendous growth during the past months. This growth is noted by the come up of several projects that contribute to ‘the future of finance’. One of these projects goes by the name of Mdex – a decentralized cryptocurrency exchange.
Throughout this article, we will elaborate on the fundamentals of Mdex. Furthermore, we will talk about MDX – the native token of the Mdex exchange. To wrap it up, we will discuss the token’s price history and its potential future price.
Mdex (MDX) Fundamental Analysis
To begin with, let’s talk about the Mdex exchange and its basics. Mdex is a decentralized exchange protocol built on Huobi’s ecological chain, Heco. This makes Mdex the first Automated Market Making (AMM) protocol on Heco. Furthermore, this decentralized exchange operates on the concept of fund pools, differentiating itself from other DEXs by using a dual-chain model and a dual mining mechanism that is modeled on both Heco and the Ethereum network. Using Mdex, its users are eligible for participating in the dual mining mechanism of trade and liquidity mining. It is worth mentioning that Mdex also supports the Binance Smart Chain (BSC).
It began its journey in January 2021, when it was officially launched. Despite being this young to the industry, this crypto exchange has surpassed Binance Smart Chain’s PancakeSwap and Ethereum’s SushiSwap in the likes of popularity. CoinMarketCap states that this huge growth in its popularity lead to Mdex being the number 1 DEX by March 2021. These milestones serve as indicators of the commitment that Mdex has towards building the largest decentralized finance platform. Currently, Mdex is ranked 3rd in Coinmarketcap’s DEX list with a 24-hour trading volume of $449 million.
To wrap it up, Mdex is a decentralized crypto exchange that uses the AMM protocol to execute trades on its platform. It combines the benefits of the Heco chain by using their low transaction fees and the benefits of the Ethereum ecosystem – with the latter being one of the most prosperous ecosystems in the market.
What is Automated Market Making (AMM)?
As previously touched upon, Mdex uses a protocol known as Automated Market Making to deal with trades on its platform. AMM is a protocol that makes it possible for everyone to trade digital assets without permission, making trades happen automatically by using the liquidity pools rather than a traditional market of sellers and buyers. This protocol eliminates the need for buyers and sellers to be active all the time and keeps the DeFi ecosystem liquid 24/7 using liquidity pools.
What is Huobi Ecological Chain – Heco?
HECO stands for Huobi Ecological Chain, a decentralized, developer-friendly, and cost-efficient public chain that serves as a great platform for developers to get started with. At the time of writing, a total of 10 million addresses have been created on this chain, having a daily average TPS of 121. This chain is considered an attempt from Huobi Global to follow the steps taken from Binance, which launched its own initial chain in 2019.
Read more: What is Binance Smart Chain (BSC)?
Mdex (MDX) Price Analysis
The cryptocurrency world is constantly being improved, with third-generation projects being created continuously – and with improvement comes implementation. Throughout 2021, the cryptocurrency market saw a surge in investments, reaching an all-time high above $2 trillion during May. This bull run played a huge role in defining the future for many cryptocurrencies, and failing to enter this bull run indicated that the life of that specific crypto may be coming to an end.
As we mentioned above, MDX joined the market before 6 months, in January 2021. This means that MDX entered the market during a bull run – a bull run that was the first one for it. However, this did not really affect the performance that the crypto had during its upcoming months. The utility token went through its bull run shortly after, reaching a trading value of $6.04 on February 19th. MDX continued to grow rapidly, setting a new all-time high of $10.06 only 3 days after, on February 22nd.
After the pump, MDX’s price started to drop, hitting a price of $4.45 by the end of February. It continued to dwell around that price for some weeks before experiencing another drop, leaving it with a trading value of $2.55 by the end of May. At the time of writing, MDX has a market capitalization of $876 million and has a circulating supply of 517 million tokens, giving it a price of $1.69. We must mention that the total supply is 1 billion while the maximum supply is still unknown.
Mdex (MDX) Price Prediction 2021
Being relatively new to this industry, MDX has a lot to go through until it finds its place; and with Mdex exchange growing, MDX seems to be in safe hands. The last market correction hit the coin hard, leaving it with a price under $2. In other words, during the last market drop, MDX lost 84% of its value. Yet, the coin has finally started to recover, experiencing a price increase of 7% throughout the last week.
The coin is predicted to end 2021 with a potential price between $3-$5, a price that is well under its current all-time high. Because of the huge drop that occurred earlier this year, MDX might have a harder time recovering.
