• MUX Protocol, a decentralized perpetuals exchange, has seen significant growth in key performance indicators (KPIs) since its launch in August 2022.
• The protocol’s native token MCB shot up by 6% at press time and trading fees have risen exponentially in the past month.
• Total funds locked into the protocol’s smart contracts have stayed fairly flat, suggesting an overall neutral sentiment towards MUX.

MUX Protocol has seen an impressive trajectory in terms of its key performance indicators since its launch in August 2022. The protocol, a decentralized perpetuals exchange, works on a layer-2 scaling solution Arbitrum, which has enabled it to replicate some of the success of Gains Network [GNS], which is built over Polygon [MATIC].

The protocol’s native token MCB, has seen considerable growth since its launch, shooting up by 6% at press time. Furthermore, the daily trading volume and cumulative trading volume on the protocol have both increased significantly since August 2022, reaching higher levels with each passing day.

In addition, the total number of active users on the protocol have also seen a significant increase since the start of 2023. This is further evidenced by the increasing amount of fees paid by traders, which have risen exponentially over the past month, reaching over $30k from a little over $200 on 31 December.

Despite these positive signs, total funds locked into the protocol’s smart contracts have stayed fairly flat, suggesting an overall neutral sentiment towards MUX. This could be attributed to the fact that MUX is a relatively new protocol and is yet to gain full traction in the DeFi ecosystem.

Nevertheless, with the increasing trading volumes, more users and a growing token value, MUX Protocol could soon become one of the leading DEXes in the DeFi arena.