Speaker : Kiko (CMO of MDEX)
Date : Friday 24th Sept, 2021
THERE IS 3 SESSION FOR AMA
- QUESTION FROM TWTITTER
- FREE ASKING
SESSION 1 ( INTRODUCTION )
Hello everyone, we come back for AMA ID Crypto with MDEX Swap
Today we have an honored guest Kiko as CMO of MDEXwho will explain and answer your question guys
We have 3 sessions for the AMA.
The first session was introductory, the second session was forward best questions from twitter and the third session was free questions from the present participants.
Well if you feel ready, let’s start the first session, Namely the introduction.
Please introduce yourself and tell how you started a crypto business to the idcrypto community?
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.
Can you share with the community, what MDEX Swap has been doing from the roadmap?
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 stage, the number of IMO (Initial Mdex Offering) participants exceeded 8,874, with a total transaction value 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!
SESSION 2 QUESTION FROM TWITTER
- I see there is a bug bounty program in Mdex, what kind of bugs does mdex receive and how much reward will be given?
- MDEX Core contracts:
- MdxToken (heco)
- MdxToken (bsc)
- Mdx HecoPool (heco)
- Mdx BSCPool (bsc)
- Mdx SwapMining（heco）
- Mdx SwapMining （bsc）
- MDEX External Contracts
- Repurchase (heco)
- Repurchase (bsc)
- Burning (bsc)
To earn the rewards, you must:
Discover a never-reported and never-published bug or bugs, which could lead to the possible loss or lock-up of assets on MDEX (but not on any third-party platform that interacts with MDEX) and is within the scope of this Campaign.
The bugs should be firstly and only disclosed to MDEX.
Provide enough details to enable our engineers to fix the bugs.
Do not engage yourself in any illegal practices (e.g., blackmailing, threatening, etc) when reporting bugs to MDEX.
Do not exploit the bugs in any way, including disclosing to the public or making profit (except for earning rewards from this Campaign).
Act in good faith and do not perform any privacy invasion, data damage, interruption or degradation of MDEX service.
Only one bug should be submitted each time, unless you need to link the bug to other ones to showcae the impact.
Bugs caused by the same (potential) issues that have been submitted under this campaign will not be accepted, Participants should not be our current or former employees or suppliers, nor employees of any of these suppliers.
Satisfy all eligibility requirements of the Campaign.
How to submit your report
Any bugs or defects found must only be reported to the following email: email@example.com；
Prior to the disclosure to the above e-mail, no disclosure to any other person, entity or e-mail address is allowed.
Please include as much bug-related information as possible, including but not limited to:
The definite conditions for recurrence of the bug.
The steps needed to reproduce the bug.
The potential impact if the bug is exploited.
Detailed bug reports and analysis will not only increase the possibility of getting rewards but also the possibility of getting higher rewards.
For valid bug reports that have passed the preliminary review, we will reply by email within 15 days;
And for valid bug reports, we will determine the vulnerability rating and offer corresponding rewards within 15 days after replying to the email;
All rewards will be issued in the form of MDX tokens.
Credible audit institutions CertiK and Fairyproof will evaluate the valid bug reports submitted.
- I only saw 3 network, ETH, BSC, HECO networks on Mdex, will Mdex have plans to reach other networks as well? like Solana, Okexchain?
The future landscape of DEX is inevitably multi-chain deployment and interoperability, because for both DEX and CEX, the core is value exchange. If users can only interact on one chain, then the token can not flow smoothly. Value hub then is out of the question! Therefore, it is the inevitable trend to have multi-chain deployment in DEX.
- What rewards and benefits will we get if stake Mdex? How is the profit calculated?
You can stake MDX in Boardroom.
Here is the reward:
On July 19, to encourage users to hold MDX for a long term, MDEX has launched the brand new function of Boardroom lockup and investing more funds and equities to reward active participants. The specific Boardroom lockup rules are as follows:
- The Boardroom lockup function now supports different lockup periods for the staking of the single token MDX, that is, users can choose to lock up their positions for current, 30 days, 90 days, 180 days and 365 days in the Boardroom single token staking pool easily.
- Users can choose different lockup periods to obtain corresponding returns. The longer the lock-up period, the higher the income weights. That is, with the same amount of stakings, the lock-up income is more generous for longer lock-up periods.
- Users cannot withdraw the principal during the lock-up period of the Board, but can withdraw the lock-up proceeds at any time.
- After the lockup position expires, if there are unclaimed proceeds of the corresponding lockup, the contract will automatically transfer the proceeds to users’ wallet addresses.
- Is the Token Project that joins Mdex and locks liquidity there really safe? We often see devs who delete liquidity on pancakeswap suddenly and become a scam project, what about Mdex?
