Encrypted derivatives track is becoming more and more popular. Four perspectives to see how MEKE becomes a DEX breaker

Since the birth of Bitcoin in 2009, blockchain technology is destined to change our lives, and the field of cryptocurrency is destined to continue to grow and develop. In recent years, with the continuous increase of entrants, more and more users' demand preferences have gradually shifted from spot trading to derivatives trading. The encrypted derivatives track has become more and more popular, and it has already become a trillion-dollar market.

According to the market transaction report released by CryptoCompare in June this year, the transaction volume of encrypted derivatives reached 2.75 trillion US dollars in that month, accounting for 66.1% of the total transaction volume. Even though the encryption market has declined significantly since then, the current transaction scale of the encryption derivatives market remains at a relatively high level.

Genesis Q2 2023 Market Report stated that if the trend of traditional financial derivatives is followed, the crypto options market has room to grow 10 times from current levels. According to the report, options have become the preferred tool for institutional investors to enter the cryptocurrency market. At present, the capital inflow of institutional investors in the field of encrypted derivatives is on the rise. In sharp contrast to the growth of derivatives trading volume, the liquidity of the spot market is being affected, which is manifested in the long-term weakness of the depth of spot orders. The report reveals that a significant portion of future cryptocurrency trading volume growth will come from derivatives.

It is undeniable that in recent years, the derivatives DEX track has developed rapidly, and its market value has exceeded 2 billion US dollars, accounting for 7.9% of the total market value of DeFi. However, at present, the derivatives trading market is still dominated by CEX, and DEX Only 3% of the total transaction volume. However, the rise of DEX is obviously unstoppable. Compared with traditional CEX, DEX has the characteristics of no permission, and anyone can develop new products on the agreement; DEX is anti-censorship and can effectively resist the manipulation of centralized institutions; DEX has 7*24H all-weather trading and other advantages. The previous FTX thundershowed the vulnerability of CEX, and more and more investors are turning their attention to DEX. For DEX, there are currently four major aspects that need to be broken: how to upgrade its functions; whether it can provide the best price in the market through aggregated liquidity; it needs to focus on the development of on-chain documentary transactions to attract more users; it should focus on traditional assets, To meet the diverse needs of users.

And MEKE is obviously a qualified breaker. MEKE is a decentralized cryptocurrency derivatives trading protocol developed by an American team built on blockchain technology. In terms of function upgrades, MEKE has been deployed on the opBNB testnet. opBNB is an L2 testnet launched by Binance Smart Chain BSC on June 19 this year. It is an EVM-compatible L2 scalability solution based on Optimism OP Stack. BSC is a decentralized application environment launched by Binance to provide users and developers with a faster, safer, and lower-cost decentralized application environment when Ethereum is congested in 2020. opBNB chooses to deploy on the BNB chain, which has more advantages than Ethereum, with Binance as a strong technical support, which can escort the subsequent development of MEKE.

In terms of platform prices, ordinary exchanges have the problem of violent K-line fluctuations, and users may face unnecessary losses, and MEKE solves this problem through specific algorithms. Specifically, MEKE prices are divided into three categories: real-time transaction prices of MEKE contract products, spot index prices of major platforms obtained through oracle machines, and index prices of MEKE platforms. MEKE uses at least seven different aggregators to ensure that the Chainlink oracle used by MEKE can continue to provide highly accurate and timely data. By combining Chainlink's price feed and MEKE's real-time contract transaction price mechanism through a weighted algorithm, the expected profit and loss of the user's open orders can be calculated. When the contract market fluctuates or someone deliberately manipulates the real-time transaction price, the price of MEKE can be guaranteed to be more stable. , to protect the interests of users to the greatest extent.

In terms of on-chain transactions, unlike traditional centralized perpetual contract exchanges, the main functions of MEKE are deployed on the chain, and every transaction of the user will be on the chain, ensuring the authenticity of the transaction to the greatest extent. At the same time, since all transactions are on the chain, each transaction of the user is traceable, which ensures the fairness of the user's transaction. And the transaction program is completely executed by the smart contract, and the security of the user's assets is guaranteed by the blockchain. There is no third-party intervention in the whole process, and the assets are completely controlled by the user.

In terms of user needs, MEKE can already be used for perpetual contract transactions of various mainstream cryptocurrencies such as BTC and ETH. But MEKE's vision does not stop there. MEKE's first product focuses on decentralized contract transactions. It currently focuses on mainstream cryptocurrencies. asset field. In addition, in terms of product use, although MEKE is a decentralized exchange, it has the same high-quality experience as a centralized exchange in terms of page layout and operation experience.

To sum up, MEKE has outstanding performance in terms of functions, prices, transactions, and user needs, and can completely become a game-changer in the DEX field.

In addition, it is worth noting that MEKE is currently undergoing a public beta airdrop. The first public beta of MEKE ended on August 14th, with rave reviews from users, and the second public beta is underway. Users who participate in the MEKE public beta can get the platform token MEKE airdrop and increase the chances of winning opBNB. It can be said that participating in the MEKE public beta may have the same benefits as early participation in DYDX, Optimism, and Arbtirum tests. Due to the unique issuance mechanism designed by the platform, the issuance of MEKE platform tokens is limited, so users who participate in the public beta earlier can get more benefits.

The second phase of the MEKE public beta is in full swing. For the latest information, please long press to copy and subscribe to the MEKE official community.

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