MDEX

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

MDEX is an automated market maker on BSC and Heco. At the 2026-08-14 survey it held about $16.3M in TVL across 55 pools, a sixth of our $100M materiality floor. Rejected on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush. Size alone decides it, whatever the protocol’s quality. If it crosses the floor, its LP pools would then face the impermanent-loss class rule that rejects the AMM category.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism applicability

MDEX’s published contract assessment describes factory-created token pairs, swaps against pooled reserves, LP tokens and reward contracts that accept those LP tokens. The live product therefore remains an AMM DEX; liquidity-mining incentives add reward-token exposure but do not remove paired-asset rebalancing.

Current observation and lifecycle

The DefiLlama protocol API read on 2026-08-15 reported approximately $1.30M of MDEX TVL: about $1.30M on BNB Chain, roughly $346 on BitTorrent and zero on HECO. MDEX’s official announcement index records both its BitTorrent deployment and the HECO shutdown and asset-clearance process. The current footprint remains far below the shared v1 $100M materiality threshold and is narrower than the original survey.

Control and exit applicability

MDEX factory and pair contracts set the AMM execution perimeter, while farming contracts and privileged roles govern incentive programs. LP exit depends on burning LP tokens for the pool’s then-current reserve mix and on usable liquidity for both assets. The zero HECO observation and shutdown notice are lifecycle warnings: historical chain attribution is not evidence of a live exit venue.

Why the class rule decides

The shared v1 below-materiality dossier controls at approximately $1.30M. Reopen only after reproducible live MDEX TVL sustains at least $100M for 30 days on supported, operating chains. A reopened review must reconcile active deployments and contracts, governance and privileged roles, audits and incidents, pool and token concentration, incentives, bridge dependencies, and stressed exits; AMM LP exposure would then face the separate AMM-LP dossier.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• MDEX — official contract security assessment · primary · accessed 2026-08-15
  Supports: factory pairs, AMM swaps, LP tokens, farming contracts, privileged roles
• MDEX Docs — deployment and HECO lifecycle announcements · primary · accessed 2026-08-15
  Supports: HECO shutdown, asset clearance, BitTorrent deployment, product lifecycle
• DefiLlama — MDEX survey record · secondary · accessed 2026-08-15
  Supports: current TVL, BNB Chain, BitTorrent, HECO zero TVL, DEX category

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.