Injective Protocol announced last Tuesday, June 8, through its Twitter account, its collaboration with Mdex.com, to allow liquidity mining for INJ. In addition, he assured that in the future they hope to grow their multi-chain universe through layer one protocols such as Binance Smart Chain and HECO.
“We are pleased to announce a new strategic partnership with MDEX. This will provide INJ holders the opportunity to accelerate their earning potential through INJ participation and liquidity extraction in MDEX. Currently, users can earn MDX by betting LP INJ-BUSD tokens on the MDEX BSC network”, he said through an article published on website.
According to the company, the main objective of this collaboration is to provide liquidity mining services for INJ along with the participation of a single token. Having the ability to participate in both liquidity extraction and betting would, in theory, provide a more secure, reliable and profitable transaction experience.
“MDEX is a decentralized exchange protocol based on an automated market-making mechanism (AMM). Earlier last month, it successfully completed a cross-chain bridge between Huobi Eco Chain (HECO) and Binance Smart Chain (BSC) as its first step in cross-chain expansion. MDEX has gained popularity by using its unique dual mining mechanism of transaction mining and liquidity mining. With a total locked value (TVL) that exceeds $3 billion, MDEX has become a leading DEX in terms of transaction volume and TVL”, he added.
The company explained that they not only offer rewards for betting INJ on their own protocol, but they are also rapidly expanding into new avenues to increase INJ rewards. In his view, today platforms such as Alpha Finance and Ramp DeFi have begun to offer new yield cultivation options for INJ.
“We are delighted to be working with the MDEX team to bring more funding and flow to our respective networks, while offering a variety of new and diverse products to meet the demands of different user profiles”, said Injective CEO Eric Chen.
It is a decentralized exchange protocol based on an automated market-making mechanism. Its aim is to integrate the various advantages of a variety of basic public chains to create a high performance composite DEX ecosystem. Using dual mining incentives through liquid mining and transactional mining, MDEX maximizes returns for participants. The transaction fee charged is used to buy back and burn the platform token, helping to materialize an autonomous closed loop for value capture.