MDEX Dual Mining Achieves Zero Transaction Fees, Overtakes Uniswap's Daily Trading Volume
The young and ambitious DEX has its sights set on dethroning Uniswap and has surpassed the DEX king a number of times in daily trading volumes, the most spectacular being its USD 5.05 billion volume on February 24. Currently in terms of DEX market share, MDEX is ranked number one on Coinmarketcap, capturing 54.49% of the market at the time of this writing.
Skyrocketing DEX Environment
2020 saw the DeFi market begin its exponential surge with a temporary slowdown in November. From December to the beginning of 2021, the pace picked up again with a vengeance and a number of the top DEXes have begun to boast daily trading volumes exceeding USD 1 billion.
The DeFi space has been offering decentralized financial alternatives in the form of decentralized exchanges (DEX), lending, insurance, stablecoins, derivatives, aggregators and more. Currently, the total DeFi TVL on the Ethereum public chain is USD 38 billion, a 38-fold increase from one year ago. Just on the Ethereum chain alone, MakerDAO, the leading decentralized USD-pegged stablecoin Dai, has a market value of USD 6.3 billion; Aave, the leading lending company has a market value of USD 5.03 and Uniswap, the leading DEX has a market value of USD 3.9 billion.
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