MCDEX

APR 14, 2021 • 1 Min Read

Ashwath Balakrishnan + 1 other

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MCDEX is a decentralized derivatives exchange that facilitates the issuance and trading of perpetual swaps over an AMM. The AMM is not designed like Uniswap, which employs an X*Y=K price curve where X is quantity of token one, Y is the quantity of token 2, and K is a constant function. Instead, MCDEX has designed an AMM that is anchored to an index price. If the AMM price deviates from the index price, the network kicks in with incentives to revert this deviation.

In April 2020, the MCDEX team launched MCDEX v2, but they abandoned the design after realizing an X*Y=K price curve was capital inefficient — especially for derivatives. The team has been hard at work designing and implementing a more efficient system with MCDEX v3.

MCDEX v3 is expected to launch later in Q2 when Arbitrum’s optimistic rollup launches on mainnet. MCDEX is also launching on Binance Smart Chain open to deploying on other layer 2 solutions if it makes sense. Our in-depth report on derivat

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Ashwath Balakrishnan + 1 other