Mandala Exchange — Telegram AMA — March 08
On Monday, March 08, we had the pleasure to welcome to our Telegram chat:
We asked him questions about the development of the Mandala Exchange.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Mandala is a leading digital asset trading platform with the largest liquidity pool in the world. Mandala makes it easy for everyone to trade cryptocurrency in a secure compliant manner.
The $MDX token provides specialized trading capabilities and referral rewards. Mandala Exchange users can unlock platform enhancements and receive trading fee rebates by locking MDX on the platform.
Mandala has partnered with Binance Cloud to take advantage of Binance liquidity and technology and their development resources as well. Mandala will be able to offer low fees, innovative features, and a sustainable ability to grow alongside our user base.
The platform is protected by Binance’s cutting-edge security and risk management ensures their users’ funds are safe. All sensitive account information is encrypted at both the system and data levels.
Q — Ayeley Commodore-Mensah from GAINS: Let’s start by hearing a bit about you. What did you do before crypto and did you have any other previous venture in crypto?
A — Medici from Mandala Exchange: Prior to crypto I worked in various roles in cybersecurity, networking, and DevOps. I have worked on multiple projects in crypto, dating as far back as 2014. Crypto and blockchain have been a passion of mine since I discovered it around 2011, or so.
Q — Ayeley Commodore-Mensah from GAINS: This isn’t your first adventure in the crypto space. How did you end up with Mandala? What’s your role at Mandala?
A — Medici from Mandala Exchange: I’ve been with Mandala since mid-2018, I was brought in by the former management to handle all things tech, and have stayed with the project since then to ensure a reliable, working project was delivered to our community and the rest of the world.
I am Chief Technology Officer
About Mandala Exchange
Q — Ayeley Commodore-Mensah from GAINS: And what is the project about in a few simple sentences?
A — Medici from Mandala Exchange: Mandala is a cryptocurrency exchange powered by Binance Cloud. We strive to provide a simple, reliable trading experience for traders of all skill sets.
Q — Ayeley Commodore-Mensah from GAINS: Tell us about the backing from Binance Cloud. Does that mean you run on the Binance Chain or we should expect a listing on Binance Exchange?
A — Medici from Mandala Exchange: A partnership with Binance Cloud allows us to take advantage of not only Binance liquidity and technology but their development resources, as well. Through our relationship, we’ll be able to offer low fees, innovative features, and a sustainable ability to grow alongside our user base. To put it very simply, a partnership with the world’s largest crypto exchange was an easy choice. Our native token, MDX is currently on the Ethereum blockchain. While we will apply for listing on Binance.com, whether or not that happens is solely up to Binance.
Q — Twitter @meml97: I read that Mandala is powered by Binance Cloud, could you tell us what made you choose Binance Cloud and not any other system? What benefits will this bring to Mandala?
A — Medici from Mandala Exchange: A partnership with Binance allows us to take advantage of not only their liquidity and technology but their development resources, as well. Through our relationship, we’ll be able to offer low fees, innovative features, and a sustainable ability to grow alongside our user base. To put it very simply, a partnership with the world’s largest crypto exchange was an easy choice. Our relationship with Binance ensures that we’ll have ongoing support, a platform that’s continuously improved upon, and that our user’s funds will always be #SAFU.
Q — Telegram user Chu Linh: Do we need to verify our identity before trading on the MDX exchange? What special security features does MDX use to keep users secure?
A — Medici from Mandala Exchange: Currently, KYC is only required if you wish to withdraw more than 2BTC/day. We employ multiple layers of security, all of which are in parity with Binance. 2FA, anti-phishing, and IP detection are just some of the features we employ- and of course, funds are SAFU.
Q — Telegram user Humberto: With Mandala, users can trade anywhere with mobile applications, however, I would like to know if they also have 24-hour user support? What official channels do you have for this type of aid?
A — Medici from Mandala Exchange: We do provide 24-hour support. We are available via Telegram and Discord, but the best way to get support is to open a ticket here.
Q — Telegram user Sylvia vee: Is the Mandala platform for professional traders? What is the effect that ordinary investors who are not trading experts can feel from using the Mandala platform?
