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GAINS Associates

MDEX — Telegram AMA — March 28

On Sunday, March 28, we had the pleasure to welcome to our Telegram chat:

Kiko, CMO, and
Dantes, Community Lead.

We asked him questions about the development of MDEX.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

MDEX is an automatic market-making decentralized exchange based on Huobi Eco-Chain (HECO) and Ethereum and supports the “dual mining mechanism” of liquidity mining and trade mining.

It aims to integrate the distinct advantages of a variety of basic public chains to create a high-performance compound DEX ecosystem.

MDEX is based on Heco’s high-performance public chain. The TPS of the Heco chain can theoretically reach up to 500, and the transaction confirmation time is about 3 seconds.

MDX 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 destruction of tokens.

Introduction

Q — Ayeley Commodore-Mensah: Let’s start by learning about your background. Can you tell us what you did before crypto and did you have any other previous venture in crypto?

A — Kiko from MDEX: I’m CMO of MDEX. I have been on this team since the very beginning.

A — Dantes from MDEX: Thanks for asking. I’ll introduce myself first.

I’m Stan, a physicist by background and I was working with my country’s federal government before joining the crypto space in 2016. I have also worked on many projects and I joined MDEX in 2021 as community lead. I’m also a member of seal.international.

Q — Ayeley Commodore-Mensah from GAINS: For how long have you been working on MDEX? And how many people are on the team?

A — Kiko from MDEX: I have been on this team since the very beginning. Our core team has rich experience in cryptocurrency, most of them have the experience of working on some famous projects in the cryptocurrency industry. So we have a strong team in Technology, Market, Business and Communities.

About MDEX

Q — Ayeley Commodore-Mensah from GAINS: Alright then. Let’s find out more about MDEX. What is the project about in a few simple sentences?

A — Kiko from MDEX: MDEX is an excellent project. It is now the first dex ranked by Coinmarketcap according to trading volume. Hope I can introduce MDEX to you from all I know.

MDEX is a decentralized transaction protocol based on an automated market-making mechanism. It aims to integrate the distinct advantages of a variety of basic public chains to create a high-performance compound DEX ecosystem.

Using the “dual mining incentives through liquid mining and transaction mining”, maximizes the returns for participants. The transaction fee charged is utilized to repurchase and burn the platform token, which contributes to materializing a self-driving closed loop for value capture.

After the first-stage development, MDEX now is committed to building a DeFi platform that integrates DEX, IMO, and DAO. In doing so, it seeks to provide one-stop liquidity services for more high-quality assets, and at the same time offers users a more secure, reliable, diverse, and cost-effective transaction experience.

Q — Twitter user @meml97: I read on your Twitter page that MDEX will offer various, rapid, quality, and low-cost cryptocurrency transaction service with a safe contract. Can you tell us more about this service? What services are these and when will we see them?

A — Kiko from MDEX: The smart contract allocates the corresponding proportion of daily platform income into the repurchasing and burning pool.

When the market price is lower than the three-day average price, the smart contract will be triggered, and the repurchasing and burning will be automatically executed.

For the innovations MDEX brought, I will give an introduction

1st, MDEX uses a “dual mining mechanism”: liquidity mining and transaction mining; which will provide the user with more revenue return.

2nd, MDEX is the global pioneer of automatic repurchase and burn mechanism. We launched a repurchasing and burning pool weeks ago.

MDEX intends to create a new compound ecosystem that covers multiple application scenarios and connects various public chains. It will continuously expand more application scenarios, lower the threshold for users, and provide global users with more convenient, high-performance, low-cost, undifferentiated financial services to realize fair pricing, instant settlement of transactions, and free flow of value.

Q — Twitter user @rulexrox: How does the DAO in MDEX work to improve governance and vote through a substrate to build a solid platform using its native $ MDEX token, what long-term benefits do we get from owning its token with the right to vote?

A — Kiko from MDEX: The DAO will be able to make decisions on the platform. When we start to open the DAO, you can find more useful information on twitter or medium,pls stay tuned.

As of March 9, MDEX had provided more than US$210 million rewards for liquidity providers (LP). Although currently, DeFi popularity is in slight decrease, MDEX still has 33 mining pools with APY over 100%, while the lowest APY for trading mining pools is 14,112%, and the highest is as high as 1,421,938%.

We have an ongoing bounty at the moment which is a great way to refer your friends. There are some amazing tasks you can take part in and get rewarded. Please check here for the bounty campaign details https://link.medium.com/ouhmsiCe7db

MDEX intends to create a new compound ecosystem that covers multiple application scenarios and connects various public chains. It will continuously expand more application scenarios, lower the threshold for users, and provide global users with more convenient, high-performance, low-cost, undifferentiated financial services to realize fair pricing, instant settlement of transactions, and free flow of value.

MDEX also has a dual mining mechanism that allows everyone to take part in the platform. Anyone can decide to join the liquidity mining program or trade mining program and get rewarded.

MDEX will create a composite DeFi ecosystem that integrates DEX, IMO, and DAO in the future.

Token

Q — Ayeley Commodore-Mensah from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?

A — Kiko from MDEX: MDEX has a great revenue/profit-generating model. The main revenue generation is through transaction fees from our platform of which we do allocate some of our daily platform revenue into the repurchasing and burning pool, the allocated funds are used for repurchasing and burning the MDX. Thereby, making MDEX token deflationary helps to create a win-win for both investors and the project.

Competitive Advantage

Q — Ayeley Commodore-Mensah from GAINS: What advantage do you have over more traditional names in the DEX space like Uniswap and Sushiswap?

