Focuses on “transaction liquidity compensation, MX utility, transaction fees, reserve transparency, derivatives risk absorbers, and off-chain trust assumptions”. 1. Exchange liquidity on-chain state mapping: partial existence. Most customer balances and order books exist in MEXC's internal ledger and matching engine, and only a portion of deposit, withdrawal, and reserve wallets are reflected in the public blockchain. Definition: The core value of MEXC is to enable trading of various crypto assets with low fees and high accessibility. Function: Greater liquidity reduces spreads and increases the probability of execution, and this effect is combined with new listings, events, and fee incentives. 2.
MEXC is near maturity through no fee trading, broad listings, strong volume, and reserve disclosure. The main bottlenecks are revenue durability, liability proof, and regulatory transparency.
Investment View
Liquidity and reserves look strong, but long term exchange quality depends on clearer profit, liability, and regulatory disclosure.