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根据银保监会等五部门发布的《关于防范以“虚拟货币”“区块链”名义进行非法集资的风险提示》，请读者遵守所在地区法律法规，本文内容报道不对任何经营与投资活动推广进行背书，请投资者提高风险防范意识。吴说区块链刊载内容未经许可，禁止进行转载、复制等，违者将追究法律责任。
MDEX的成功始自HECO的倾力支持，成功占领了HECO C位流量。也离不开团队努力，没有出现大事故。向BSC转移展露了MDEX更大野心。它需要在火币扶持出新玩家前与时间赛跑，并且培育自己的生态。
The success of MDEX began with the support of the HECO, which succeeded in capturing the HECO C-level traffic. There was no major incident without team effort. The shift to BSC revealed the greater ambition of MDEX. It needed to race with time before a new player was created and to nurture its own ecology.
作为火币生态链倾力打造的头牌项目，MDEX于短短两三个月的时间，以激进的“双挖矿模式”，在HECO、BSC双链上均实现了20亿美元以上的锁仓量（TVL）——截至4月25日，HECO链上23.2亿美元、BSC链上21.3亿，堪称突飞猛进。
As a leading project, built as an ecological chain of fire, MDEX achieved over $2 billion in lockdown (TVL) on the Heco and BSC chains in a radical “double mining model” in just two or three months — $2.32 billion in the HECO chain and $2.13 billion in the BSC chain as of 25 April — which is a sharp advance.
虽然MDEX锁仓量、24小时地址数相比Uniswap、PancakeSwap有所逊色，但24小时成交量却近乎一骑绝尘，HECO、BSC双链相加逾60亿美元，几乎是Uniswap、PancakeSwap之和的近4倍。
Although MDEX locks up, 24-hour addresses are less than Uniswap, PancakeSwap, the 24-hour deal is close to a dead end, with
1. 高速增长背后的因素
以太坊自“DeFi盛夏”以来，链上Gas费日渐高企，网络拥堵问题一度成为用户的“不可承受之重”。在这种背景下，同样兼容以太坊EVM，但Gas费用却几乎低到可忽略的交易所公链，就成了以太坊DeFi资金外溢的最佳选择。
Since “DeFi’s Summers, the chain has become increasingly expensive, and the problem of cyber congestion has once become “unaffordable” for users. In this context, also compatible with EVAM, Gas’s cost has been almost as low as the negligible exchange chain, making Ether’s “DeFi” financial overflow the best option.
截至4月26日，HECO公链的Gas费为1Gwei，BSC公链的Gas费为5Gwei，而同一时间以太坊的Gas费为40Gwei，这还是近两天以太坊链上拥堵情况大大缓解后的罕见情况，日前动辄就是上百Gwei。
As of 26 April, the cost of Gas in the HECO public chain was 1 Gwei, while the cost of Gas in the BSC public chain was 5 Gwei, while at the same time it was 40 Gwei in the Taiku community, which was a rare situation that had eased considerably in the past two days with the cellular congestion, with hundreds of Gwei moving forward.
MDEX 作为火币集中生态资源扶持的 Heco 生态中的代表性项目，财富效应明显。下图可见，当前HECO链上流动性挖矿的头部选择仍旧能大致稳定在300%以上。
MDEX is a representative project in Heco's ecology, which is supported by the concentration of gun money. The wealth effect is clear. The figure below shows that the current head selection for mobile mining on the HECO chain remains largely stable at over 300%.
MDEX 目前不仅已成为 HECO生态的门户，也是 HECO新资产的首要发布场所，官方网站明确表示要“打造DeFi生态最大的集DEX、IMO、DAO为一体的平台”。
MDEX has now become not only a portal for HECO's ecology, but also the primary place for the release of the new HECO asset, with the official website clearly stating the intention of “building a platform for the largest collection of DeFi's ecology, DEX, IMO, DAO”.
