Injective has formed a new strategic collaboration with MDEX. This will provide INJ holders with the opportunity to accelerate their earning potential through INJ staking and liquidity mining on MDEX. Currently, users can earn MDX by staking INJ-BUSD LP tokens on MDEX’s BSC network.
MDEX is a decentralized swap protocol based on an automated market-making (AMM) mechanism. Early last month, it successfully completed a cross-chain bridge between Huobi Eco Chain (HECO) and Binance Smart Chain (BSC) as its first step in cross-chain expansion. MDEX has gained popularity by utilizing its unique dual mining mechanism of transaction mining and liquidity mining. With total value locked (TVL) exceeding $3 Billion, MDEX has become a leading DEX in terms of both transaction volume and TVL.
The primary goal of this collaboration is to provide liquidity mining services for INJ alongside single-token staking. Having the ability to take part in both liquidity mining and staking would in theory provide a more secure, reliable, and cost-effective transaction experience.
Rewards are not only offered for staking INJ on the Injective protocol, but other avenues are also opening up for INJ rewards. Currently, platforms such as Alpha Finance and Ramp DeFi have started to offer new yield farming options for INJ. MDEX helps to further accelerate Injective's growth by enabling new yield farming opportunities for INJ.
“We are thrilled to work with the MDEX team on bringing more funds and flow to our respective networks, while offering an array of diverse new products to meet the demands of distinct user profiles,” said Injective CEO, Eric Chen.
Moving forward, Injective contributors will explore new synergies with MDEX as the multi-chain universe expands within the BSC and HECO ecosystems.
MDEX is a decentralized swap protocol based on an automated market-making mechanism. It aims to integrate the distinct advantages of a variety of basic public chains to create a high-performance compound DEX ecosystem. Using dual mining incentives through liquid mining and transaction mining, MDEX maximizes the returns for participants. The transaction fee charged is utilized to repurchase and burn the platform token, which contributes to materializing a self-driving closed loop for value capture.
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.