A — Kiko from MDEX: MDEX has more advantages over other DEXes such as Uniswap and Sushiswap. Here are three main advantages Fast transactions, Cost-efficient and Cost-efficient.

Fast transactions: MDEX’s transaction processing time is about 3 seconds, which is lower than the average of about 20 seconds on Uniswap. Considering that the transaction efficiency will further decrease when the Ethereum network is congested, the transaction speed of MDEX is much faster than on Uniswap. MDEX is based on Heco’s high-performance public chain. The TPS of the Heco chain can theoretically reach up to 500, and the transaction confirmation time is about 3 seconds. DeFi users can get a good experience in transactions on MDEX.

- Cost-efficient: When Uniswap trades 1000USDT, users not only need to pay a 0.3% transaction fee (US$3 in this case) but also an average gas fee of 30 to 50 US dollars. For transactions of the same scale in MDEX, the handling fee is also US$3, but it can be refunded through transaction mining. More importantly, the gas fee for a single token transfer of $0.01 is negligible. The transaction fee subsidy for MDEX users exceeded US$310 million, and the cumulative LP reward was US$210 million.

-Highly rewarding: MDEX, a representative project in the Heco ecosystem is supported by Huobi’s concentrated ecological resources thus has a significant wealth effect. As of March 9, MDEX had provided more than US$210 million rewards for liquidity providers (LP). Although currently, DeFi popularity is in slight decrease, MDEX still has 33 mining pools with APY over 100%, while the lowest APY for trading mining pools is 14,112%, and the highest is as high as 1,421,938%.

You can trade MDX here: Huobi | MXC | Bibox| MDEX

Security

Q — Twitter user @rosemaryt08: I believe that lately, many mining platforms are emerging, and currently there are many interested users but also many become scams, so how does MDEX guarantee trust and security to its users? And could you explain to me how they manage to offer such high profits per block?

A — Kiko from MDEX: Investing in a crypto project, safety is first. We just announced today that we passed the audit by Certik. Even though we passed many other audits before, we are still happy about the high score they gave us.

Please check out the announcement here

So we can confidently say that MDEX will provide you with a safe environment for trading.

We have the simplest method of trading which every user can easily exchange their digital assets with confidence and also earn rewards through our trade mining program.

We also have a liquidity mining program that solves the liquidity issue. All the liquidity providers are incentivized for providing liquidity. You’re free to join our liquidity or trade mining program, kindly check here for instructions.

Financial

Q — Ayeley Commodore-Mensah from GAINS: Did you raise funds so far for the project? If so, how did you handle them? Are you planning to do any future raises?

A — Kiko from MDEX: Absolutely yes. Since March 9, MDEX has 2,703 trading pairs. In addition, MDEX’s transaction depth has reached 60,000 ETH (approximately US$78 million), which basically guarantees the stability of the trading system in face of market changes.

I still want to continue answering the last question。

Yes, we had initial private fundraising which some reputable investors who we know will support the project long-term were selected to invest in our project. We didn’t have any public funding and there are no plans of any future funding at the moment because we are financially fine.

Business Development

Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at? And what should we look forward to in the coming months?

A — Kiko from MDEX: After the first-stage development, MDEX now is committed to building a DeFi platform that integrates DEX, IMO, and DAO.

In doing so, it seeks to provide one-stop liquidity services for more high-quality assets, and at the same time offers users a more secure, reliable, diverse, and cost-effective transaction experience.

Q — Telegram user Marian Merheb: Can you tell us more about the MDEX Angels? I read that they will be classified into categories, what categories are those? How can I join MDEX Angels and go from one category to the other?

A — Dantes from MDEX: M-Angel is a long-term personal partner of the MDEX community, helping MDEX to build and care for an 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 and are 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.

Few days after the launch of M-angel, we have gladly received several applications these days. There are applicants like a YouTuber, community manager, a developer who showed high interest in MDEX and have already paid a lot of attention to us before the recruitment.

To find the access, here is the information you may need:

Q — Telegram user Lisa: Do you have any plans to add more to existing blockchains in the future?

A — Dantes from MDEX: Yes, this is already in our pipeline. MDEX first chose the Heco chain for the consideration of performance, community, and timing. However, MDEX is not limiting itself to Heco. Instead, it hopes to be a DEX project that provides the best user experience in the entire DeFi field. The Version 2.0 products that will be launched in the second quarter will be deployed in multiple chains on public chains such as Ethereum (supporting Layer 2 networks), BSC, OKChain, Polkadot, Near, etc. so that assets are inter-connected. In this way, MDEX is marching toward building a compound eco transaction protocol. At the same time, MDEX is testing and deploying cross-chain agreements between Heco and other public chains, which will allow MDEX users to switch, transfer and trade cross-chain assets instantly.

Q — Telegram user Lee Chen: NFT is a very hot trend now, do you pretend to catch up with this trend or still follow and focus on your original roadmap?

A — Dantes from MDEX: Yes, I agree that NFT is the trend at the moment and the MDEX team is committed to serving our users with the best trend, so we are ready to adjust and adapt to any innovative ideas that come up. We will also support the NFT market

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

Here are some links to take note of:
Website | Telegram Chinese | Telegram English | Discord | Twitter | Medium

Other useful resource:
MDEX Economic Whitepaper | MDEX Operation Guide — Dantes Stan from MDEX

Join us now! Enjoy quality articles, daily curated news, insightful infographics, and enter a vibrant, fun, and knowledgeable community!

Website | Telegram ANN | Telegram Group | Discord | Twitter | YouTube

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GAINS Associates provides you with the latest news and research in blockchain and crypto. It’s a community for everyone to learn and grow together.

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