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What Does the future hold for MDEX after the Halving?

Team Bitcoin Daily

Published

3 years ago

on

On June 5, MDEX officially started its first halving. What changes will the halving bring? And what does it mean for MDX holders?

Before answering these questions, we can take a look at a typical example of cryptocurrency halving.

In 2012, Bitcoin halved for the first time, and its price skyrocketed over 84 times afterward; in 2016, Bitcoin halved for the second time, and rose 29 times afterward; Bitcoin’s most recent halving occurred in 2020, and the price peaked near $65,000 after that, which was also over 7 times higher than the $8,700 at the time of the halving. Investors have reached the consensus that havling means skyrocketing prices. Based on bitcoin’s halving history, we can try to predict how MDX will perform after halving.

MDEX currently produces 80 MDX per block, and each three seconds a new block is generated, which makes MDX’s daily output is 4.6 million (including both BSC and HECO chains). After the first halving, the output per block is reduced to 40 MDX, making MDX’s daily output reduced to 2.3 million.

MDEX adopts a “double mining mechanism” that combines liquidity mining and transaction mining. The advantage of this approach is that it can attract users to actively participate in transactions at the early stage of the project launch and thereby empower the platform with funds and traffic. However, there is also this problem that its token MDX has been facing increasing selling pressure in the secondary market, which is one of the reasons why the price of MDX’s tokens has been sluggish. The most direct effect of this halving is to reduce the selling pressure, making it easier to push up prices. In addition, it will also stimulate demand for MDX purchases.

Similarly, in the early days, Bitcoin production was high and mining difficulty was low, so users could easily obtain a large amount of Bitcoin, resulting in low purchase demand and low price. However, with the halving of Bitcoin, its production decreased, and the rising hash kept pushing up the mining difficulty, making it difficult for users to obtain more Bitcoin from mining. Users then started to choose to buy directly from the secondary market, thus driving up the price of bitcoin.

By the same token, on the one hand, with the halving of MDX, when the accelerated release period of MDX is over, it will become more and more difficult for users to obtain MDX through mining. While on the other hand, the IMO and community governance scenarios of MDEX will continue to expand the application scenarios of MDX. Users will have to buy MDX from the secondary market if they want to participate in MDEX activities, which also gives MDX another potential upward momentum.

The halving of MDX is based on the same logic as Bitcoin, but with a higher frequency– once every six months. Its daily production is reduced by half after each halving. In this way, in the first quarter of 2023 year, basically 80% of MDX will be mined out; with the reduction of production, the growth rate of MDX circulation will further decrease. The official MDEX repurchase and burn mechanism as well as the enhancement of community consensus, MDX will enter a new round of upward price change.

Intrinsic Mechanism Drives Up MDX’s Value

In addition to the halving, MDEX also uses other intrinsic mechanisms to drive up the value of MDX.

According to relevant rules, MDEX injects 30% of the daily platform revenue into the pending repurchase pool and automatically executes repurchase and burn when the smart contract is triggered by the repurchase price (72-hour MDX average price). From MDEX’s official website, MDEX has burned more than 6.4 million MDX on BSC and more than 42 million MDX on HECO, and the total repurchase amount is over $115 million according to the latest price of MDX.

MDEX’s “Burning Black Hole” campaign is another supplementary mechanism to accelerate the MDX deflation and further empower the value of MDX. In the Burning Black Hole campaign, MDEX will set aside 300,000 USDT per round to build a burning prize pool, and the rest pool is investments from MDEX users. There are three prizes set up in the campaign, the first prize Jupiler rewards users with 10% MDX from the prize pool; the second prize Saturn rewards users with 100,000 USDT, and the remaining users will share the 200,000 USDT remaining MDX in the prize pool. 90% of the MDX invested by users in the campaign will be burned.

As there are more transactions on MDEX, the transaction fee may also continue to increase, which means an increased number of MDXs will be burned; according to the data on MDEX’s official website, the first round of the Burning Black Hole capaign has burned a total of over 400,000 MDXs. If the campagin took place on a daily basis, the average daily MDX burn would be doubled. Along with the regular repurchase and burn mechanism. it will enable MDX to enter the deflationary stage in advance. That is, the daily MDX output wil be less than the daily MDX burned. This deflation will in turn increase the speed of MDX appreciation.

