Singapore, Oct.7,2020 - MEXC Global (www.MEXC.com), one of the world-leading global digital asset trading platforms, is raising the bar with its new DeFi mining product. Introducing impermanent loss compensation for all users is an industry first. The product reached its 1,000 ETH hard cap within 30 seconds, primarily thanks to this unprecedented protective measure.
MEXC is one of the many exchanges that sees merit in decentralized finance or DeFi. This industry is still in the early stages of development, allowing for many unique services to be launched in the coming years. The exchange is paving the way for such innovation in the form of EQL, its new DeFi mining product.
Following the announcement of this service, it took mere seconds to reach the 1,000 ETH hard cap. This confirms Ethereum users remain the primary user base for DeFi products and services. A big part of this success can be attributed to the impermanent loss compensation offered by MEXC.
Should the liquid mining project suffer a significant drop in value, users will not lose any funds contributed initially. Instead, MEXC will either offset the profits or cover any outstanding losses through its standby fund. This service has never been provided in the cryptocurrency or DeFi world before, further affirming MEXC's status as a leader in the industry.
MEXC Global Global Operations Director Alex adds:
“The launch of EQL DeFi mining is something we have been working on behind the scenes for a while. We are especially proud to become the first to offer impermanent loss compensation to all of our participating users, which can bring our users unprecedented peace of mind while engaging in DeFi-related activities. At MEXC, we will continue to provide valuable services and products related to decentralized finance over the coming months.”
Catering to the Ethereum holders, EQL can be mined by locking Ether into a contract. There is a hard cap of 1,000 ETH, with the entry standard of 0.05 ETH. Participants can expect an annualized yield rate of up to 100%, but the minimum threshold sits at 20%. Locking up funds is subject to a minimum threshold of five days.
Distribution of mining yields will occur in either EQL or Ether assets. This will come down to the current market conditions at the time of the distribution. Tokens will unlock automatically after their maturity period has concluded.
Given the massive interest in EQL DeFi mining, it is evident MEXC is on the right path. Exchanges need to push the boundaries of integrating or creating decentralized finance solutions. EQL serves as an interesting example of what can be achieved in this relatively new industry. Demand for impermanent loss compensation is likely to become more apparent following this successful venture.
About MEXC Global
Established in April 2018, MEXC Global is one of the world’s leading digital-asset trading platforms which offers users one-stop services including spot, margin, leveraged ETF, derivatives trading and staking services. The core members of the team come from world-class enterprises and financial companies, who have rich experience in blockchain and financial industries. We offer the most comprehensive marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks, and formulate their strategies to maximize gains and mitigate risks.