MDEX AMA Transcript

A composite DeFi ecosystem that integrates DEX, IMO, and DAO.

By
BSCNews
on
September 8, 2021
Category:
AMA

Andrew (BSC.News):

Hello everyone and welcome to the AMA with MDEX! Today we have the CMO of MDEX, Kiko joining us today

Pleasure to have you here @mdexKiko2021

MDEX:

Hello everyone!

Great to be here

Andrew (BSC.News):

Well, it's great to have you here 🙂

So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway

Sound good?

MDEX:

Perfect

Andrew (BSC.News):

Okay so to start things off


1. Can you tell us about your background, what led to the creation of MDEX?


MDEX:

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.

Andrew (BSC.News):

Yes well it's a very exciting industry and from my knowledge, MDEX has been playing a big role in the future developments of DeFi

So let's talk about them


2. What is MDEX? What inherent problem/issue are you trying to solve in BSC?


MDEX:

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.

Andrew (BSC.News):

Yeah, thank you for that explanation. I mean, the work you guys put into MDEX certainly speaks for itself when it comes to size and utility

There was one thing that I saw on MDEX's main page that I thought was interesting and wanted you to elaborate more on before we touch on other topics


3. What is the MDEX halving?


MDEX:

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.

one more things to add

Andrew (BSC.News):

I see so essentially, it is a massive campaign to increase the value for MDX holders

MDEX:

during the second halving MDX output will be reduced to 20 pieces per block. This means MDEX will enjoy an even lower inflation rate

yes, exactly

Andrew (BSC.News):

Very neat, and for those who may not be too familiar with MDEX


4. What is $MDX? What utilities does it hold on your platform?


MDEX:

As 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 in the following scenarios.

1 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 destruction of tokens. The list is as follows:

1.1 Voting

The comprehensive evaluation is made according to the transaction volume and total value locked of the project, and the MDX users vote for the decision.

1.2 Repurchase and destruction

 MDX will charge 0.3% of the transaction fee, and 66% of the total fee income will be used to repurchase and burn MDX and buy HT to airdrop to users who mortgage MDX. Among them, 40% of the above allocation ratio is used to repurchase and destroy MDX, and the remaining 60% is used to purchase HT for airdrops to MDX pledgers, and the chain is transparent.

2 Standard fundraising tokens

MDX is also 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.

Andrew (BSC.News):

Okay fantastic, thank you for that information


5. With such a large TVL in BSC as well as HECO, how do you and your team incentivize yourselves to always strive for improvement?


MDEX:

The support by BSC is definitely the factor for MDEX's leading position. But apart from that, the distinctive strengths of its products also play a key role in its popularity in the market.

Excellent product design, the handsome revenue for early miners, etc., all contribute to the concentration of traffic to MDEX.

With the iteration of the product, MDEX will have more and more functions, provide better user experience and enable more profit opportunities. When deployed on public chains, I think MDEX will receive popularity from their users as well.

Andrew (BSC.News):


6. What do you believe, is the most important aspect you are contributing to DeFi?


MDEX:

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.

Andrew (BSC.News):

Oh wow if you started in April this is barely the beginning

How have you guys managed to grow so fast? Do you think it is because people came from ETH and using Uniswap over to BSC or HECO?

MDEX:

definitely

We have made a lot of efforts

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.

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!

Andrew (BSC.News):

Wow

Very very impressive


7. Can you tell us more about the features that MDEX has to offer and how that makes MDEX unique? Let's say compared to other DEXs


MDEX:

Since the launch of the platform, MDEX has pioneered the product mechanism of “mining MDX at each transaction". After each swap transaction, users will receive MDX as a reward. So far, many DEXs have begun to benefit their users by this mean.

These functions of MDEX, such as "smart contract's automatic repurchase and burn mechanism" and "market information function" mentioned above, rank No.1  in DEX industry in the world.

Besides, there are more products such as "IMO", "Burning Black Hole" campaign, "Invitation Reward Mechanism", and "DAO",etc. Each function of them endows MDEX new "tricks", which truly realizes the re-innovation of product functions in the course of decentralization.

The current processing speed of the Ethereum network is about 15 transactions per second. A Swap operation on Uniswap takes about 20 seconds on the condition that the internet works smoothly. Once the Ethereum network is congested, users generally need to wait for more than 1 minute, and may even encounter a transaction failure.

MDEX’s Swap operation time takes about 3 seconds, so users have almost no sense of delay. The trading experience can almost catch up with centralized exchanges.

Andrew (BSC.News):

and those 3 seconds is for either BSC or HECO?

MDEX:

that's for HECO

Andrew (BSC.News):

I see

So you touched on the Board Room and the many features


8. Can you tell us in depth about the Board room? (rewards, repurchase and burn, burning black hole)


MDEX:

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.

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.

Andrew (BSC.News):

And are users rewarded for locking up their tokens?

Or are the tokens that devs hold used for the lockup?

MDEX:

The specific Boardroom lockup rules are as follows:

1. 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.

2. 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.

3. Users cannot withdraw the principal during the lock-up period of the Board, but can withdraw the lock-up proceeds at any time.

4. 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.

Andrew (BSC.News):

Gotcha, thank you for that clarification


9. What goals have you set out for MDEX in the future? Where do you see MDEX in 5-10 years from now?


MDEX:

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.

Andrew (BSC.News):

Wow that is a lot to look forward to!

On that note...


10. Any exciting news you would like to announce here today?


MDEX:

MDEX has just released a new product - Invitation Mechanism. 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.

MDEX released the Hunter plan in August - 10 million US Dollars to Support Ecological Projects. 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.

MDEX announced that DAO governance has launched. 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.

Andrew (BSC.News):

Awesome, a ton of things for users to be excited about

and could you provide us with links to your social media that you would like our community to follow?

MDEX:

Official Website :

Ann Channel:

Telegram Chinese:

Telegram English:

Discord:

Twitter:

Medium:

Youtube:

Facebook:

Instagram:

Andrew (BSC.News):

Great, If you haven't done so already. Make sure to go check out MDEX which is a leading DEX here on BSC and HECO. They have been working nonstop to bring the best that DeFi has to offer and we can only expect to see more great things from them!


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