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.
“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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Featured Image: Shutterstock/DM7/Nikelser Kate