Super excited to Have AMA with :
( Head Of Business Development MCDEX )
7 September || 8.00 PM ( WIB )
Venue : @idcrypto_official
3 sessions for the AMA:
1) introduction Project
2) Forward The best Question
3) Free Asking
Total prize $100 On MCB
IDCRYPTO : Before we start the AMA event today, I will ask a little about your background, sir.
Can you tell us a little about your background, how did you get started with the blockchain industry and get started on MCDEX?
I’m Gareth Mensah, I have worked as a engineer for 12+ years before I join crypto, I fell in love with the space and the idea of giving people back their financial freedom. I worked for projects as developer evangelist to help grow the communities of various project, and recently I joined MCDEX as head of business development, to help build relationships with other projects and communities in the crypto space.
IDCRYPTO : Alright..
We will start the first session of the AMA event today. In this session I will give some questions about MCDEX, if you feel that you have enough to provide an answer, you can say “done”.
SESSION 1 PROJECT INTRODUCTION
IDCRYPTO : Okay.. let’s to the first Question
1. Could you Explain to Us, What is MCDEX?
MCDEX is an decentralized exchange for trading perpetual contracts. Perpetual contracts are a derivatives that allow you to trade leverage position with no expiration. MCDEX was launched earlier this year, we are the first exchange to have a decentralized Ethereum perpetual contract. We then added a perpetual for LINK, and more recently for SNX, LEND and COMP. We will keep adding more contracts in the future. The exchange is decentralized, meaning that it is build on a set of smart contracts deployed on the ethereum blockchain. This set of smart contracts is called the Mai Protocol, which in chinese stand for “buy” or “sell”. And so everything that happens on MCDEX is on-chain and is thus transparent. We have a hybrid model, with both an order book, and an AMM, an Automated Market Maker, so our vision is to provide both a great experience for traders, and an on-chain liquidity money legos for developers to build on top of.
IDCRYPTO : 2. I noticed that MCDEX also has decentralized derivatives exchange, please explain to us what features are currently available?
Yes. So most people are familiar with spot trading, where you have $100 and say ETH is worth $100, you can buy one ETH. On a derivative exchange, you can use leverage. On MCDEX you can use up to 10X leverage, so if you have $100 and ETH is worth $100, you can get up to a 10X leverage position that would be 10 ETH. So say ETH goes up by 10%, then instead of making $10, you would make $100. So, leverage trading is very popular, actually is it bigger than spot trading. Bitmex is the exchange that made trading perpetual contract very popular. Many people in the space think of MCDEX as the decentralized Bitmex. Our perpetual contracts are smart contracts deployed on Ethereum. What that means is (1) we are a non-custodial exchange, so users always remain in control of their funds, and (2) every transaction is on-chain and that brings a lot of transparancy into the trading. (3) we have a hybrid model, an order book that most traders are familiar with, and an AMM, an Automated Market Maker, which is a smart contract that users can trade with. If you are familiar with Uniswap, then it’s the same concept. This AMM is a smart contract with a pool of liquidity, so this on-chain liquidity can be used to build new services and financial products, which is on our roadmap.
IDCRYPTO : 3. please explain to us what infrastructure and ecosystem does MCDEX have?
So, at the top level, MCDEX is a platform, you can go to mcdex.io to trade on the exchange. At lower level, this exchange is powered by a set of smart contracts called the Mai Protocol. This include the smart contract for the perpetuals, the smart contract for the AMM, and for the price feed. So, this infrastructures means that we can expand beyond the current exchange, and build new financial products on top of those smart contracts. Also, we introduced the $MCB governance token. This token is a rewards for users that provide liquidity to our AMMs. This incentivizes the growth of on-chain liquidity, which can be used to build those new financial products. We have a rich community of entrepreneurs, builders and investors, so for anybody who is interested in building or creating financial services that involve derivatives, we invite you to join our Discord community where you can find out more about what we are building: https://discord.gg/
IDCRYPTO : 4. does MCDEX have its own token? What is the name of the token? how much supply is available and where will the tokens be allocated?
Yes, MCDEX introduced the $MCB governance token. This token is currently used as a reward for users that provide liquidity to our AMM. For example, you can provide $ETH to our ETH-PERP AMM, or $LINK to our LINK-PERP AMM, and you will recieve $MCB for doing so! Our APY is very generous, so would recommend people to check it out. A second utility is for voting on the various aspect of the protocol, we have a voting app where users can vote on proposals and create proposals that affect the direction of the platform. Our goal is for MCDEX to become a DAO ran by the community of $MCB token holders, and every decision is made by the $MCB holders, i.e increasing/decreasing the trading fees, adding/removing perpertual contracts, etc, you can see our voting app here: https://vote.mcdex.io/
You can also check out our roadmap here to see how we plan to add utility and value to the $MCB token: ROAD MAP
And the supply information is available on coingecko: COIN MCDEX
we currently have about 1.8 million $MCB available.
