While the majority of the crypto market is suffering losses, an under-the-radar altcoin has skyrocketed 200% in just seven days.
MDEX (MDX), which bills itself as a “composite DeFi (decentralized finance) ecosystem,” is trading at $0.18 at time of writing, up from $0.06 seven days ago.
The 183rd-ranked crypto asset by market cap is also up more than 44% in the past 24 hours alone.
MDEX operates a decentralized exchange (DEX), which just launched a USDT-margined perpetual trading feature this week, news that could have contributed to its native asset’s price jump.
MDEX partnered with on-chain derivatives trading platform ApolloX Finance to launch the feature, which supports both cross margin and isolated margin mode. MDEX traders who use the DEX’s native asset, MDX, get a 10% discount on the perpetual trading fees.
Explains MDEX,
“MDEX USDT-margined Perpetual trading feature supports both cross-position and isolated positions at the same time. Users can switch between cross-position mode or isolated-position mode for trading, and it won’t affect the existing positions.”
To celebrate the new perpetual trading feature, MDEX and ApolloX Finance launched a $10,000 airdrop event that ran for six days between October 10th to October 15th.
Despite its massive gains this week, MDX remains more than 98% down from its all-time high of $10.11, which it hit in February 2021.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/DM7/Nikelser Kate