A horizontal comparison with DEXs

Let us now horizontally compare MDEX with other mainstream DEX:

Project lock-up volume daily transaction volume Total market value
Uniswap 6.6B 1.12B 27B
Sushiswap 3.9B 0.56B 3.02B
Pancake 8.1B 0.75B 5.61B
MDEX 4.01B 2.50B 2.46B

Data source: DeBank

From the table, it can be seen that, at present, the lock-up volume of MDEX is about 1/2 of Pancake, 2/3 of Uniswap, and basically at the same level as Sushiswap. But its average daily transaction volume of $2.5 billion is far ahead of the other three DEXs, and even higher than their sum. However, in terms of the market cap of MDX in circulation, it is only 1/11 of UNI and less than 1/2 of CAKE. Therefore, if the valuation logic is similar, then MDEX is just beginning to discover its value.

The above comparison of mainstream DEX shows that, in terms of total liquidity, MDEX is still somewhat lagging behind the current DEX leaders. But considering that MDEX has been online for the shortest time, its growth history is not comparable to Uniswap that has been in the DEX mark for years, or to Sushiswap and Pancake that have experienced DeFi hot and a bull market. In this sense, MDEX’s achievements in lockup volume and market capitalization are worth celebrating.

The highlight of MDEX is its transaction volume. With the support of transaction mining, its daily transaction volume has been far ahead of other head DEXs, and its growth is even more breathtaking. With the help of the upcoming halving, MDEX will give full play to the virtuous cycle of the repurchase and burn mechanism and dual-mining mechanism, which will bring MDEX a much broader future.

From the development history of DEX, it took Uniswap 840 days to increase the cumulative transaction volume from 0 to 100 billion, while MDEX accomplished the same result in just 50 days. If MDEX continues its current momentum, it will maintain a steady growth in locked positions with the development of the DeFi market, and enhance its transaction volume with the help of the dual-mining mechanism. The existence of repurchase and burn mechanism and the forthcoming having will further empower MDEX to secure a unique place in leading exchanges. Correspondingly, the value of its token MDX is still estimated to have the potential of more than several times of growth.

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Press Release

 Wemade and MYSTiC Games to onboard new highly inter-operable games to WEMIX PLAY

Crypto Chain Wire

Published

5 days ago

on

December 5, 2023

By

  • First Swedish company to join WEMIX PLAY global blockchain gaming platform
  • New RPG games feature innovative blockchain-based elements VoYd Tokens, VoYd Heart and VoYd Soul 
  • Fully inter-operable: VoYd Tokens and NFTs earned can be used across all current and future games built on MYSTiC GAMES’ Catalyst platform 

Leading global game developer Wemade has signed an onboarding agreement with MYSTiC GAMES, the first Swedish game studio to onboard games to WEMIX PLAY, the world’s biggest blockchain gaming platform. With over 9 million cumulative users, WEMIX PLAY offering close to 40 web3 games including the hugely successful MIR4 and its sequel, MIR M: Vanguard and Vagabond, the largest P&E MMORPG in the world; collectible card game Summoners League; and farming simulation game Every Farm.

MYSTiC GAMES will onboard “Call of the VoYd” and “Heroes of the VoYd”, the first two games that will offer full cross compatibility in its growing ecosystem. 

“Call of the VoYd” is a free-to-play, mobile-first cross-platform top-down ARPG Roguelite game with auto-aim precision. As players progress through the game, they collect various characters and items, each with its unique set of skills and abilities. 

“Heroes of the VoYd” is an easy-to-play idle RPG that combines simple effective core gameplay with strategic decision-making. Players must fight against monsters to unearth new heroes and unique weapons.

They can trade, sell, or use these in-game items inside and outside the game to customize their characters. These items will also be transferable between players, and can be spent in-game as well as staked and sold. 

