MEXC is a cryptocurrency exchange platform founded in 2018 by Nate Noh and Jingbo Li. The name MEXC is an abbreviation for "Multi-Exchange Community," highlighting its purpose of bringing together multiple exchanges. It offers a wide range of crypto trading options and features, including spot trading, futures trading, and margin trading. MEXC is known for its user-friendly interface and strong security measures.
MEXC is a cryptocurrency exchange that offers several benefits compared to its direct competitors. One of the key advantages of using MEXC is its wide range of trading options. The platform allows users to trade a variety of cryptocurrencies, including popular ones like Bitcoin and Ethereum, as well as lesser-known altcoins. This extensive selection provides users with ample opportunities to diversify their portfolios.
Another benefit of MEXC is its user-friendly interface. The platform is designed with simplicity in mind, making it easy for both novice and experienced traders to navigate. Additionally, MEXC offers advanced trading features such as limit orders and stop orders, enabling users to execute trades with precision and efficiency.
In terms of security, MEXC prioritizes the safety of its users' funds. The exchange implements robust security measures, including two-factor authentication and cold storage for cryptocurrencies. This helps to protect against potential hacking attempts and ensures that users' assets are kept secure.
Furthermore, MEXC provides a reliable customer support system. The exchange offers multi-language support and has a responsive customer service team that is available 24/7 to assist users with any issues or inquiries they may have.
Compared to its direct competitors, MEXC stands out with its diverse selection of cryptocurrencies, user-friendly interface, strong security measures, and reliable customer support. These benefits make MEXC an attractive option for traders looking for a comprehensive and secure trading experience.
MEXC is a cryptocurrency exchange that operates on the Ethereum blockchain. It utilizes smart contracts to facilitate the trading of digital assets. The underlying technology behind MEXC is based on the Ethereum Virtual Machine (EVM), which allows for the execution of decentralized applications (dApps) and smart contracts on the Ethereum blockchain.
MEXC functions by providing users with a platform where they can trade a wide range of cryptocurrencies. Users can deposit their digital assets into their MEXC wallets and then utilize the platform's trading features to buy and sell different cryptocurrencies. These transactions are recorded on the Ethereum blockchain, ensuring transparency and immutability.
As a decentralized exchange (DEX), MEXC offers several advantages over centralized exchanges. Firstly, users have full control of their funds since they retain ownership of their private keys. Additionally, MEXC eliminates the need for intermediaries, which can reduce costs and increase security. DEXs also provide better resistance against hacking attempts and censorship.
To facilitate the trading process, MEXC employs liquidity pools and automated market makers (AMMs). These mechanisms ensure that users can always find liquidity for their trades, even for less popular or newly listed tokens. By utilizing AMMs, MEXC enables peer-to-peer trading without relying on traditional order books.
In summary, MEXC leverages the Ethereum blockchain and smart contracts to enable decentralized trading. Its underlying technology promotes transparency, immutability, and user control over funds.
DIA employs a comprehensive approach to fetch trade data from DeFi and NFT exchanges. The process differs depending on the type of exchange being referred to.
For centralized exchanges like Coinbase, Kraken, and Binance, DIA utilizes scrapers that directly collect trades from the exchange databases using Rest APIs or WebSocket APIs. These scrapers retrieve the data at frequencies ranging from 1 to 7 seconds, ensuring near real-time accuracy.
In the case of decentralized exchanges, DIA captures data from various blockchains by subscribing to swap events in liquidity pools. This approach enables DIA to obtain trading data directly from the blockchain, enhancing the precision of the collected information. Notable decentralized exchange sources include Uniswap, curve.finance, and PancakeSwap.
When it comes to NFT marketplaces, DIA captures live trading data by retrieving information from the integrated marketplaces' smart contracts. The retrieval period for NFT data ranges from 20 seconds to 1 minute, ensuring coverage of all real-time NFT transactions. DIA's methodology avoids relying on unreliable bids and offers, therefore enhancing data precision. Prominent integrated NFT exchange sources include Blur, X2Y2, OpenSea, and TofuNFT.
By leveraging a network of WebSockets, decentralized node providers, and direct blockchain interactions, DIA ensures comprehensive and accurate data collection. This approach allows DIA to provide highly precise and customizable price feeds that cater to the specific needs of users in the blockchain ecosystem.
DIA leverages MEXC trade data to build price feed oracles for different types of exchanges, such as DeFi and NFT platforms. Let's explore the process for each type of exchange:
For DeFi exchanges, DIA follows a two-step process to compute trade data from MEXC and build price feed oracles. First, they clean the data and detect any outliers to ensure the accuracy and reliability of the price estimation. This step involves removing trades with prices that significantly deviate from the current market price, which could be a result of market manipulation or errors.
To detect and exclude outliers, DIA applies an Interquartile Range (IR) filter. This filter analyzes trades within a predefined time range, sorting them by their recorded price. The range of prices is then divided into four quartiles, and trades falling into the first and last quartiles are filtered out. Only trades within the middle quartiles move forward for further processing.
In the second step, DIA applies price determination methodologies to calculate the final price from the remaining data points. One example is the Volume Weighted Average Price (VWAP), which takes into account the different volumes of trades. Another example is the Moving Average with Interquartile Range Filter (MAIR), where trades are ordered by timestamp and weighted against volume to determine the final price.
For NFT exchanges, the process is different. DIA determines the floor price of NFT collections using on-chain trade data. This involves two steps: cleansing the data to exclude outliers and applying a pricing methodology to determine the final price point.
The cleansing filters are designed to remove market outliers and manipulation techniques, such as wash trading and sweeping the floor. Wash trading involves creating fictitious transactions to deceive investors, while sweeping the floor involves buying a batch of NFTs in the floor price range to manipulate prices.
DIA offers multiple pricing methodologies for NFTs, including the Floor Price, which provides the lowest sale price of an NFT collection within a given time window. Additionally, DIA offers the Moving Average of Floor Price, which returns the moving average of a collection's floor price, customizable with parameters like the length of the average or the size of the floor window.
By implementing advanced filtering mechanisms, such as the interquartile range outlier detection filter, DIA aims to provide more realistic and reliable NFT floor prices, safeguarding against market manipulation techniques. They also remain open to discussing custom filters and methodologies to meet specific use case requirements.
Overall, DIA's process of computing trade data from MEXC and building price feed oracles for DeFi and NFT platforms involves data cleaning, outlier detection, and the application of pricing methodologies tailored to each type of exchange.
Instead of distributing pre-calculated data feeds, DIA covers the whole data journey from individual trade collection, and computation to the last mile of the feed delivery.