Mdex (MDX) Price Prediction 2022
As for the year 2022, the coin may enter the year with a price between $3-$5. Nevertheless, the coin might experience some drops throughout the year but then recover and possibly end the year with a price under $10. The performance of MDX throughout 2022 will mostly be decided by two factors: the overall cryptocurrency market performance & how Mdex will deal with competition.
The main competitor of Mdex is Uniswap; and even though Mdex claimed the throne as the best DEX there is, Uniswap’s V3 release on May 3 served as a huge boost for Uniswap, reclaiming its throne shortly after.
Price Prediction For The Next 5 Years
There are a lot of useless coins and cryptos circulating the market right now. As this industry is starting to get more credible and serious in the eyes of investors and businesses, these coins are being labeled as coins that are harmful to the market and people are refraining from using them.
On the contrary, there are coins like MDX that serve a specific function in the market. The next five years seem huge for the whole market, and if Mdex does not let its users down and live up to the hype, its native token may reach new heights during this period. By the end of five years, MDX is predicted to have a price of around $23; setting a new all-time high for the coin.
Mdex (MDX) Market Prediction
According to the forecast done by TheNewsCrypto regarding the future of MDX, the future of the coin highly depends on the market. If the market continues to be bearish throughout the remaining half of 2021, MDX might close this year with a price of $2.7. Yet, because of the improvements and upgrades that are being done continuously on the Mdex platform, the coin might leave 2021 with a price of $5 – even during a bearish market.
On the contrary, if the market enters another bull run before the end of 2021, MDX may have a trading value of $10.50 by the end of 2021 – breaking its current all-time high. Moreover, they suggest that if the current all-time high is broken by the end of this year, the coin might experience rapid growth during the next five years.
Another prediction for the future of MDX has been done by a prediction website that goes by the name of CryptocurrencyPricePrediction. They claim that the coin might continue to recover throughout the year 2021, reaching a price of $7.19 by the end of December.
Furthermore, their prediction tells us that MDX may reach tremendous heights throughout 2022, breaking its current all-time high by February 2022, during which month it is expected to surpass the price of $10.41. This growth is set to continue all through 2022, with the coin hitting a trading value of $34.26 by the end of the year.
If everything goes as Mdex plans to, CryptocurrencyPricePrediction estimates that we may be trading one MDX for $179 by the end of 2030.
Our Price Prediction
As for us at Crypto Academy, we expect that the coin might fully recover by the end of 2021 and possibly reach $5. After its recovery phase, we believe that MDX might continue to grow in price, reaching its current all-time high once again by mid-2022. Moreover, we estimate a 74% APY for the year 2022, giving the coin a possible price between $14-$16. As for the long run, we estimate that MDX may be trading at a price above $50 five years from now, leaving it with a 2841% increase in its price.
Historic Market Sentiments
The coin entered the market with a price just above $3 on January 2021. MDX experienced small price movements during this month, however, on the 30th of January, its price dropped to $2.55. The crypto quickly recovered and left the month with a price of $3.17.
The beginning of February was quite adventurous for the coin which experienced a drop in price, hitting a low of $2.4 by the 9th of February. Yet, the coin recovered and skyrocketed in the upcoming weeks, reaching the price of $10.06 on the 22nd of February, simultaneously setting a new all-time high.
March – June
Its price plunged again, entering March with a trading value of $4.98. During March, the coin continued to devaluate, leaving the month with a price of $3.88. Furthermore, the crypto experienced small price movements throughout the next months, leaving it with a price of $1.65 by the end of June.
Frequently Asked Questions
Where can I buy Mdex (MDX)?
Can I stake Mdex (MDX)? If yes, what platform should I use?
Yes, you can stake Mdex (MDX). Staking can be done on many platforms, however, Binance and Mdex are the most frequently used ones.
Is Mdex (MDX) a safe investment?
Many predictions show that investing in Mdex (MDX) may prove as a very fruitful investment. Yet, the cryptocurrency market is rather volatile, meaning that huge price changes occur during a short time.
- Decentralized Finance (DeFi) is built on blockchain technology and stands for a variety of financial applications that can be done through blockchain.
- DeFi aims to fix the major problems of the global financial system.
- Mdex claims to be a revolutionary decentralized cryptocurrency exchange.
- It uses Automated Market Making (AMM) protocol to ensure that trading can be done 24/7 using its platform; unlike traditional buyer/seller trading.
- It supports the Binance Smart Chain, Huobi Ecological Chain, and the Ethereum network.
- At the time of writing, the total value locked in the Mdex exchange is 3 Billion USDT.
- You can stake your MDX on the Mdex platform with +325% APY.
- According to many prediction websites, investing in MDX may prove beneficial for you in the future.