VoYd Tokens, Voyd Heart, Voyd Soul

VoYd tokens and NFTs will be shared across future games with the tokens playing a crucial role in “Heroes of the VoYd”. Serving as an in-game currency, players can utilize tokens for various purposes, but the primary focus is on using tokens to level up their Heroes.

The games feature innovative blockchain elements like the prestigious VoYd Heart and VoYd Soul which offer a range of benefits including the ability to safeguard gameplay progress by saving levels, and unlock additional game content like heroes and chests. VoYd Souls will also include an increased role in the MYSTiC DAO that will manage the entire gaming ecosystem.

“We believe in a future where your time and skill in gaming can be just as valuable as your time spent working and with other hobbies,” said Matthew Buxton, CEO of MYSTiC GAMES. “We look forward to a bright future together.”

About WEMADE

A renowned industry leader in game development with over 20 years of experience, Korea-based WEMADE is leading a once-in-a-generation shift as the gaming industry pivots to blockchain technology. Its WEMIX PLAY global blockchain gaming platform (www.wemixplay.com) offers everything from card, puzzle, simulation and strategy games; to first-person shooters, battle royale, SNG, MOBA and MMORPG games. Besides standard GameFi services like exchange, staking, swap, pool and bridge, WEMIX PLAY also offers a marketplace to trade NFTs and a Drops feature for developers to launch new collections.

About MYSTiC GAMES

MYSTiC GAMES is a crew of industry veterans on a mission to create the next wave of heart stopping multiplayer mobile games. We’re player first, player friendly and soon to be player owned. For more information, please visit:  https://mysticgames.dev/

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Press Release

Saitama Unveils Groundbreaking Layer 0 Blockchain: SaitaChain

Crypto Chain Wire

Published

1 week ago

on

November 30, 2023

By

Saitama, an esteemed pioneer in the Web 3.0 domain, has made an exciting announcement regarding its latest creation, SaitaChain. This revolutionary Layer 0 blockchain has the potential to reshape the decentralized finance (DeFi) landscape by offering exceptional transaction speeds and competitive fee structures. SaitaChain stands as a testament to Saitama’s commitment to pushing the boundaries of blockchain technology and fostering innovation.

SaitaChain is not simply an incremental improvement on existing technology; it represents a fundamental shift in blockchain architecture. By leveraging advanced sharding techniques, this Layer 0 blockchain addresses the pressing challenges faced by Layer 1 counterparts, such as congestion and exorbitant gas fees. The launch of the alpha testnet this month signifies a strategic leap forward, providing developers and users alike with a more efficient, secure, and user-friendly environment.

The SaitaChain Roadmap – A detailed glimpse into the future.

At the heart of the SaitaChain ecosystem lies the Saitama Token, a versatile cryptocurrency that plays a pivotal role in facilitating transactions and fueling gas fees. The integration of the Saitama Token within SaitaChain emphasizes Saitama‘s vision of a decentralized financial system that prioritizes efficiency and affordability.

In conjunction with the introduction of SaitaChain, Saitama has also revealed the operational launch of XBridge, an innovative blockchain bridge connecting the Ethereum (ERC) blockchain with the Binance Smart Chain (BSC). Released on October 23, 2023, XBridge is an impressive technological feat that unlocks unparalleled interoperability and flexibility in the realm of DeFi. Users can now seamlessly transfer assets between these blockchains, gaining enhanced market access and increased liquidity options.

Saitama‘s commitment to making DeFi accessible to everyone is evident in their suite of products. The Saitama Token, the SaitaPro app, and the SaitaCard are all part of a cohesive strategy to demystify and mainstream DeFi. The SaitaCard, in particular, stands out with its global ATM access, diverse payment options, and seamless integration with the SaitaPro app, all without the burden of monthly fees.

SaitaPro, a non-custodial wallet that supports multiple blockchains, offers a secure and intuitive platform for asset management. Its collaboration with ePayme enhances the user experience by simplifying the purchase of cryptocurrencies.