据 SKY 披露，MDEX 在第二季度不仅为用户提供挂单交易服务，让用户在 DEX 上也能享受 CEX 般的交易体验，而且会为项目方提供透明、开放、可定制的融资服务，为更多的资产提供交易服务，从而进一步扩大其交易规模。
According to SKY, MDEX in the second quarter will not only provide a listed transaction service to users, allowing users to enjoy CEX-like trading experiences on DEX, but will also provide transparent, open and customized financing services to project parties and transaction services to a larger number of assets, thereby further expanding the scope of their transactions.
2.罕见迈向BSC 双链并行
2. Rare steps to BSC in two chains
MDEX通过跨链桥将HECO链上资产跨到BSC链上，确实非常流畅，从跨链部署的角度看，这一点确实抓住了目前用户对不同公链复杂的跨链操作需求。
MDEX's transfer of assets from the HECO chain to the BSC chain through cross-linkage bridges is indeed very fluid and captures the current user demand for complex cross-chain operations in different public chains from the point of view of deployment across the chain.
颇有意思的是，目前币安、火币交易平台内主流资产的充值渠道，均已支持对方交易所公链上的资产格式，也即火币支持BSC链上资产充值，币安支持HECO链上资产充值。
Interestingly, the current channels for the replenishment of mainstream assets in currency security and in a currency trading platform support asset formats in the public chain of each other's exchange, i.e., the currency supports asset charging in the BSC chain, and the currency supports asset charging in the HECO chain.
接下来MDEX计划二季度会在以太坊（支持二层网络）、BSC、OKChain、波卡、Near 等公链上进行多链部署，实现资产互通，打造全生态交易协议，“MDEX 用户可以一键切换，对其多链资产进行自由转账和交易”，这无疑会是极大的未来竞争优势。
Next, MDEX plans in the second quarter to deploy multi-chains along the public chains of Etheria (support to second-tier networks), BSC, OK Chain, Poca, and Near, to build asset-sharing, to build a full eco-trade agreement, “MDEX users can switch by one key and freely transfer and trade their multi-chain assets”, which would undoubtedly be a great future competitive advantage.
HECO倾力打造的唯一头牌项目转入BSC，对火币有些尴尬，但对MDEX却是大好事，成为唯一成为双链同时取得如此巨大TVL的项目。这也说明火币对MDEX有投资但没有控制权。
The only headline project that HECO has managed to build to be transferred to BSC is a bit awkward about the gun, but it is a good thing about MDEX, the only project that has become a two-chain project with such a huge TVL. This also suggests that the gun has no control over MDEX’s investment.
3.还有哪些潜在隐患？
3. What other potential pitfalls?
MDEX绝非高枕无忧，未来还面对很多挑战。
The MDEX is by no means safe, and many challenges lie ahead.
第一，交易所扶持问题。HECO与BSC对其是否继续扶持，尤其是火币会否扶持新的项目去与其竞争。
First, the issue of exchange support is whether HECO and BSC will continue to support it, especially if the currency will enable new projects to compete with it.
MDEX成功与火币没有出现可与其竞争的对手有很大关系。PANCAKE是币安自己所做，因此处于绝对C位。MDEX既然没有火币绝对控制，那么“SUSHISWAP”或者“HDEX”迟早会出现。某种程度而言，李林回归以及对HECO的迟疑，其实给了MDEX更多一家独大的时间。
MDEX has a great deal to do with the fact that there are no rivals to compete with. PANCAKE is in absolute C. Since there is no absolute control of the gun, MDEX will appear sooner or later. To some extent, Li Lin’s return and his hesitation of Heco actually gave MDEX more time than ever.
第二，过于侧重流动性挖矿，锁仓量极高，但价格偏低。让人想起当年的FCOIN与NEO火烈鸟，挖卖提严重，持币者忠诚度很低。
Second, focuses too much on mobile mining, and locks very high, but low prices. reminds me of the FCOIN and NEO Flaminos of that year, which were heavily mined, with low loyalty on the part of currency holders.
