At 8:00 p.m. Beijing time on September 23rd, the first phase of MDEX election voting ended. The total number of participants in this period reached 5,468, and the total number of pledged certificates exceeded 1 billion xMDX. A total of 22 candidate directors participated in the voting campaign, and 9 official directors were elected in the first phase of voting.

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1. Processes and rules reflect MDEX's determination to embrace DAO

According to the official announcement, the director election will start at 8:00 pm on September 19th and will last for 4 days. The main election rules are:

• Holders of xMDX (MDX lock certificate) can apply to become candidate directors by pledging no less than 2 million xMDX;

• All xMDX holders can vote for candidate directors, and 9 official directors will be selected from the highest average daily votes;

• Proposals are valid for 7 days, and proposals supported by 5 or more official directors during this period will become governance proposals;

• A community proposal that is supported by no less than 5 official directors can become a governance proposal, and a community referendum will be held at 9:00 p.m. on the same day, and the community referendum will last for 3 days. After the referendum ends, the plan with the highest number of votes is passed;

• Users can choose the proposal they support to vote on this page. The total number of votes is: the total number of voting rights of the user when the snapshot is taken at the block height of this proposal;

• Total voting rights = MDX balance in the user's wallet at the block height of the proposal snapshot + xMDX balance + xMDX amount pledged by director election votes;
  

• Users can withdraw from voting at any time, and xMDX will take 3 days to unlock after withdrawal. After the referendum ends, the voting pledge certificate can be redeemed;

• In addition, the DAO governance process of MDEX is to apply for candidate directors, participate in director elections, conduct community proposals and referendums on governance proposals.

Two months ago, Odaily published in "A step closer to DAO: MDEX board adds lock-up function and decentralizes power to the community"It is mentioned in the article that MDEX will launch a board member election plan in the later stage, and users can participate in community governance through MDX voting and get corresponding rewards.

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2. The total number of pledged xMDX exceeds 1 billion, which may be beneficial to the price performance of MDX

According to the rules of this event, xMDX holders can participate in the entire process of DAO management, including applying for candidate directors, participating in director elections, conducting community proposals and referendums on governance proposals. This also means that MDEX officially delegates decision-making power to the community and users, and plays the role of executor instead.

For the majority of users, pledging xMDX at almost zero cost, whether they can choose directors who are more in line with their own interests, or vote for more realistic proposals, is a full manifestation of personal will and rights, which implies Possibility of expanding future earnings. In addition, since its launch, MDEX has successively experienced important nodes such as cross-chain BSC, opening of IMO, adding pledge lock function, and output halving. It has been firmly at the head of the decentralized exchange track and enjoys the full support of Heco . At the end of August, MDEX launched the Hunter program with a total cost of up to 10 million US dollars, aiming to discover and incubate high-quality applications.

Therefore, as an important player in the DeFi world, after MDEX opened the DAO channel, it naturally set off a wave of enthusiasm, which can be seen from the total number of participants and the number of xMDX pledges. As xMDX is the governance tool of DAO, the higher the pledge amount, the greater the benefit to the currency price of MDX.

Because xMDX is the lock-up certificate of the governance token MDX, the way to obtain it is to participate in the MDX board lock-up (30 to 365 days), which can only be realized through the board lock-up function launched on July 19.

Specifically, xMDX will be issued according to the weight coefficient corresponding to the number of MDX lock-up days. For example, the weight coefficient corresponding to 365 days of MDX lock-up is 6.475, so if the user locks 1,000 MDX, the lock-up certificate obtained is 6,475 xMDX . In addition, users can pledge and store MDX with a single currency in a current and regular manner, and obtain interest income under the corresponding cycle weight. Users cannot withdraw the principal during the lock-up period, but can withdraw the lock-up income at any time. The longer the lock-up period, the greater the income. The higher the weight.

In summary, the more MDX you pledge, you can not only get more lock-up income, but you can also use the obtained lock-up certificate xMDX to participate in DAO governance and vote for better realization of personal interests. get more.

From another perspective, the higher the pledge amount of xMDX certificates, the greater the corresponding total lock-up amount of MDX, and the corresponding circulation of MDX will be smaller. At the same time, rich application scenarios such as IMO will also generate a large amount of demand for using MDX. Under the combined influence of various factors, the long-term value of the MDX token will be magnified.

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3. DAO aims to allow MDX holders to enjoy more dividends

DAO is a derivative of the application of blockchain technology, and it is the proper way to practice the core concept of decentralization.

Of course, in a broader perspective of time and space, ideological change is either the core driving force of organizational innovation or value creation. For MDEX, allowing xMDX holders to exercise corresponding powers more freely and fully, and then directly affect the voting on key proposals of all projects, can force or even directly promote the iteration and optimization of MDEX product functions, making it more In line with the user's usage habits and interest demands, it will ultimately boost MDEX to create more value. As a voter, xMDX can naturally get a bigger slice of the pie.

Although this set of logic is theoretically valid, it still depends on the specific performance of MDEX when it falls into reality. But in any case, MDEX has started this DAO revolution.