BlockTalks x MDEX AMA Transcript!
We recently hosted an AMA with Waggle Network, on September 14th at 2.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by KIKO, CMO at MDEX. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce MDEX to our community in layman’s term?
Ans —The concept of DeFi has already launched in the market in 2018. But at that time, DeFi did not arouse huge attention from people and many users did not understand the actual benefits DeFi can bring. Until the popularity of Uniswap rising fast in a short time in 2020, a large number of users began to pay attention to DEX, and then have deep impression on DeFi. However, the skyrocketing price of Ethereum has caused congestion in transactions and high transaction fees. Thus, it is difficult for ordinary investors to bear the transfer fees of tens of hundreds of dollars for a single transfer, which gives other public chain opportunities. With the large-scale promotion of BSC public chain and HECO public chain, MDEX was born under such an opportunity with the high-performance advantages of HECO and BSC.
MDEX.COM is a decentralized cross-chain transaction protocol that supports BSC and HECO, long ranking №1 on the DEX rankings of CoinMarketCap and CoinGecko. It combines the advantages of low transaction fees on the Huobi ECO Chain and prosperity of Binance ecosystem, aiming at creating a high-performance composite DEX ecosystem, providing maximized rewards for participants with the “dual mining mechanism” of liquidity mining and transaction mining. It also manages to realize a closed and self-driven loop for value capture through using its transaction fees to repurchase and burn MDX.
The original intention and vision of MDEX is to start from trading, commit itself to building a DeFi platform integrating DEX, IMO, and DAO. In this way, it provides one-stop liquidity services for more high-quality assets, and offers users with safe, reliable and cost-effective transaction experience with diverse and high-quality assets.
Q2. What are the advantages of MDEX to other alternatives in the Blockchain field?
Ans — 1. Mdex has deployed dual chains (BSC+HECO) and supports asset cross chain bridges, which is convenient and fast for ordinary users;
2. Complete product functions: liquid mining, transaction mining, Boardroom , IMO, repurchase and destruction, etc., to meet the various transaction needs of users.
3. MDX will be rewarded for any transaction mining, and ordinary users can experience transactions with a handling fee of about 0, with almost no loss.
4. The trading depth of mainstream currencies is always in the top 3 of the entire network, and users can experience transactions with the lowest slippage loss to protect users’ interests.
5. As the leading exchange in the defi industry, MDEX is safe and stable, and trading with confidence is the core demand of ordinary users.
Q3. What are the major milestones MDEX achieved so far & what are in the future pipeline?
Ans — MDEX, [14-Sep-2021 at 7:41:40 PM]:
MDEX officially launched transaction mining and liquidity mining on January 19, 2021, with safe and smooth operation for more than half a year. During this period, MDEX successfully implemented Dual-Chain Deployment and launched on the Huobi Ecological Chain (Heco) and the Binance Smart Chain (BSC). As of August 31, 2021, MDEX transaction mining subsidies and liquidity mining rewards have produced a total of 646 million MDX, worth over $900 million, and the MDEX boardroom has completed a total of about $480 million in rewards; MDEX daily transaction volume ranks №1 in CoinMarketCap and CoinGecko of the global DEX rankings, and still keep topping the list; the cumulative transaction volume of last six-month has exceeded $400 billion. MDEX Dual-Chain Deployment (Heco&BSC) TVL exceeds US$2.5 billion.
On February 6, 2021, MDEX launched the Boardroom Repurchase and Burn Pool, the world’s first smart contract that automatically executes the repurchases and burn mechanism. As of August 31, 2021, MDEX dual-chain (Heco&BSC) had repurchased and burned totaled 83 million MDX, with an average daily repurchase and burn volume of 370,000 MDX and a total repurchase amount of more than $186 million.
