An overview of MMF’s latest Decentralized Perpetual Exchange: MadMex.
MadMex seeks to maximize capital efficiency
Mad Meerkat Finance (MMF) launched a V3 Decentralized Exchange (DEX) called MadMex on September 3rd to maximize capital efficiency while expanding the number of features previously offered.
“The community has been largely receptive to MadMeX as it offers a simple and efficient user interface influenced by criminals who trade on CEXes but are now trading on DEXes,” Utan Boss, co-founder of MMF, told Web3Wire. “As we all know, getting CEXes products on DeFi can be difficult as we are governed by smart contracts on DeFi, so this is an exciting decentralized dapp now on Polygon.”
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— MM.Finance — #1 Defi Ecosystem on #Polygon #Cronos (@MMFcrypto) September 3, 2022
Currently, MadMex is only available on Polygon, but the co-founder hopes to bring it to Cronos soon.
“The problem with Cronos is that Chainlink is not used there and MadMex requires the use of Chainlink as a reliable price oracle,” Boss told Web3Wire. “However, we are in direct discussions with the Cronos team on how to bring MadMeX on Cronos’ side.”
While we await MadMex’s availability on Cronos, let’s take a look at what we already have on Polygon.
Buy and use MLP
Upon entering the MadMex site you will see various options at the top along with some underlying stats.
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After connecting your wallet, you can choose the “Earn” option and buy some MadMex Liquidity Provider (MLP) tokens. MLP tokens index four major cryptocurrencies: Bitcoin, USDC, Ethereum and MATIC. By accumulating trading fees, the token offers a hedged position for liquidity providers.
As detailed in the September 2nd Medium article, MLP token holders will receive 70% of the protocol profits. Additionally, the team confirmed that the value of the MLP token would increase over time, and when that happens you can redeem it for more index assets.
You can connect your wallet swap BTC, ETH, USDC, MATIC and WMATIC for MLP.
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Additionally, you can then stake these MLP tokens by switching to MMF DEX on Polygon.
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Also, you can form MLP/USDC LP on MM DEX on Polygon and put that LP there.
Leverage trading for experienced traders
If you’re good at predicting the market, you can increase your payout by trading with up to 30x leverage on decentralized leveraged exchange MadMex. In order to determine whether to go long (buy) or short (sell) you need to decide which way the market will go.
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You can also monitor your positions on the trading page below.
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You can take a profit at any time by closing your positions from the “Market” tab. Alternatively, you can use the “trigger” to select a take profit level. tab
Keep in mind that if you were heavily leveraged and the price of the token didn’t perform as expected, you could lose your money.
The risk of leveraged trading comes from the fact that it magnifies your potential investment losses. In some cases, you can even lose more money than you have to invest. Experienced traders usually make these types of trades.
Discounts in USDC
You can get up to 50% rebates on trading fees in the form of USDC when you put MMF in rebate funding wallet. However, if you qualify for the highest tier and have MMF withdrawal enabled, you can get 100% trading fee rebates in the form of USDC.
Weekly trading fee rebate snapshots are taken on Wednesday (may vary by time zone) and rebates are distributed on Thursday. Learn more about the discounts here.
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recommendations
By referring your friends, you can earn up to 15% of their fees and get a 10% discount on your fees. On the Partners tab, you can create a referral code using any combination of letters, numbers, and underscores.
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In addition to these features, you can also take a look at the analytics page. The page contains charts and figures on TVL, pool composition, MLP performance, price composition of MLP and more.
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The MMF team will continue to provide updates on MadMex in the coming days.
“MadMex will allow for a much better capital utilization flow than traditional V2 Dexes and as such we are placing a primary focus on migrating most of the liquidity to MadMeX through our unique v3 DEX value proposition,” added Boss.
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