Mandala CEX, a private trading platform deployed in the Binance Cloud ecosystem, has been doing fine since 2020. While it did not get any significant press or outstanding ovations, it managed to gain traction and now has a respectable market share and some dedicated users. The platform is trying to expand its offerings, but many of the projects seemed underwhelming to say the least. Their next foray looks a little bit more promising.
In partnership with the EXO platform, Mandala launches exoBridge, a partially centralized DeFi web service allowing for quick swaps across multiple different networks while using a non-custodial approach with users employing their wallets to engage with the swap platform. exoBridge gains access to liquidity on the Binance exchange through its partnership with Mandala, but it will also include some exclusive listings put out by Mandala only.
exoBridge is a platform targeting both individual and enterprise clients with their B2B product allowing cross-platform transactions and easily integrated solutions for various platforms operating in different ecosystems without compatibility issues. EXO hopes that their new collaboration with Mandala will attract businesses such as decentralized exchanges and facilitate more crypto transactions using the massive liquidity of the Binance Cloud infrastructure.
Marketing talk aside, the solution seems to be promising and has competitive advantages that may allow it to be a very powerful tool for DEX and DeFi platforms in general. However, we have to take into account the current situation in the market with everything losing value due to both macroeconomic factors and some events in the world of crypto. Whether a platform like exoBridge will have any use in the nearest future is a concerning question.
Some analysts think that the crypto winter may continue during the actual winter. Prices may not recover until May 2023. It means that projects like exoBridge may need to survive without any significant attention from users and other DeFi projects that are struggling in the contracting crypto industry. It seems that the timing is unfavorable for EXO and Mandala. Let’s hope that their projects survive through winter and start gaining momentum when the market recovers.