In order to give MDX more ecological application scenarios, MDEX has launched a number of product functions:
- In the first phase, the number of participants of IMO (Initial Mdex Offering) exceeded 8,874, with a total transaction amount of $387 million;
2. Up to now, 13 “Burning Black Hole” campaigns have been launched, with more than 1.91 million MDX being burned.
Global expansion will be a focus of MDEX’s operations in the near future. It will expand MDEX’s brand influence in the entire DEX industry, so that more and more users can understand the use of MDEX transactions, namely mining, liquidity mining, and subsequent ecological scenarios.
This is the data performance of MDEX in August, let’s take a look!
Questions Asked on Twitter For MDEX Team!
Q1. As a DEX, providing users with the best transaction experience is always the core of the exchange. What recent measures does MDEX have to improve the transaction experience for users?
Ans — Even though MDEX has already attracted a lot of users in the DEX industry, MDEX will keep to explore the future direction of the DEX market, and continue to provide users with a better experience. MDEX launched the Market Information Function in July. Therefore, the users can quickly understand the updated information in the market, easily do transactions and gain more transaction opportunities. This function is a new product in the DEX industry and will continue to improve and iterate in the future.
The aforementioned Invitation Rebate Mechanism is also a measure taken by MDEX to benefit users, aiming to better bring more rights and interests to users. MDEX will plan to launch the Order Book Function soon. By then, it will support the users to use limit orders, market prices and other functions for transactions. All pending orders are stored in the order book of blockchain, and the orders in the order book will be matched, transacted and settled accounts according to the conditions of the order. This is a highly decentralized model. After launching this function, it will greatly reduce the gap in transaction experience with centralized exchanges.
Q2. There are many very successful blockchain projects with the same ideas as MDEX, so can you tell us the difference between MDEX & those projects? Do you feel confident that MDEX will have some outstanding features compared to those projects to attract users?
Ans — The current processing speed of the Ethereum network is about 15 transactions per second. A Swap operation on Uniswap takes about 20 seconds on the condition that the internet works smoothly. Once the Ethereum network is congested, users generally need to wait for more than 1 minute, and may even encounter a transaction failure.
MDEX is backed by the Huobi ecological chain Heco. Taking advantage of Heco’s public chain performance, MDEX’s Swap operation time takes about 3 seconds, so users have almost no sense of delay. The trading experience can almost catch up with centralized exchanges.
Transaction fees are critical to user experience. The levels of fees charged directly determine users’ revenue from each transaction.
According to data from EthGASStation, Uniswap users have spent a total of 31,500 ETH on GAS in the past 30 days. A transaction on Uniswap may cost the users 3 to 5 US dollars. The speed of the transaction is undesirable. If you want to complete a Uniswap transaction faster, the GAS fee may be as high as 20 to 30 US dollars, which are rather expensive for ordinary DeFi users.So in order to solve the problem on ethereum, we start to launch on HECO, BSC and other chains.
If the future, we will deploy on more public chains, this will allow our users to experience multi-chain transaction.
Q3. Currently, hackers are invading and taking away a lot of assets due to a lot of abuse of virtual currency and application failures. What do you think about this problem? Can we trust the security of MDEX?
Ans — MDEX has been committed to becoming a compound DeFi ecology that integrates DEX, IMO and DAO. Since its launch, it has been prioritising security and correctness of its smart contracts and blockchain-based protocols. Up till now, it has passed the audits by three major auditors, namely Fairyproof, SlowMist and CERITKS.
MDEX has been operating safely and smoothly for 5 months since its launch, and as the functions of MDEX are gradually improved, it has expanded from HECO to BSC and ETH. In future, it will incorporate more underlying assets in the MDEX ecology.
While growing steadily, MDEX has been protecting the asset security and transaction security of users. MDEX has launched a bug bounty campaign which serves as a bridge for more blockchain security researchers to safeguard users asset security and joint lybuild a better MDEX ecology. Meanwhile, for projects to enter MDEX whitelist, they must be compliant projects that have audit reports from authoritative auditing agencies.
