MCDEX Joins Open DeFi Initiative to Help Bridge Western, Asian Crypto Markets
We are excited to announce that Monte Carlo Decentralized Exchange (MCDEX) is the latest DeFi protocol to join the Open DeFi initiative. MCDEX will contribute to the mission of Open DeFi by sharing insights in the Chinese DeFi market and working with other Open DeFi partners to help further develop their liquidity and risk management strategies as they expand globally.
The Open DeFi initiative kicked off in September 2020 aiming to solve issues in the DeFi ecosystem such as creating bridges across borders and markets with the goal of fostering the growth of DeFi through focuses on risk, liquidity, and innovation. MCDEX will play a key role in this alliance as they have proven to be one of the most successful DApps to come out of the Chinese market in the recent DeFi boom. MCDEX was the first ETH perpetual swaps platform which enabled up to 10x leverage and no expiration.
MCDEX was founded in 2019 and has reached record highs of $18M+ in total locked value over the short period. The perpetuals platform recently closed their first funding round from several renowned influencers and key stakeholders of the industry, including DeFiance Capital, DeFi Dad, and Robert Leshner ( Robot Venture). The platform has been audited by OpenZeppelin and since gone on to create several new pairs and launch their native token $MCB.
“ The DeFi wave in the past few months accelerates the power of DeFi. Good timing to form an alliance to bridge the Western and Eastern world. Power is alliance.” — Jean Miao, Co-Founder at MCDEX
New DeFi protocols such as MCDEX have been able to develop strong fundamental derivatives platforms, but in order for leverage to be readily available, liquidity needs to be available. Using the bridges into the Western market with other established partners, Open DeFi will help introduce the perpetual swap and leverage trading tools MCDEX has created to the decentralized finance market in Western markets. With this addition, we aim to collaborate together in building a solid offering which can attract liquidity from a wide variety of sources other than the Western market, this includes traditional market-makers and aggregation platforms to help MCDEX grow.
“MCDEX is one of the most prolific projects in DeFi. Having been the first protocol to ship fully decentralized perpetual swaps, the MCDex team have a proven track record of shipping new digital assets and generating strategies to build and optimize for liquidity. We are excited to have them join Open DeFi to bridge the eastern and western DeFi ecosystems and support Open DeFi’s mission of growing the decentralized financial ecosystem around the world.” — Eden Dhaliwal, Global Managing Director, Conflux Network
About Open DeFi
Launched in 2020, Open DeFi is a global initiative that seeks to develop the decentralized financial ecosystem and advance the collaboration of DeFi projects across borders and blockchain networks. Through a unique program focused on risk management, new liquidity strategies, and innovation, Open DeFi brings together global CeFi and DeFi partners to drive the future of finance. Members include Conflux Network, Sequoia Capital, Blockpower Capital, Antelope Holdings, dForce, DeBank, MCDEX and Shanghai Science and Technology Committee.
For more information, visit: https://www.open-defi.com/