Derivatives on the chain are an important part of the digital financial ecosystem, providing investors with more investment choices. With the continuous development of blockchain technology and cryptocurrencies, the field of on-chain derivatives is also experiencing rapid evolution and development. In this development, a new participant named MEKE has recently emerged, with extensive coverage in both Western and Chinese media and significant promotion by the BNB CHAIN official Twitter account, showing unlimited potential.
MEKE, the first on-chain derivative trading platform on opBNB
MEKE is an on-chain derivative trading platform developed by a US team in 2021. Its main business focuses on derivative contracts and trading, supporting perpetual contracts for mainstream cryptocurrencies such as BTC and ETH. In the future, it will also consider trading futures of physical assets such as gold, oil, and US bonds, entering the trillion-dollar scale RAW market.
Aiming at a trillion-dollar market size, MEKE has considerable development space
In terms of market volume, the June market trading report released by CrytoCompare shows that the monthly trading volume of crypto derivatives reached 27.5 trillion, accounting for 66.1% of the total trading volume. Even though there has been a significant decline in the crypto market since then, the trading volume of crypto derivatives market still maintains a relatively high level.
Moreover, since the collapse of FTX last year, more and more traders (especially derivative players) have abandoned centralized exchanges and turned to on-chain alternatives. From the data, the accumulated trading volume and user activity of decentralized perpetual contract protocols have increased significantly over the past year. The total trading volume of decentralized perpetual exchanges in Q1 2023 was 164 billion USD, a substantial increase compared to previous quarters. This indicates that on-chain perpetual contracts may be the future trend, presenting a significant development opportunity for MEKE.
MEKE, a new force in the derivatives race
The narrative in the crypto world continues to unfold, but there is no doubt that the on-chain derivatives race has become a new development trend, giving rise to popular projects such as dYdX and GMX. However, we have also seen that after occupying the market in the early stages, projects like dYdX and GMX are experiencing a declining overall growth momentum. Compared to centralized exchanges, they have relatively poor functionality and user experience, as well as shortcomings in user growth and retention. This also presents potential development opportunities for MEKE.
High TPS, Low Gas: MEKE is deployed on the Binance Smart Chain (BSC) L2 network OpBNB, capable of processing over 4000 transfer transactions per second and keeping platform transaction costs below 0.005U, providing users with a high-efficiency, low-fee trading experience. Backed by Binance, OpBNB has the endorsement of a strong brand and substantial traffic and resource support.
Product experience similar to centralized exchanges: MEKE offers a trading experience similar to centralized perpetual contracts, making it easy for users to engage in contract trading as long as they have a basic understanding of wallet operations. MEKE brings a centralized exchange-like product experience to users with a decentralized ideology, ensuring the security and professionalism of transactions.
100x high leverage: Decentralized platforms often struggle to build high-leverage products due to price delays from oracle, limiting users' trading options. Considering the significant volatility of the cryptocurrency market and the future development of the project, MEKE will build a more diverse product system (mainstream cryptocurrency perpetual contracts + RAW derivative system), offering leverage contracts for forex, gold, and other financial products with leverage of up to 100x.
Specific algorithm to protect user interests: While traditional exchanges face the problem of drastic K-line fluctuations, potentially leading to unnecessary losses for users, MEKE addresses this issue through a specific algorithm. MEKE divides prices into three categories: real-time trading prices of MEKE contract products, spot index prices obtained through oracles from major platforms, and MEKE platform index prices. MEKE uses at least seven different aggregators to ensure that the oracle it uses can continuously provide highly accurate and timely data. By using a weighted average algorithm to combine the oracle's feed price and MEKE's real-time contract trading price mechanism, it can calculate the expected profit and loss of users' open orders. This ensures that MEKE prices remain more stable in the contract market's fluctuations or intentional manipulation of real-time trading prices, maximizing user interest protection.
Overall, MEKE is reshaping the product form of on-chain derivatives through a series of mechanism designs in terms of platform functionality and user experience, transforming the trading experience and making it more rational, efficient, secure, and sustainable. As a new force in the on-chain derivatives race, MEKE is expected to further evolve and develop the product form of this race.
Seize the opportunity early
In addition to the strength of the MEKE platform itself, its public beta airdrop is also a reason for attracting a large influx of users. In the MEKE public beta design, approximately 10% of MEKE will be airdropped to participating users. By obtaining USDT for testing on MEKE and using it for trading on the platform, users can receive airdrops of MEKE tokens.
Throughout the entire public beta period, a large number of users have been participating in the MEKE airdrop every day. Especially with the MEKE airdrop 2, users who meet the conditions for airdrop 2 can not only receive airdrops of valuable MEKE tokens but also obtain additional WMEKE by inviting users to participate in the public beta, which can be directly exchanged for USDT on Uniswap. Currently, many users have obtained significant profits by inviting users through airdrop 2, receiving thousands or even tens of thousands of WMEKE and exchanging them for thousands to tens of thousands of USDT. Many users have gained substantial profits through airdrop 2.
The MEKE public beta airdrop consists of three phases, and the earlier users participate, the more and more cost-effective airdrops they will receive. The MEKE public beta is currently nearing the end of phase 2, providing an opportunity for users who wish to participate, although time is limited. After the MEKE public beta ends, it will be launched on the opBNB mainnet, and airdrop claims will be opened.
"In a bull market, rely on the market; in a bear market, rely on insight." From APT airdrop, BLUR airdrop, to ARB airdrop; from ordinals to PEPE to BALD, and then to friend.tech. MEKE may be the next hot spot to ignite the market.
Long press to copy and click to subscribe to the MEKE official community to seize the first-mover advantage;
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