Saitama’s expansion into logistics with SaitaLogistics, in partnership with ePayme, exemplifies their innovative use of blockchain technology in practical, real-world applications. This peer-to-peer logistics system facilitates secure cryptocurrency transactions, streamlining the shipping process on a global scale.

SaitaChain serves as the cornerstone of Saitama’s expanding ecosystem, which includes SaitaSwap, an innovative multi-chain decentralized swap platform designed to cater to cryptocurrency investors with secure token trading capabilities.

In reality, SaitaChain is much more than just a blockchain; it serves as a strong foundation for constructing a more integrated, inclusive, and efficient blockchain ecosystem. Saitama‘s pioneering work in Layer 0 technology is helping to chart a path for the future of DeFi, setting the standard for future evolutions of the blockchain landscape.

As Saitama continues its leadership role in advancing blockchain technology, SaitaChain will play a crucial role in supporting a more secure, streamlined, and accessible financial system. Saitama’s vision of a decentralized financial future depends on their innovation and execution, and their continued dedication to progress will help create a more decentralized, efficient, and equitable financial world.

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Press Release

 Wemade to support blockchain gaming ecosystems growth in Dubai and the UAE through collaboration with Dubai Chambers 

Crypto Chain Wire

Published

2 weeks ago

on

November 28, 2023

By

Wemade CEO Henry Chang (left) meets with Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers (right)

  • Wemade is the first and biggest Korean game developer to establish official talks for joint collaborations with Dubai Chambers
  • Talks mark next phase of Wemade’s efforts to support the growth of blockchain gaming ecosystems in Dubai and the UAE

Henry Chang, the CEO of leading South Korea-based gaming giant Wemade met with H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, to discuss a broader scope for future collaboration. Wemade is the first and biggest Korean game developer to establish talks with Dubai Chambers for broad plans to contribute to game development industry initiatives. The meeting between CEO Chang and Dubai Chambers’ President and CEO H.E. Lootah marks the next phase of Wemade’s efforts to support and grow blockchain gaming ecosystems in Dubai and the UAE. 

As an advocate for the interests of Dubai’s business community, Dubai Chambers serves as a bridge connecting the local business community with Dubai’s dynamic government and is committed to ensuring a thriving environment in which businesses can flourish. The chamber seeks to facilitate and improve the ease of doing business in the emirate and advance Dubai’s position as a highly competitive global commercial centre. 

“The UAE is among the most dynamic regions building the next generation of games and gaming industry talent with Dubai and key stakeholders including Dubai Chambers playing an important role,” said Henry Chang, CEO, Wemade. “Wemade will focus on working with Dubai Chambers to explore how we can contribute our expertise and technology to support key initiatives including the Dubai Program for Gaming 2033.”

H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “We are pleased to initiate this collaboration with Wemade, which will contribute to driving innovation in the UAE’s rapidly evolving digital ecosystem. Dubai’s growing influence in the global gaming and blockchain arenas reflects our dedication to fostering an ecosystem that is rich in technological expertise. We remain committed to further strengthening the emirate’s position as a leading global hub at the heart of the digital economy.”

Unveiled recently by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai and Chairman of the Board of Trustees of Dubai Future Foundation (DFF), the Dubai Program for Gaming 2033 set out major industry goals. These are: to position Dubai among the top 10 cities in the global gaming industry; generate 30,000 new jobs in the gaming sector; significantly boost the sector’s contribution to the growth of Dubai’s digital economy; and increase the GDP by approximately US$1 billion by 2033. 

About WEMADE

A renowned industry leader and innovator in game development, Wemade is now leading a once-in-a-generation shift as the global games industry pivots to blockchain technology. Through subsidiary WEMIX, Wemade is building an experience-based, platform-driven, and service-oriented mega-ecosystem to offer a wide spectrum of intuitive, convenient, and easy-to-use Web3 services. This includes WEMIX PLAY, the world’s biggest blockchain gaming platform which can transform games of every genre into blockchain games. www.wemix.com/communication.

About Dubai Chambers

Dubai Chambers is a non-profit public entity that supports Dubai’s vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers. For more information, please visit: www.dubaichambers.com 

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