The MDEX Foundation recently announced the establishment of a special fund for metaverse projects, to pay close attention to the developing trends around the metaverse concept. The fund intends to support all kinds of quality start-up META, GameFi and NFT projects in their incubation phase by expanding access to a broad array of ecological resources.
If there are new things that make both the crypto and the non-crypto circle heed attention to at the same time, Metaverse must be one of the best answers. Despite this commonality, the current perspective of the two circles does not seem to overlap. For instance, Meta (Facebook) is directed towards public build AI, privacy and other technologies, while the crypto community is overwhelmed by GameFi’s “metaverse”.
The big world of the Metaverse
The word “Metaverse” was not chosen randomly, but consists of the prefix “meta” (meaning “beyond”) and “universe”. Wikipedia defines this as “a hypothesized iteration of the Internet, supporting persistent online 3-D virtual environments through conventional personal computing, as well as virtual and augmented reality headsets”.
Nowadays the innovations in devices and technologies that led to a rise in connectivity have made the “multiverse” become a reality. In other words, the Metaverse requires a variety of modern technologies such as VR/AR/MR, AI, NLP, computer vision rendering, cloud virtualization, brain-computer interfaces, etc., all of which have been developed to a certain stage at the moment. The result will be an Internet that will no longer be experienced exclusively when surfing it, but an internet that will become a truly immersive and inseparable part of our lives.
The concept of Metaverse can be presented as a virtual space for human existence. Even though this is presented in the form of a game, its content is much more than a simple game. As happened in the metaverse of the movie “Ready Player One”, where the protagonist needs to buy items, whereas the villain company is concerned about the company’s stock price, we see that there are thousands of things we can do in the Metaverse such as games, social activities, business, etc. For instance, a company such as Adidas will be able to auction virtual land in the Sandbox.
The Metaverse will probably go through two phases. In the first phase, multiple virtual communities will exist in a “distributed” manner with some companies creating their own virtual platforms. In the second phase, these distributed platforms will become interoperable under a certain mechanism, linked by a central system. The true Metaverse emerges when the virtual functions of these various companies in reality cross over into a single virtual world.
GameFi, the most common manifestation of the current Metaverse, has become popular due to the financialized gameplay of P2E. The simulated worlds of DCL, Sandbox and other metaverse projects are in most cases used as NFT showrooms for sales, where transactions can take place. People’s activities in the Metaverse, such as buying game items, NFT assets, concert tickets, etc. are bound to generate financial activities.
Mdex completes the Metaverse
In our reality the economic foundation determines the superstructure and the same is true in the Metaverse. Therefore a complete and smooth running virtual world needs convenient, secure and efficient financial services.
The Gamefi metaverse in the current blockchain world lacks these basic functions to meet daily financial tasks such as payments and transactions. A simple in-game trading market is not enough to accomplish this goal. Moreover, when the Metaverse becomes interconnected, these financial needs will get amplified rapidly.
Mdex has already proven its worth within the DeFi and crypto industry as a whole in less than a year since its launch. They have been the most active Dex protocol in the past year, constantly working on product development, improving the trading experience and actively promoting community and DAO building. Product data attests to these strengths, as does the fact that the Mdex protocol is now managed through a DAO.
The Metaverse is characterized by free interaction, which has been part of the development philosophy accompanying Mdex in its rise within the DeFi industry.
Many Mdex features will facilitate users as they traverse the Metaverse. For example, the convenience of a cross-chain Dex will be of great help, when the Metaverse ideally achieves interoperability and thus enables trading spaces wherever you access it from. Mdex has already been deployed on the Heco and BSC chains, as well as the Ethereum chain this year.
Another competitive advantage of Mdex lies in NFT transaction, which may become the most frequent transactions in the Metaverse. NFT pricing and liquidity have always been a headache for users. But what if there is a Dex that can provide you with an NFT liquidity visualization function? You could simply and clearly see at what price your NFT can be traded and the progress of its general trend in the future. This is precisely what Mdex is working on and it is currently at the forefront of Dex market visualization, which will make it the best choice in the future.
