[MEXC Global: For Beginners] What is MX-DeFi? Features and how to get started


MEXC allows you to earn profits by depositing your currency in DeFi. This feature is still relatively unknown, but it is a solid and profitable trade. Users use MX tokens or project tokens and receive tokens as a yield.

What is MX-DeFi?

MX-DeFi allows traders to earn annual interest using tokens. MX Tokens or Project Tokens must be staked for at least 1 day to receive token rewards. Select the tokens you want to stake and choose what to hold. However, the currencies that can be staked are limited.

liquidity mining

Liquidity mining usually lasts for 3 to 7 days. However, users can rest assured that they can unlock it at any time. Yield distribution will be T+1 units.

Stakeable currency

Current staking currencies are USDC, BTC, LOOKS, STETH, ETH, USDT and X2Y2.

Reward acquisition condition

In order to get the profit of the token, the token holding period must be at least 1 day or more.

daily yield

Daily Yield = (User’s Staking Volume / Total Staking Volume) * Yield Supply Volume for that day

What is DeFi?

DeFi is an abbreviation for Decentralized Finance. DeFi refers to decentralized (decentralized) financial services based on blockchain. Unlike existing financial services, it is attracting a lot of attention because it is a system in which users can directly trade with each other without going through administrators such as banks and companies.

admin does not exist

DeFi has no administrators because it is not centralized. It is a mechanism that distributes and records information among multiple network participants instead of collecting and recording information on a single server.

Open Source

DeFi protocols are often open source. However, it is not a copy and paste, most of the changes are made differently from the original, and the system is such that the better projects survive.

no geographic restrictions

With DeFi, basically everyone can use the same services equally, regardless of nationality or place of residence, as long as they have an environment that allows them to connect to the internet. It’s not like a bank saying you can’t do anything unless you go to the place.

Available 24/7

Financial services have fixed business days and business hours, and you can only receive services within the set hours, but DeFi does not need the help of a third party to record transactions or transactions. , available 24 hours a day, 365 days a year.

Need virtual currency

DeFi, which is built on the blockchain, needs to be a cryptocurrency because it requires payment of network fees when making transactions. You must open an account on the virtual currency exchange in advance and purchase the virtual currency that can be used in DeFi in advance.

How to trade MX-DeFi

To start MX-DeFi, you must first open an account. If you have not yet created an account, please refer to the article below. It explains how to open and the procedure.

Please log in after creating an account. Select “MX-DeFi” from “Activity” on the home screen.

Source : https://www.mexc.com/

Displays the currencies that can be staked. Choose your favorite currency.

Source : https://www.mexc.com/

Enter the amount to be staked and click Check to enable staking.

Source : https://www.mexc.com/