MDEX锁仓量虽高，但MDX价格一直低迷，不到Pancake的1/10（CAKE市值甚至一直超过HT）。某种程度说明缺乏中心化的“大靠山”以及生态构建中对MDX的价值捕获，用户更倾向于挖卖提而非持有。
MDEX lock-ups are high, but MDX prices have been low at less than 1/10 at Pancake (the market value of CAKE has been even higher than that of HT). To some extent, the lack of a centralized “big mountain” and the capture of the value of MDX in ecological construction suggests that users prefer to sell and not hold it.
第三，流动性挖矿的“耐药性”。项目方自身发展。例如最近MDEX社区就传闻MDEX在“偷偷”降低回购金额——由每9s回购1000U直接降到90s回购1000U，还擅自提前减半时间。MDEX则回应称是BSC拥堵，调整不影响回购与销毁的总量。这个小小的纠纷反映的是社区用户开始对挖矿收益出现焦虑。
Third, the “drug resistance” of
DeFi分析师Young对吴说区块链表示，MDEX的经济模型存在强“正反馈”效应，在项目发展的初期阶段，MDEX在HECO生态的支持下，MDX代币价格上升，导致流动性挖矿的收益上升，吸引了大量LP提供流动性，交易挖矿的机制也吸引了套利者参与交易，高TVL和高手续费储备又进一步抬高币价。但是，随着流通的代币数量不断增多，交易挖矿的手续费分配到单位代币的比例越来越低，这将会导致MDX代币的价格逐渐下降，MDX代币的价格下降又会引发TVL和交易挖矿交易量的下降，从而导致MDX价格进一步下降。
DeFi analyst Young stated to Wu that MDEX’s economic model had a strong “positive feedback” effect, and that, in the early stages of project development, MDEX’s rising prices, supported by HECO ecology, had led to a rise in the value of mobile mining, which had attracted a large number of LPs to provide liquidity, and that the mechanisms for trading in mining had attracted arbitrage, with higher TVL and high fee reserves further raising currency prices. But, as the number of circulating currencies continued to increase, transactional fees were being allocated to unit currencies, which would lead to a gradual decline in the price of MDX, which in turn would trigger a decline in the volume of TVL and transaction mining transactions, leading to a further decline in MDX prices.
另外，在当前的经济模型中，MDEX的手续费100%反哺生态，MDEX可以主动选择优质的项目方，为其代币提供流动性激励，但从长期来看这种手续费的分配方式可能会存在问题。一是对于LP来说，提供流动性无法获得手续费，尤其是为新项目二池提供流动性的LP，二池在发展初期交易比较频繁，手续费收入往往较高，无法获得手续费收入会导致LP提供流动性的积极性下降。二是MDX代币发行数量会随时间不断下降，来自于MDX代币的激励将会下降，要想让LP持续在上面提供流动性，最终可能还是要依赖手续费，猜测MDEX在后期可能会逐渐修改手续费的分配方式。
In addition, in the current economic model, MDEX’s fees are 100% anti-breeding ecology, and MDEX can choose high-quality project parties to provide mobility incentives for its tokens, but in the long run this allocation of fees may be problematic. First, for LPs, which do not have access to mobility fees, especially for new project two pools, which are more frequently traded in the early stages of development, and where fees are often higher, the inability to receive fees will lead to a decline in the motivation of LP to provide liquidity. Second, the number of MDX indial issuances will decline over time, and incentives from MDX incentives will decline.
从fcoin等流动性挖矿经验来看，如果无法完成生态构建，那么早期的流动性挖矿将出现“耐药性”、甚至毒性。MDEX在产品、生态上需要继续加快创新，才能增加对MDX的价值捕获。
From mobile mining experiences such as fcoin, if ecological construction cannot be completed, early mobile mining will be “resistant” and even toxic. MDEX needs to continue to accelerate innovation in products and ecology to increase its value capture of MDX.
参考 HECO头牌转向BSC 火币走到十字路口 李林会怎么做？
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