MEXC
MEXC is a centralized exchange (CEX) designed to connect multiple exchanges. Operating on the Ethereum blockchain, it utilizes smart contracts to facilitate digital asset trading. The platform offers various trading options, including spot, futures, and margin trading. [1]
Overview
MEXC is a cryptocurrency exchange platform designed to bring together multiple exchanges, as indicated by its name "Multi-Exchange Community." It offers a wide range of trading options, including spot trading, futures trading, and margin trading. MEXC provides traders with advanced analytics and real-time data, ensuring access to the latest technologies and resources for cryptocurrency trading. [1]
MEXC operates on the Ethereum blockchain, utilizing smart contracts to facilitate digital asset trading. Based on the Ethereum Virtual Machine (EVM), it executes decentralized applications (dApps) and smart contracts. MEXC provides a platform for trading a wide range of cryptocurrencies, where users can deposit digital assets into their MEXC wallets and use the platform's features to buy and sell cryptocurrencies. Transactions are recorded on the Ethereum blockchain, ensuring transparency and immutability. [1]
As a centralized exchange (CEX), MEXC offers several advantages over centralized exchanges. Users retain control of their funds through ownership of private keys, and eliminating intermediaries reduces costs and increases security. DEXs also offer better resistance to hacking attempts and censorship. MEXC employs liquidity pools and automated market makers (AMMs) to ensure trade liquidity, enabling peer-to-peer trading without traditional order books. [1]
Products
MEXC Launchpad
MEXC Launchpad is a fundraising program on the MEXC Exchange, allowing users to invest in project tokens cheaply. It is exclusively available to MX token holders, who can participate by holding MX tokens. The Launchpad process involves several stages: [2]
- Snapshot Period: MEXC records the user's MX holding amount for five days. The maximum amount of MX you can commit depends on the daily average MX balance in your Spot Account over this period. Users can increase their MX holdings during this time to acquire more lots, while a decrease may reduce potential rewards
- Subscription Period: This is open for 24 hours for all eligible users. Users must sign the Token Purchase Agreement and commit a certain amount of MX to the new project during this time. The maximum commitment amount is based on the average MX balance during the snapshot period
- Distribution Period: Token allocation calculation and distribution occur, with details varying by project
- Trading Period: Users can start trading the newly acquired tokens
MX DeFi
MX DeFi is a yield farming product provided by MEXC. Users can stake their MX or other project tokens to earn high yields. The staked tokens are utilized in various DeFi protocols, and the returns are distributed to the stakers. [3]
MEXC M-Day
MEXC New M-Day is an event that allows users to purchase newly launched tokens through a lucky draw. The event, which includes spot trading and futures projects, is held exclusively for all users to participate in and receive project token airdrops. Users who meet the requirements can participate in the lucky draw during the event. Winners can receive free project token airdrops or purchase new project tokens at a discount. [4]
There are two ways to participate in M-Day: [4]
- Invitation Round: During the invitation period, users earn tickets by inviting friends via referral links and completing the minimum trading volumes of the token, which may vary depending on the M-Day event (including spot trading or futures trading). The more successful invitees, the more tickets a user receives. Invitees who complete the specified tasks will get one ticket, and they can earn more tickets by inviting additional friends. The invitation period typically lasts three days, followed by a one-day ticket-claim period, after which the lucky draw results are released.
- Trading Round: Users who trade specific cryptocurrencies on MEXC during the trading period and before the end of the ticket-claim time with minimum trading volumes of 500 USDT (which may vary depending on the M-Day event) are eligible for the lucky draw. The larger the trading volume, the more tickets the user can claim.