Mdex not only provides a great help within the Metaverse itself, but also supports the creators of the Metaverse from diverse directions. As a Dex with a large number of active and loyal users and excellent liquidity, Mdex can provide sufficient liquidity for metaverse project teams. As stated in its announcement, Mdex wants to bring in loyal crypto world supporters and investors to build a strong community. These are areas that Mdex is specialized in.
Additionally, Mdex can support Metaverse project teams with financial or tokenomics support, etc.
Meta & Dex equals Mdex
Many experts believe that Epic Games’ popular ‘Fortnite’ is becoming the prototype of a “multiverse” (metaverse).
It is no longer exclusively a game, but increasingly evolving into a social space where people use virtual identities to interact. Many teens talk to their friends on Fortnite about a variety of topics. They don’t see Fortnite as a game, but as a social network or even a virtual world parallel to their real world. In this virtual world, people live just like in the real world, doing all kinds of activities. Innovations such as AR and VR can only further extend the realism, the security and intensity with which we interact online. Eventually, there will no longer be a real difference between the social activities that players experience in the virtual world from those in the real world.
This exact process embodies the essence of the Metaverse. That is, the sharing and exchange of information across the constraints of time and space within a highly immersive environment.
In the Web 3.0 environment, data is in the hands of users. Here, sovereign users own their data and information, which they can Tokenize or turn into NFTs. Through transactions with these Tokens and NFTs, users can capture the value of their own cognition and online presence.
The knowledge and data generated by each individual in the metaverse serves as the medium (Meta) to be exchanged and shared, and the ensuing relations and interactions constitute the universe (Verse). It is a Dex that will enable all of these interactions to run smoothly.
MDEX is the world’s leading decentralized trading platform. The MDEX Foundation, as the promoter of the platform, has been committed to promoting the construction of blockchain applications and the development of a virtuous cycle for its ecosystem. MDEX is very optimistic about the coming of the Metaverse and the foundation will pay close attention to its development trends. Moreover, it endeavors to help and support high quality metaverse-related projects, by giving a certain amount of incubation funds, expanding access to broader ecological resources and even providing users with metaverse content for consumption to a certain extent. MDEX will give the following forms of support to metaverse projects:
- The platform directly opens liquidity mining rewards for popular META or GameFi projects. By stimulating more users to become LP holders, MDEX aims to incentivize them to provide more liquidity.
- MDEX will provide support to META and GameFi projects in their marketing operation and promotion, so that they can establish a solid and loyal community which ensures higher exposure for projects.
- MDEX will explore innovative forms of cooperation with META and GameFi projects, and provide users with rich gameplays through the joint pre-sale of NFT mystery boxes and NFT mining. The platform can also conduct in-depth cooperation with start-up projects to provide ecological fund investments.
- MDEX is devoted to providing premium transaction service. By proactively collaborating with GameFi and innovating its cute present elephant mascot, MDEX will gradually launch its NFT mascot series as well.
Economics represents the crown of social sciences with finance as its jewel. As a virtual society and living space with interoperable content, open creation and strong social interaction, the economic and financial activities throughout it will have a profound impact on our experience of the Metaverse. The adage that “payments should be as simple as sending emails” also holds for the financial activities in the Metaverse. This is exactly what Mdex provides through its platform: simplicity, efficiency and security.
While actively expanding the ecology, the MDEX platform pass MDX will undergo its third halving. After the halving, the MDX output will be reduced from the current dual-chain 40MDX per block to 20MDX per block.
Upon the third halving, Mdex has also adjusted the previous “double mining incentive” of liquidity mining and transaction mining, in order to keep MDEX’s development healthy and sustainable. The main adjustment lies in the allocation of platform fees. Of the 0.3% of the transaction fee charged, 0.2% will be given to all LP providers (including those who are not included in the platform’s liquidity mining whitelist), 0.07% is used to repurchase and burn MDX and XMDX and the remaining 0.03% is used for Boardroom rewards.
After the adjustment, MDEX will continue to work together with more partners to promote the prosperity and development of its ecology. Inevitably MDEX will be able to give better and sustainable dividends to MDX holders in the future.