In the DeFi market, the volume of locked-up funds is the most common metric people use to evaluate the growth of a DeFi project. For a project, the volume of locked-up funds in the liquidity pool represents how “liquid” the project is. The higher the lock-up volume, the better the liquidity and the more dynamic the overall project, while the opposite means the project is sluggish or even dead.
MDEX.com’s innovative approach of creating multi-asset pools increases capital efficiency and thereby attracts more liquidity providers. The reason why some Defi projects lack liquidity is that in DeFi farming-and-dumping is prevalent as most DeFi projects only create pseudo-demand. But for DEX, there is always real demand.
The dual mining mechanism of liquidity mining and transaction mining has accumulated more funds, plus, the advantages in user experience and transaction depth in DEX, which enables Mdex to provide the experience comparable to centralized exchanges. The transaction fee is almost to zero and the transaction time is about 3 seconds. These advantages have helped MDEX attract a large inflow of capital, which contributes to low slippage, creating a positive cycle overall. This supports the high APY of MDEX.
- You said Transaction fee for MDX repurchase and burn, can you explain what that means?
Another difference between MDEX and other Swaps lies in the “repurchase and burn” mechanism and “Boardroom reward pool”. It is through them that MDEX returns the fees contributed by users to users.
MDEX’s platform revenue comes from the 0.3% transaction fee, of which, 0.1% will be used to promote the development of the MDEX ecology, 0.14% to reward miners through the Boardroom reward pool, and 0.06% to repurchase and burn MDX.
MDEX will inject a corresponding percentage of the daily platform fees into the repurchase pool. The repurchase and burn will be automatically executed by the smart contract when the repurchase price (72-hour MDX average price) is triggered. Otherwise, MDEX will continue to accumulate the platform income into the repurchase pool.
Okay, that’s the last question for the second session, then the third session is a free question from the participants.
SESSION 3 FREE QUESTIONS
Can you explain your tokenmix distribution? How many tokens will be minted? And how many tokens will the team lock?
Users of Uniswap and Sushi migrate to other DEX because their benefits are affected. Both Uniswap and Sushi are the two major DEXs built on Ethereum which suffers from congestion, along with high transaction fees, slow transaction speed and high slippage. These are users’ main concerns. It’s only natural that “smart” money would flow to other protocols with higher returns!
It is worth noting that despite the large outflow of Uniswap market-making funds, the volume of Uniswap transactions did not decrease. This means that there is a very high demand for real transaction on Ethereum. Similarly, the fundamentals of MDX are good at the moment, and as long as the general market is positive and the deflation rate increases after MDX is halved, the token price will be supported more solidly. MDX miners’ income will be influenced to some extent, but the impact is not significant.
Do you have any plan to do multi chain bridging with other chains like polkadot Bsc in the future?????????????
The development direction of DEX must be the one that provides good user experience, guarantees benefits, protects investment. Any project that does not live up to these expectations will surely fail. DEX’s competitive landscape is inevitably multi-chain deployment and interoperability, because for both DEX or CEX, the core is value exchange. If you can only interact on one chain, it is nonsense to dream of value hubs where tokens flow freely. So multi-chain deployment is a major trend in the development of DEX.
The core competitiveness is as follows: transaction mining subsidies (0 fees), low slippage, depth of mainstream tokens, which can be boiled down to good user experience. Mdex will keep forging ahead, expanding the boundaries for the platform and also for the DeFi industry.
white_check_mark: NFT is getting more popular now a days. It looks NFT has bright future. So do you guies have any plan to include NFT to your project?
NFT is a hot topic now, MDEX probably will introduce them in the future to enrich the ecology but it needs to be done step by step. If there is any adjustment or enhancement of the operation strategy, we will announce it through official channels as soon as possible. Stay tuned with our official account.
I would like to know if you’ve completed any security audits? Perhaps by third-parties? We’ve seen dozens of hacks, exploits and stuff like that this year, What measures have been taken to protect FLAT community from it?$
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.
CurrentIy there are many bIockchain projects, what wiII be the reason for the MDEX project to be wideIy used in the future?
As the data ecology on the public chain Ethereum continues to expand, the problems of high gas fees, slow block confirmation, and high transactions slippage on dex transactions, as represented by UniSwap, receive increasing criticism users. By taking the advantage of high TPS performance of HECO and BSC, MDEX greatly solves the problems of high gas fee and long confirmation time. When flowers are fragment, butterflies will come. Since Mdex’s launch on BSC on April 8, the excellent BSC ecology has given Mdex a huge boost to realize further development, which is why Mdex’s transaction volume, lock-up volume and the number of users reached record high.
I am happy to share with you about Mdex.
We declare AMA’s Series IDCrypto with MDEX is Done.
Thanks for Mrs. Kiko who gave us the time to share this knowledge, I hope we will understand more about MDEX.
More info about MDEX Swap