MUX Protocol
MCB
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
MCB (MUX Protocol) achieves an overall score of 4.0/10 based on a weighted synthesis across all six evaluation sections. On the positive side, MCB features a sound tokenomics design with a hard supply cap, a low FDV-to-market-cap ratio, and a direct fee-accrual flywheel through veMUX locking, backed by an incident-free security history with active bug bounty coverage and CertiK audit verification. However, these fundamentals are overshadowed by critical project weaknesses. Active development is minimal and maintenance-only, TVL has contracted to ~$1.3M with negligible daily volume, and team governance remains fully anonymous with centralized control over protocol-owned liquidity. Most critically, community activity reflects terminal stagnation, with ongoing governance discussions centered around an orderly protocol wind-down and redemption of protocol-owned liquidity.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About MUX Protocol (MCB)
MCB is the governance token of MUX Protocol (formerly MCDEX), a decentralized perpetual trading aggregator deployed across Ethereum, Arbitrum, and BNB Chain. Launched in its current iteration in August 2022, the protocol routes perpetual contract trades to aggregate liquidity and enable trading with up to 100x leverage.
The protocol's token model is centered on a hard supply cap of 4,803,144 MCB tokens. MCB can be locked into veMUX to participate in governance and accrue protocol revenue. Under the platform's fee distribution mechanism, 70% of transaction fees are allocated to MUXLP liquidity providers, while the remaining 30% is directed toward protocol-owned liquidity.
MUX Protocol operates with a fully anonymous development team and lacks formal documented decentralized governance structures. The project has experienced a severe, unrecovered price crash from its historical highs, with daily trading volume dropping significantly and total value locked contracting to approximately $1.3 million. Development activity has shifted to a maintenance-only posture, and recent governance forum discussions have focused on a potential orderly wind-down of the protocol, alongside proposals for the pro-rata redemption of protocol-owned liquidity.