BNB

MEKE's Popular Public Beta Boosts BNB L2 Trading Volume

by BSC News

August 4, 2023

chain

Boasting a user-friendly interface and unique features, MEKE's testing phase has resulted in a significant boost in OpBNB's trading volume and user activity.

Over the past year, the most prominent trend in the cryptocurrency market has been the emergence of Layer 2 networks. Layer 2, also known as L2, refers to the second layer of solutions designed to address the scalability, speed, and high gas fees issues present in Layer 1 networks such as ETH and BNB. This introduction of L2 solutions has presented the cryptocurrency market with numerous possibilities.

Whether it was last year's Optimism or this year's Arbtirum in March, both have sparked a tremendous surge in demand. The popularity of Layer 2 solutions can be attributed not only to their ability to enhance the performance of blockchains but also to the attention generated by the platforms themselves. Additionally, the emergence of high-quality applications on Layer 2 networks has propelled the entire industry forward.

Both ETH and BNB belong to the top tier of Layer 1 networks, with BNB Chain positioning itself as a strong candidate to compete for the top spot against ETH. Recently, BNB Chain released its own Layer 2 solution, OpBNB, which features a derivative trading protocol named MEKE. After years of development, MEKE has chosen to be deployed on the OpBNB test network and has undergone a thorough security audit by the globally recognized firm Certik. On July 31st, MEKE commenced its highly anticipated public beta testing, which is expected to conclude shortly. Since the start of the public beta phase, OpBNB's trading volume and user activity have experienced a significant boost. Participants in the MEKE public beta can enjoy similar benefits as those who participated in the early testing phases of DYDX, Optimism, and Arbtirum.

MEKE is a decentralized derivative trading platform developed by a team from the United States in 2021. It facilitates the trading of various mainstream cryptocurrencies such as BTC and ETH perpetual contracts, with future plans to expand its offering to include commodities like gold, oil, and even US bonds futures. MEKE's standout features include its utilization of smart contracts to ensure transparent and traceable transactions, making it impossible for any party to manipulate the trading process. Furthermore, its user-friendly interface delivers a trading experience similar to centralized perpetual contracts, enabling smooth adoption for users with basic knowledge of wallet operations. The platform also implements a classic order book model, providing a visual representation of trading activity that aligns with the habits of financial professionals and facilitates precise data analysis. Lastly, MEKE boasts a robust proprietary trading engine that enhances transaction efficiency and concurrency.

Another notable highlight is MEKE's deployment on OpBNB. While there are already numerous products available in the L2 market for ETH, OpBNB was only launched less than a month ago. OpBNB, introduced by the original BNB Chain team, possesses a remarkable block time of 1 second and offers low gas fees for transfers, amounting to as little as $0.005. It boasts a TPS (transaction per second) exceeding 4,000, surpassing the performance of existing scalability solutions. It is important to note that OpBNB has yet to issue its own platform token.

Cryptocurrency perpetual contract trading currently amounts to trillions of dollars in daily trading volume, exceeding that of spot trading by more than double. The profits generated by the perpetual contract market are a significant figure. Despite this, decentralized derivative trading, which accounts for only approximately 2% of the overall market, undoubtedly has enormous potential.

MEKE initiated its first phase of public testing on July 31st and is expected to conclude in a short span of time. Due to its expansive market potential and robust technical framework, MEKE has garnered considerable attention globally, featuring coverage in English and Chinese media. It is evident that MEKE's public testing has led to a surge in transaction volume on the OpBNB testnet.

Similar to other prominent projects, participating in MEKE not only allows one to stay informed about the latest developments in blockchain technology but also provides the opportunity to gain significant potential benefits such as fee sharing and airdrops. Participating in the MEKE public testing phase may offer benefits comparable to early adopters of DYDX, Optimism, and Arbtirum testing.

Given the limited issuance of MEKE platform tokens, a unique issuance mechanism has been devised. Participants who engage earlier will receive more substantial benefits. If one joins the public testing phase belatedly, the MEKE testing incentives will gradually diminish until they are fully distributed. The MEKE public testing phase is currently underway, and for the most up-to-date information, please visit the official MEKE community.

 MEKE-related communities: Official MEKE Website | Discord | Telegram | Twitter 

Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $318.25. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Related News