MDX is the native token of the Mdex decentralized exchange (DEX).

It plays a crucial role in the Mdex ecosystem, serving various purposes like:

* Transaction fees: Users pay transaction fees on Mdex using MDX tokens.

* Liquidity mining: MDX holders can participate in liquidity mining programs to earn rewards.

* Governance: MDX token holders have voting rights on the Mdex platform, allowing them to participate in governance decisions.

The fall of MDX coin can be attributed to a combination of factors:

* Decreased DEX TVL: Mdex's total value locked (TVL), which represents the total value of cryptocurrency deposited in the DEX, has declined significantly since its peak. This decline in user activity and liquidity negatively impacted the demand for MDX tokens.

* Broader market downturn: The cryptocurrency market as a whole has experienced a bearish trend since late 2021, with many tokens witnessing significant price drops. This broader market condition also played a role in MDX's decline.

* Binance delisting: In July 2024, Binance, a major cryptocurrency exchange, delisted MDX, further impacting its price and liquidity.