September 9-th held an Ask Me Anything session at ICO Speaks telegram chat. From the MDEX
Let’s get started!
Q:Please Introduce yourself and background and team working on MDEX
A: Hi, I am Kiko, the CMO of Mdex. I have been in the crypto market for 3 years. I have extensive experience in the Crypto industry particularly in DeFi.
MDEX is an exciting and innovative project on the market that has made significant strides over a short period of time compared to its peers. After getting into the crypto industry, I never looked back and my goal is to explore as much about this field as I can.
Q:Please introduce to us the project in detail (background, project positioning, vision, etc.).
A: 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 No.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.
Q: After more than half a year of development, Mdex has made considerable achievements, and its transaction volume has been ranking No.1 in DEX industry for a long time. Can you sum up the phased achievements made by Mdex in the past six months?
A: 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 No.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:
1.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!
Q:MDEX launched the Boardroom Lock-up function in July. What is the data performance after the launch?
A: Answer: MDEX launched the Boardroom Lock-up function on July 17, marking another step towards DAO. Up to now, the MDEX’s double-chain lock-in market capitalization has exceeded $600 million, MDX lock-in rate of 89.62%, MDX with more than 30-day lock-in volume accounting for 62.93% of the total circulation, and only 6.4 % of actual circulation of MDX.
MDEX has been maintaining outstanding performance because of its premium products. On the one hand, it creates differentiated liquidity mining and transaction mining functional value for its users. On the other hand, the Boardroom staking lock-in gives users more rights and interests, allowing MDX holders to enjoy long-term ecological benefits and governance rights.
For the 365-day lockup of MDEX boardroom, the APY is over 500%, and users can choose to lock up their assets for 30 days, 90 days, 180 days or as a demand deposit. Although the lock-up APY might fluctuate, it is still ranking on top among its peerproducts on the market.
Q: We noticed that MDEX has just released a new product – Invitation Mechanism. We would like to know why MDEX released this invitation product during this time period?
A: The Invitation Mechanism is not an innovative product of MDEX. At present, several leading CEXs in the industry have this mechanism for a long time, and some other DEX platforms have also launched the functions of invitation with good feedback.People who invite friends to do transactions on MDEX not only enjoy platform commission but also save service fees for their friends. This is in line with the original intention of providing users with a cost-effective transaction experience and giving users benefits at the beginning of MDEX’s establishment. This Invitation Mechanism achieves a lower cost of centralized transactions and meets users’ demands.
After the functions of invitation are launched, the MDEX team may hold similar activities such as team transaction competitions in the follow-up operation plan. This can effectively promote the activity of the platform and allow more people to learn about MDEX. The more the transactions on MDEX, the more transaction fees, and the more the number of MDX repurchased and burned, creating a benign closed loop.
Q:MDEX released the Hunter plan in August – 10 million US Dollars to Support Ecological Projects. Can you give us a detailed introduction to it?
A: 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.
Q: MDEX announced that DAO governance will be launched soon. What are the rules of DAO? What is its concept?
A: Answer: 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:
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.
Q: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?
A: 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.
Q:MDEX ushered in the second halving in September. This is undoubtedly good news for investors. Speaking of the good news, what other development plans does MDEX have in 2021?
A: The second halving of MDX, combining with the existing trident – repurchase and burn mechanism, Burning Black Hole campaign, and Boardroom lock-up product, will bring MDX into the era of low inflation, which is good news for MDX.
MDEX has announced the latest roadmap when it exercised its first halving. Since then, it has been planning for the future according to the latest roadmap. The long-term lock-up function of the Boardroom has been launched so that more MDX holders and users can get gain more benefits. In return, it also fired the first shot of DAO. At the same time, MDEX will launch more IMOs to provide users with more air-drop benefits. In addition, MDEX will launch three plans in the follow-up to create more potential benefits for users.
The first is the M-USD plan, which is to launch a multi-collateral method to mint stable cryptocurrency MUSD, and provide suitable application scenarios and liquidity rewards in the ecology so as to offer token in liquidity for MDX holders;
The second is the M-MEX plan, which is to launch a series of derivatives tools to provide users with ways and paths to create multiple benefits;
The last is the M-League plan. On the basis of the existing Hunter plan, more funds will be injected into a series of supporting projects such as IMO, ecological fund investment and start-up project incubator, so as to better invest and serve global development and to bring benefits to users with high-quality projects and ecology.
These series of measures are all MDEX’s visions. The players of decentralized transactions are all expecting these new ways.
Q:Can you list 1-3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
A: 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.
Q: Security is the most important thing to consider want starting up a project, how secured is this project for users and investors?
A: 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 (http://www.mdex.com/)
Q: Do you have any Bug Bounty to check for weakness? In what way do you plan to make Your project more complete??
A: Yes. We 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 (http://www.mdex.com/) for more details on our bug bounty campaign
Q: Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
A: 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.
Q: Can you give an overview of your Tokenomics, and the UTILITY of Token?
A: 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.
Q: Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
A: 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.
Q: Tell us more about the Ambassador Program and in what ways can we participate ?
A: 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:
ICOSpeaks hosted an AMA Session with the MDEX Team. That’s all for today.
Thanks to all users who participated.
Thanks, MDEX for being with us
Thanks, all and see you soon😉
Cheers 🥂
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