Q4. What is the DAO model that MDEX has proposed? How will you provide MDEX holders with long-term ecological benefits and governance rights that make them part of your project and feel committed to its growth? What are the requirements for membership in your DAO?
Ans — The development of MDEX follows the essence of blockchain-DAO autonomy. The core charm of DAO is that the benefits and value created in the community will be shared by all contributors fairly. The enabling of DAO autonomy by MDEX provides MDX holders with the chance to have a stronger sense of belonging to MDEX, making MDEX truly enter the era of community autonomy and win-win. This, will further allow the community to have more rights to make independent decisions and platform operations to be more transparent and decentralized.
MDEX’s upcoming DAO governance rules are as follows:
1. All holders of Boardroom Lock-up MDX will receive the official DAO governance voucher tokens issued uniformly. The governance voucher can be used in the following scenarios :
1）Voting for favored Directors and community proposals
2）Participate in the IMO;
3）Running for Director.
2.With the governance voucher, you will get the right of DAO governance
1) Stake a certain amount of governance vouchers, so as to participate in the Director Elections. The users can vote for their favored directors.
From the beginning of each natural month to the end of the month, 30 days, and according to the order of an average number of votes, the 9 address holders with the highest number of votes become the 9 directors.
After all directors are successfully elected, the election stays valid for one natural month.
2) All users who hold governance vouchers can initiate community proposals, and further submit them when staking a certain amount of governance vouchers.
3) Directors can choose the community proposals they support. Proposals supported by no less than 5 directors can enter the community referendum.
4) All users vote on the proposals. During the voting period, the proposal with the most votes will be approved and finally executed by the MDEX team.
Q5. MDEX released the Hunter plan in August — 10 million US Dollars to Support Ecological Projects. Can you give us a detailed introduction to it?
Ans — The Hunter plan is the MDEX Foundation’s development support plan for the global ecology. The Hunter plan has a total of $10 million, giving priority to fund projects that share MDEX’s philosophy, including high-quality projects like Metaverse, DeFi, GameFi, and NFT. The main goal of the Hunter plan released by the MDEX Foundation this time is to continuously consolidate the platform business, enrich the platform transaction diversity, provide financial support for high-quality projects, and assist project parties to expand broader ecological resources, and fundamentally promote the entire ecosystem develop. The MDEX Foundation released the latest information on September 1. It announced that on the basis of the Hunter plan of 10 million US dollars to support ecological projects, an additional 20 million US dollars will be used to support the high-quality ecological projects in the initial issuance stage, like the Huobi Ecological Chain (Heco) and the Binance Smart Chain (BSC). These ecological projects in the initial issuance stage supported by the MDEX Foundation will have an opportunity to be issued on the MDEX IMO (Mdex initial offering) sector. At that time, the users who hold MDX on the MDEX platform can receive air-drop of the project tokens through the lock-up MDX mechanism at 0 cost.
The project parties can submit an application to MDEX. After review being passed, they will gain as follows:
(1) MDEX Ecological Foundation will increase $50,000 liquidity to the project on MDEX;
(2) If TVL is greater than or equal to $50 million for 7 consecutive days, MDEX Ecological Foundation will increase $150,000 in liquidity to the project;
(3) After projects attain over $2 million in liquidity and $3 million transaction volume, there will be a chance to open liquidity mining rewards, and the platform will increase another $300,000 in liquidity to the project.
You can also check the specific plan details in the official website announcement: https://mdexdoc.gitbook.io/doc/announcement/mdex-foundation-releases-usd10-million-hunter-program-to-help-ecological-projects.
Questions Asked by our BlockTalks Community Members during live Session to MDEX Team!!
Q1. MDEX.COM supports the decentralized cross-chain transaction protocol of BSC, HECO and ETH, and occupies first in the DEX rankings of CoinMarketCap and CoinGecko. What features of MDEX do you think that guided the platform to be top 1 in its field?