A— Medici from Mandala Exchange: Mandala is designed to function well for all types of users. For the novice, we provide a simple, user-friendly interface and world-class support. For the seasoned trader or high frequency/API trader, we provide a robust API and have plans to integrate multiple bots/Algo trading applications.
Q — Telegram user 💐💗 NDee 💗💐: Does Mandala have both iOS and Android support?
A — Medici from Mandala Exchange: Yes, both Android and iOS apps have been released in beta…we plan to resolve all bugs and release the final version by the end of Q1.
Q — Telegram user Magdalena: How has the app been received by users? What problems have you experienced?
A — Medici from Mandala Exchange: Overall, the app has been well received on both Android and iOS. We have a few bugs to resolve, but no major issues. Thus far, the most difficult part of the app release was getting it approved in a timely manner by Google/Apple during the holidays.
Q — Ayeley Commodore-Mensah from GAINS: What is the use case of the $MDX token and how does it capture the value of the ecosystem you’re building?
A — Medici from Mandala Exchange: There are multiple use cases for the MDX token. Primarily, it is used to receive trading fee rebates on the exchange. Users can lock up their MDX tokens on the exchange and receive fee rebates depending on how many tokens are locked. There are additional utilities and use cases for the token which we will release as we progress. The token utility is directly related to the growth of the exchange and will aid in the adoption and increased demand as the exchange grows.
Q — Twitter user @meml97: I read that currently exists more than one version of Mandala’s token $MDX, could you tell us how can we tell apart these different token versions from each other and what are their utility cases? Why did you decide to create more than one version of it?
A — Medici from Mandala Exchange: There are two versions of the token, the old and the new. There are no fundamental differences between the two, we simply upgraded our smart contract to be more stable and secure. All v1 tokens that were issued are being swapped to the new version 1:1.
Q — Ayeley Commodore-Mensah from GAINS: Where can v1 token holders do the swap? Is there a deadline for all swaps to be completed?
A — Medici from Mandala Exchange: The easiest way to initiate a token swap is to open a ticket here. The deadline for the swap is March 19, 2021.
Q — Telegram user Demvrick: Which wallets can send and receive $ MDX? Since you are supported by Binance Cloud, can we use the Binance wallet for that?
A- — Medici from Mandala Exchange: MDX is an ERC20 token, so any wallet that supports ERC20 should work to send, receive or store MDX. Currently, Binance does not support MDX, but we will apply to be listed there and be supported.
Q — Telegram user 🎖Sir DeFi🎖: Is there any way we can win MDX tokens, are there any sweepstakes, prizes, or competitions going on right now on Mandala?
A— Medici from Mandala Exchange: We currently have trading and referral competitions running on the exchange and plan to have similar competitions regularly going forward.
Q — Ayeley Commodore-Mensah from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Medici from Mandala Exchange: We raised funding via private investments. The project is now self-sustaining and we have no plans to raise further funding.
Q — Twitter user @ExRaw3: Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
A — Medici from Mandala Exchange: The platform has been audited by both Binance Cloud and Mandala. Our Binance Cloud agreement allows us to take advantage of their security features and all funds are secured by Binance and SAFU.
The token contract was audited prior to our agreement with Binance Cloud by Certik.
Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at? And what should we look forward to in the coming months?
A — Medici from Mandala Exchange: The exchange is live and MDX(our native token) is useable on the platform for multiple utilities. In the coming months, we will release additional features such as futures trading, margin trading, and staking, to start.
Q — Ayeley Commodore-Mensah from GAINS: DeFi has become a huge thing and DEXes are the go-to place for most people. What is Mandala’s plan to stay in the minds of people in these times
A — Medici from Mandala Exchange: We will offer all DeFi tokens that Binance supports, as well as additional assets we will list on our own. Given the high fees related to DEX transactions at this time, we’ll stay relevant and top of mind by providing superior support, lower fees, and an improved user experience.
Q — Telegram user carlos abraham 😎: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Do you have any special plans to attract and expand the community and improve the user experience?
A — Medici from Mandala Exchange: We have a very active Discord and Telegram community with which we regularly interact with. We also have plans to roll out a social platform unique to Mandala, where community members can take classes on trading, charting, and other aspects of crypto that may appeal to users of all different backgrounds.
It was a pleasure having you in our group today. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Thank you to everyone who participated! We look forward to seeing you in the community