Following MXC Exchange’s declaration of support for Solana-based USDC-SPL protocol earlier in March 2021, the rapidly rising Seychelles-based exchange platform has announced its listing of another Solana project – Raydium, which is set to be launched on MXC’s M-Day program on March 18, promising exchange users the chance to win 4,500 Ray tokens during the unveiling of the project.
Raydium on Solana
Raydium’s listing is a step forward for both Solana and MXC Exchange, building an even stronger bond that will benefit both platforms tremendously.
Raydium is a market maker that offers high transaction processing speeds, a stable platform, shared liquidity, and super reduced transaction fees for its users. Built on Solana’s blockchain, Raydium was designed to take advantage of the order flow on the Solana-powered decentralized exchange (DEX) called Serum.
The project will see users enjoy the best prices as well as the flexibility to move digital assets across different pools on the network and beyond. Serum supports asset swaps through multiple blockchains.
Raydium’s decision to operate on Solana’s network was by no means an accident. The developers were able to lock on an opportunity to provide fast, reliable, and cheap transactions while cutting down on the high costs that would otherwise have been expended on Ethereum due to gas fees.
For example, in order to swap, farm, harvest, or unstake on Ethereum’s native automated market maker (AMM), you would be spending about $100. While the same transactions on Raydium cost only about 10 cents. The wide margin in fees afforded by Solana makes it the ideal platform to build a next-level market maker like Raydium.
Raydium’s Launch on M-Day
MXC Exchange’s devotion to innovative crypto projects is only rivaled by their allegiance to their users’ interests. This is the drive behind the 21st M-Day offering to all users who participate. The offer grants those who do not sell their Ray tokens 24-hours after the launch the ability to redeem them for the assets the Ray tokens was initially bought with.
Participants would also be entitled to join a jackpot draw, a tradition in M-Day events. The schedule is listed below:
- Ticket claim: 22:00 March 17th – 17:00 March 18th, (UTC+8)
- Draw result will be released at 19:00 (UTC+8), March 18th
- Asset exchange will be made at 19:30 (UTC+8), March 18th
At the core of the activities on Raydium is the “RAY token” which currently has 18.5 million tokens in circulation. The supply is set to peak at 555 million tokens. The token would receive SPL token support on MXC AND will be listed as a trading pair that includes RAY-USDC and RAY-USDT.
Raydium and MXC Collaboration
MXC initially demonstrated its commitment to be at the forefront of the most promising crypto projects with their listing of Solana’s USDC-SPL listing. This new union with Raydium spells a future pregnant with more inspiring collaborations.
With MXC exchange users getting privileged access to Solana’s products at their early stages, like the cheap and fast access they enjoy with USDC.
The partnership also speaks highly of MXC’s insight. The team has once again demonstrated their incredible intuition, being able to spot promising projects like Raydium before any other exchange. An element that has contributed to their extraordinary growth since it launched in April 2018.
The founder of Raydium, AlphaRay expressed his delight in the partnership in a statement where he said:
“We are excited to partner with MXC to grow the Raydium and Solana ecosystem together. MXC’s strength in retail communities will greatly help Raydium to grow and bring highly efficient, low-cost DeFi products to the retail market.”
The enthusiasm was echoed by MXC exchange’s VP, Katherine Deng, who stated how pleased the team back at MXC was to bring their users the opportunity to take advantage of Raydium’s listing on M-Day, stating:
“M-Day gives users the chance to participate in discounted token sales of new and exciting projects like Raydium, while also giving them an opportunity to win awards.”
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