25% to the founding team and early investors. 2.25% has a 2-year linear vesting period and 22.75% has a 4-year linear vesting period.
25% to the MCDEX Foundation for token sales to cover expenses such as development, audits, market making, marketing, etc..
50% to user incentives with a limit of up to 5% per year.
the total supply of token is 100 million.
IDCRYPTO : This is the last question from the first session
5. can you please tell us about the current MCDEX roadmap? What things have been realized? and what are MCDEX’s current or future targets?
Yes, we are planning to add more perpetual contracts, we are working very closely with ChainLink as we use their price feed for every single perpetual contract. With the Mai Protocol, we can use any ERC-20 as the base of a perpetual contract, so we are looking to add a lot more perpetuals in the future. We are are working on introducing new financial products, we have build the $eUSD, which is a synthetic asset pegged to the dollar. This asset can be created by minting a leveraged position deposited in our AMM. We are also working on MCFUND, which will allow lesser experienced traders to copy trade more experienced traders. This will make it easier for users to trade derivatives. Also, we are expending our liquidity mining to all our perpetual contracts, so that users that provide liquidity to any of our AMM for our perpetuals will be rewarded. We are also working on the governance to make it easier for $MCB token holders to vote and create proposals. Also, we are researching a scaling solutions to reduce the cost of transactions as gas fees have been increasing. So we have a lot of exciting things we are working on, if you want to know more, join our Discord: https://discord.gg/
SESSION 2 FORWARD THE BEST QUESTION
IDCRYPTO : Q1 From email@example.com
Could you please tell, How $MCB to increase the value, liquidity and utility of the token. So that it can result in a natural increase in the price of the token?
Yes! So, we have a packed roadmap to add utility to the $MCB token:ROAD MAP
So, this roadmap includes giving a share of the trading fees to the $MCB token holders, and using the $MCB as a collateral for perpetuals. There are also proposals to add a vesting schedule to the liquidity mining, so that liquidity providers have to hold the $MCB for a given amount of time. This should incentivize users to think long term and not speculate and sell the token right away. Our roadmap is what we can progressive decentralization, so the important thing to remember is we want $MCB token holder to have ownership of the platform, to run it as a DAO
So, for this to happen, the $MCB will be used to align the incentives of all the users and actors in our ecosystem, the developer team, the early investors, the liquidity providers, the traders, the third party developers, etc. We have very big goals for adding utility to the $MCB token as it is the key to our ecosystem.
IDCRYPTO : Q2
How does MCDEX derivatives market protect speculators from major losses in derivatives? What are the risk control mechanisms?
Security is a priority for the MCDEX team, so we have had two audits on our platform, one from Open Zeppelin, one from Consensys. The security model for MCDEX is explained in details in our white paper. One of the main concern is the price feed and making sure we get the correct price for our contract. For that we use the ChainLink price feed, and we also have backup oracles, that we check as well, and if the difference is too great then we can halt the trading and figure out what is the issue. The other risk is market risk, so the crypto market is volatile and with leverage traders take the risk of being liquidated, so we provide the ability for traders to rebalance their position to avoid liquidation. The liquidation process is automated, and there are fail safe in place for worst case scenario where we could socialize the losses. You can read more on this process in our white paper:
white paper mcdex
Security and risk management is a top priority for MCDEX, because we want our users to trade safely, so we keep an eye on best pratices and new oracles, and always audit new products.
IDCRYPTO : Q3 :
A : Will MCDEX focus on trading? because at this time the exchange has not had too many enthusiasts? What features will MCDEX add later to attract users? what is the affiliate system like on some of the other big exchanges?
B. this is about the MCB Token, for now does MCDEX have any plans to make the MCB listed on major exchanges? MCB once had a really fantastic price increase, and what caused the price to fall back down? and what is the strategy that will be carried out later so that the MCB Token will return to the way it was some time ago?
A. Trading is our focus, we are adding more offering for traders, we recently released new perpetual contracts for trading LINK, LEND, SNX and COMP with leverage. We will be adding more trading pairs. We also added new order types, limit oder, stop limit order, etc, and we keep getting feedback from traders so we can provide them with a great experience. It is a priority, so we’re educating the space and reaching out to traders so they can become familiar with our platform.