Futures Trading
Futures trading involves a contract in which the buyer and seller agree to trade an asset at a specified price in the future. Investors can profit from price increases through “buy long” futures or hedge against price declines with “sell short” futures. This trading method can be used to avoid risk through hedging or to stabilize profits using arbitrage models. [5]
Leverage in futures trading magnifies the principal, amplifying both returns and risks. Due to cryptocurrency's inherent higher investment risk, new users must understand the basics of futures trading and exercise caution. As a financial derivative, futures have entered the cryptocurrency market, allowing for the magnification of principal to achieve profits or as a hedge against risk. MEXC supports over 100 futures trading pairs, including first-time or exclusive pairs, catering to user needs. However, the complexity of futures trading can present a high threshold for junior investors. [5]
Leverage allows for significant capital utilization with minimal initial investment. At MEXC, users can leverage up to 125 times their capital. The crypto futures market is highly liquid, facilitating easy opening and closing positions with minimal slippage. Additionally, traders can employ diverse strategies such as short selling, arbitrage, and grid trading to maximize profits. [5]
Kickstarter
MEXC Kickstarter is an initiative by MEXC that allows crypto enthusiasts and traders to earn rewards through MX token non-lockup commitments. Participants can discover new projects in the crypto market and receive tokens via free airdrops. MEXC Kickstarter is notable for its high annual percentage yield (APY), offering rates higher than 70%. For those participating on the first day, the APY can reach up to 74.74%, providing substantial rewards with a relatively small amount of MX tokens compared to traditional financial returns. [6]
MEXC Airdrops
MEXC's airdrop events, part of their Launchpad and Kickstarter campaigns, began in full force in 2023, where they completed over 1,000 events, providing more than 1,000 free airdrops to new participants. At its peak, MEXC offered over 50 airdrops weekly, with token APYs exceeding 100% and a prize pool reaching 100 million USDT. Currently, MEXC holds around 30 airdrop events weekly, totaling over 120 free airdrops monthly. To participate, users must maintain a minimum of 1,000 MX tokens in their spot wallet for 30 days. After this period, users can commit their MX tokens to a non-lockup mechanism, receiving daily free airdrops. Additionally, holding 1,000 MX tokens in the spot wallet for 30 days qualifies users for trading fee discounts. [7]
MX Token
MX is a decentralized digital asset created by the MEXC platform on the Ethereum blockchain. As MEXC's native token, MX provides users and developers various capabilities. Its primary goal is to offer a secure and stable trading experience and become a prominent player in the industry. Additionally, MX Token aims to integrate finance with user engagement, allowing users to explore and interact within the ecosystem. [8][9]
MX utilizes a high-performance trading engine developed by banking industry experts, capable of completing 1.4 million transactions per second. The platform ensures safety and stability through a multi-tier, multi-cluster system architecture. With over 7 million traders and support from MEXC GLOBAL partners, MX provides high liquidity and abundant resources. Additionally, MEXC supports over 1,400 trading pairs and cryptocurrencies, including BTC, ETH, DOT, ATOM, XRP, SHIB, GLMR, FIL, AR, AAVE, SOL, and CRV, covering a wide range of crypto assets from Layer 0, Layer 1, DeFi, GameFi, Metaverse, DAO, and MEME. [8][9]
Hong Kong SFC
On March 15th, 2024, Hong Kong’s Securities and Futures Commission (SFC) added MEXC to its warning list. The SFC noted that MEXC was actively promoting its services to investors in Hong Kong without having the required license or applying for a virtual asset trading platforms (VATP) license. Under Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance, operating a virtual asset exchange or marketing such services to Hong Kong investors without a license is illegal. The SFC also advised against trading on unregulated exchanges due to the risk of losing investments if the platforms cease operations. This warning followed the addition of Bybit to the warning list a day earlier and the SFC's earlier actions against fake websites impersonating local crypto exchanges. On February 9th, the SFC had blacklisted eight domains pretending to be MEXC. [12]
Partnerships
- Hourglass
- Block Beat Network
- Typeit
- Roachcoin
- Medifakt
- Peri Finance
- TON Foundation
- Sensorium
- QURAS
- BSC Station
- HoDooi
- World Pay Token
- Dark Verse
- GALA Games
- ODDZ Finance
- Galactic War
- INTOverse
- Occam Finance
- Australian Safe Shepherd
- O3 Labs
- EvryNet
Fetch.ai
In May 2023, MEXC Global launched a $150M development fund for Fetch.ai, a blockchain-based machine-learning platform. [11]
The Open Network (TON)
In October 2023, MEXC Ventures made an 8-figure investment in The Open Network (TON) and announced a partnership with the TON Foundation. As part of the partnership, MEXC provided marketing and promotional services for TON projects, launched a TON collateral lending service, and eliminated TON token trading fees. [10]
