MDEX is a new decentralized trading protocol that was only launched in January 2021 but which has already usurped Ethereum’s Uniswap and SushiSwap Binance Smart Chain’s PancakeSwap and the 1inch exchange in popularity flippening Uniswap as the number 1 ranked DEX on CoinMarketCap as of March 2021.MDEX is an automated market making (AMM) decentralized exchange protocol that operates on the concept of fund pools sharing some similarities with standard DEXs but differentiating itself from competitors by using a dual-chain model modeled on both the Ethereum network and the Huobi Ecological Chain (HECO). This allows it to benefit from both the super-low transaction fees of HECO and deep liquidity of the Ethereum ecosystem.As a trading platform built on top of HECO MDEX is currently leaving Uniswap behind in terms of cost and speed. The estimated cost for token swaps could drop as low as $0.001 for each trade. In addition the transaction speed on the HECOChain-hosted DEX can achieve finality in as little as three seconds.At the time of this writing MDEX dominates the DEX market’s trading volumes commanding around 38-40% of the total market share with a 24 hour volume of nearly $1.7 billion — this is twice that of previous leader Uniswap which holds around a 23% share with $1.1 billion in volume. This comes as the governance tokens of the leading DEX protocols are soaring to new record highs.