Ans — Mdex has a very low transaction fee to compare to other Decentralized exchanges and currently we have some unique features which makes mdex an outstanding Dex from it’s competitors. Some of the features are Transaction mining, repurchase and destruction, board of directors, and annualization remain very high.
Q2. As a leading exchange in the defense industry, MDEX is secure and stable, and trading with confidence is the main demand of users. So, can you elaborate on the security and defenses you have developed to protect users and be a trusted platform in the crypto space?
Ans — Mdex smart contract is safe and well audited by a reputable auditing firms such as codeSafe, certik. Users funds are secured and users don’t store their funds on our platform, they have control of their funds. You can check our audit report on our website www.mdex.com
Q3. Smart contract security is always a concern and concern in crypto projects. Have you had your smart contract audited by professional institutions? Also, do you have a bounty program to detect your vulnerabilities?
Ans — Yes, our smart contract is fully audited and We also have our bug bounty campaign. Developers participating in the bug bounty campaign will receive MDX rewards ranging from 60,000U to 6,000U, making a total over 120,000U. All rewards will be distributed in the form of MDX tokens.
In addition to severity evaluation, the impact of the vulnerabilities found and the difficulty level of finding such vulnerabilities will also be considered when deciding reward levels. You can visit our website www.mdex.com for more details on our bug bounty campaign.
Q4. Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
Ans — Yes, NFT business will be carried out about Mdex mascot in the future. For more information, please pay attention to our group notice which will keep you informed of the whole progress.
Q5. Kindly e explaine the major goal of the #MDX platform’s and How you intend to keep your platform going regardless of market conditions ? What is the real life use case of the MDX token
Ans — Mdx token is a utility token which is the core medium of exchange token of MDEX, MDX not only represents the rights of the holders, but also has its practical application value. MDX can be used as Governance tokens.
MDX is a community-led decentralized project that can be used for community governance of MDEX to make decisions on major issues in the community. Such as voting on transaction fee ratios, review of other important rules, and the decision to achieve deflation in the face of periodic repurchase and burn of tokens.
Also MDX is a standard fundraising token used by HT-IMO, a de-centralization fundraising protocol based on MDEX platform. It’s similar to use ETH to do ICOs on Ethereum platform and will have greater value as IMO is widely used. Mdx holders will be able to participate in our IMO.
Q6. Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of $EPICHERO Token & attract Investors to invest?
Ans — We do allocate some Mdex of our daily platform income into the repurchasing and burning pool, the allocated funds are used for repurchacing and burning the MDX. Whenever the market price is lower than the 3 days average price, our smart contract gets triggered and the repurchasing and burning will be automatically executed. If the actions are not triggered, the tokens will continue to accumulate into the repurchasing and burning pool.
Q7. As a community based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System??
Ans — We launched our M-angle recruitment program which is same as Ambassador Program to help us create awareness to other regions.
M-Angel is a long-term personal partner of MDEX community, helping MDEX to build and care for a MDEX brand that continuously transcends the past, challenges the future, and focuses on the present details.
M-Angels can contribute any valuable resource to MDEX could be rewarded with MDX tokens or other forms of incentives for their contributions.
According to the monthly score, M-Angel ranks Navy Blue, Sky Blue, and Blizzard Blue in order, and the ranking rises or falls according to the monthly activity and contribution value.
You could apply to be our M-angels, if you could contribute content output, publicity channels, user cultivation, technical cooperation, or you are an influencer.
By doing so, MDEX will give you reasonable token returns, and you have the chance to become a project ambassador, get special invitations for online and offline activities or participate in DAO governance.
If you are interested, please check out the details here:
Q8. Where can I buy it? also all the links to all your social media platforms if possible?
Ans — You can buy mdx on our platform mdex.co or on huobi or Binance Exchange.
Official website link: www.mdex.com
Ann Channel: https://t.me/MixDexAnn
Telegram Chinese: https://t.me/MixDex
Telegram English: https://t.me/MdexEN
Telegram Russian: https://t.me/MdexRussia