B. The $MCB token is listed on Poloniex, a major centralized exchange. We are in constant conversation with exchanges about potential listing but we cannot share information until those are made official. We believe that as we add more value to the platform and keep building the ecosytem, it will translate to a higher $MCB price. But we are building for the long term, so it is important for our users and partners to share our vision, and participate in the long term vision we have. Derivatives are coming to DeFi, and they will completly change DeFi and crypto. We are in the best position to usher this change.
IDCRYPTO : Q4
Currently on the market there are many exchanges have futures function. So in your opinion, why should traders choose MCDEX Futures as their best option and What are the advantages of MCDEX Futures?
Yes, futures/perpetual contracts are the most popular trading assets in crypto by far. There are many centralized exchange providing perpetual contracts, but the issue we see is their lack of transparency, and users having to move their funds onto their servers, both we think are uncessary risks for traders. First, We believe raders should always remain in control of their funds and have complete transparency on the trading happening on an exchange.
Second, there are other decentralized exchanges offering futures and perpetual contracts. Most have taken a conservative approach of offering an order book that traders are already familiar with. We believe this is good, but we also believe there is a lot more we can do and create, and this is why we have AMM. AMMs are on-chain liquidity, they are money legos that people can build new financial products. We believe that the future of derivative trading will bring a new world of innovative products, and this is why we built this infrastructure, so that we people can innovate and create new services we haven’t even thought about.
IDCRYPTO : The last question
Q5 From @mylhe
There are many Exchanges nowadays,so hard to choose and so hard to think where to stick in. So how can you recommend MCDEX to me? What are the competitive advantage of your platform that will make me decide to register and stick with it? What are the best features you can offer?
Yes, there are many exchanges and newer ones every week. This is good because as we compete, we must provide quality for users, otherwise they will go to other exchanges. We are not just an exchange, we are an ecosystem. This is very different from other offering. At the heart of this ecosystem is the $MCB token. So if you want ownership of an ecosystem where people can build innovative financial products for derivatives, MCDEX is the only project with this vision. This is important to ask when you choose a platform, what is their vision? What will this be in 12-18 months from now? Do I want to be involved and participate in shaping the direction of this ecosystem? Is this community for me? Those are important questions to ask.
I think many people will see our vision, as we keep building it, many will join our community and work with us.
so this is very exciting.
SESSION 3 FREE ASKING FROM PARTICIPANTS
Q1 from @uamos :
How does MCB solve scalability problems?
Great question. We are researching an L2 solution to alleviate the high transaction costs. We are looking into optimistic rollups, ZKPs, and other blockchains as well.
Q2 from @Pohng
Can you list some of the features with which you are most confident about your platform? How can you advertise your project worldwide and make it popular?
Yes, our decentralized architecture is my favorite aspect. All the business logic is deployed on the ethereum mainnet, so developers and entrepreneurs can build on top of those smart contract without asking for our permission. We are talking with some teams to build bots and new services, and this is very exciting!
Q3 from @mdsuhag
What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
We are working on content for various channels, videos, blogs, tweets and forum posts, it does take time to educate the space as deriatives are still new to the crypto space, so risk management, capital efficiency, etc, there many topics and concepts we need to evangelize.
Q4 from @Hendrasico
Who are the main partners of MCDEX? What are the benefits of cooperation with the MCDEX ecosystem?
One of our main partners is ChainLink, we work very closely with their team, on integrating their price feed. They’ve been very responsive and available for us, as we look to add new trading pairs we rely on them to make price feed of the token available and reliable. Both are very important and they have delivered for us and short amount of time!
Q5 from @adito_007
For a decentralized exchange, liquidity is the major problem compared to centralized ones. How does MCDEX solve this problem and create the liquidity for DEX which is different from centralized exchange?
Yes, we incentivize users to become liquidity providers in exchange of recieving $MCB tokens
IDCRYPTO : OK… We certify that the AMA ID Crypto event with MCDEX has been completed.
Thanks to Mr. Gareth @daochemist for providing this knowledge to us, we hope this knowledge will make us understand more about MCDEX.
Thank you also to all the participants who have attended the event until the end.
MORE INFO ABOUT MCDEX
Website – https://mcdex.io/
Telegram group – https://t.me/Mcdex
Telegram channel – https://t.me/mcdex_ann
Github – https://github.com/mcdexio
Twitter – https://twitter.com/montecarlodex
Medium – https://medium.com/@MonteCarloDEX
Linkedin – https://www.linkedin.com/company/mcdex
Reddit – https://www.reddit.com/r/MCDEX
Discord – https://discord.gg/uut3V3D