cryptodaily.com hosts AMA with MDEX. #MDEX #BSCDaily #BSC #AMA
Cryptodaily Admin: Hello to you Kiko! Welcome to the community! How are you today?
Kiko: I am good and you?
Cryptodaily Admin: Yes I’m feeling quite well! Thanks for asking. Really excited for this AMA with you Kiko! So, shall we start right away?
Kiko: Yes, let’s go
Cryptodaily Admin: Fantastic 🤩🤩
Q1: Please introduce to us the MDEX project in detail! I’m sure everyone would love that
Kiko: 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 rose fast in a short time in 2020, a large number of users began to pay attention to DEX, and then have a 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 the 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, prosperity of Binance ecosystem and the diversity of Ethereum, 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.
Cryptodaily Admin: Wow great introduction 🔥
Q2: So after a year of development, what achievements has MDEX made?
Kiko: MDEX officially launched transaction mining and liquidity mining on January 19, 2021, with safe and smooth operation for 10 months. At present, many projects on the DeFi market have been hacked. Despite the large scale and popularity of MDEX, no hackers can even put a finger on it, this point itself proves MDEX’s high security.
During this period, MDEX successfully implemented multi-chain deployment and launched on the Huobi Ecological Chain (Heco), the Binance Smart Chain (BSC) and Ethereum. As of October 31, 2021, MDEX transaction mining subsidies and liquidity mining rewards have produced a total of 720 million MDX, worth over $800 million, and the MDEX Boardroom has completed a total of about $350 million in rewards. MDEX Dual-Chain (Heco & BSC) TVL exceeds US$2 billion( the highest TVL up to US$5.7 billion) and the cumulative transaction volume is about $450 billion. Let me give you an example so it will be more intuitive: the transaction volume of Sushiswap is about 20 billion U.S. dollars per month, which is 45 billion for MDEX, the same as Pancakeswap.
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 October 31, 2021, MDEX dual-chain (Heco & BSC) had repurchased and burned a total of 96.34 million MDX, with an average daily repurchase and burn volume of 360,000 MDX and a total repurchase amount of more than $200 million.
In terms of product features, to provide users with the optimal experience, it innovatively launches the Charts function and enables the pending order function, which not only makes the trading experience on MDEX comparable to that of CEX but also ensures the safety of users’ funds. The second advantage effectively distinguishes MDEX from other DEX. At present, the Charts function (where users can view K charts for different trading pairs) and the order book function (where users can place limit orders with ideal prices) go far beyond other DEXs on HECO and BSC, and with a better user experience than Uniswap and Sushiswap.
To enrich its ecosystem, MDEX launched the following functions: Cross-chain Bridge, Initial MDEX Offering, Burning Black Hole, Boardroom Lockup, Referral Rebate + Cashback, DAO governance. The MDEX team is committed to develop the best DEX and always work hard as day one.
Cryptodaily Admin: MDEX sure has a lot on its plate right now. And those features are certainly some of the things that’s going to keep the investors re-investing in the project
Q3: How does MDEX retain users and ensure user loyalty?
Kiko: Nice question, let me share with you 😀
Currently MDEX has reached at least 100,000 daily active users. Such functions of MDEX bring real benefits to its users, and this is why MDEX has so many users.
From the fundamental product mechanism, MDEX attracts funds with strategies such as trading mining and liquidity mining, and the expanded pool of funds determines low slippage in trading which helps MDEX to deliver the best trading experience.
According to the latest data on BSC and HECO, over 300,000 users are holding MDX both on BSC and HECO, which can’t do without the incentive schemes of MDX under various application scenarios, such as the below:
Initial MDEX Offering (IMO for short):
Users who stake the MDX tokens can participate in the IMOs of high-quality projects. The total assets participated in the first IMO exceeded 387 million U.S. dollars, and increased more than 35% after the listing. The total assets participated in the second IMO exceeded 350 million U.S. dollars, and increased more than 23% after the listing;
Burning black hole:
Users will get several numbers after contributing the MDX tokens into the burning pool. With the opportunity to share a prize pool with over 300,000 USDT. A total of 13 burning activities have been held and more than 30 users have won the highest rewards. The highest individual prize was over 200,000 US dollars, and over 1.91 million MDX tokens were burned.
The MDEX invitation mechanism provides the highest rebate percentage among all DEXs. The inviter can set the cashback ratio for the invited friends, and share a 25% transaction fee rebate. In the 2 months since this feature was launched, some users have even earned more than $100,000 in commission rewards!
The boardroom lockups and DAO governance:
Users can earn high APY by staking the MDX tokens in the boardroom. This function has only been launched for 4 months and over 100 million U.S. dollars reward has already been distributed. Users who lock up the MDX tokens can obtain lock-up vouchers, the xMDX tokens, which can be used for DAO governance, etc, directly or indirectly giving users the right to govern the ecological development of MDEX.
Cryptodaily Admin: Wonderful, thank you for such detailed explanation ❤️
Q4: At present, many projects on the market have been hacked, resulting in a serious loss of assets for many users. How does MDEX, which has been running smoothly for a year, ensure the safety of users’ funds?
Kiko: A series of security incidents have caused concern among users, and even more so because the assets locked within the blockchain field are getting bigger and bigger with the rise of DeFi. As the security crisis intensifies, it is becoming a standard procedure for high-quality DeFi projects to perform a security audit. MDEX has always been committed to becoming a DeFi ecosystem that integrates DEX, IMO and DAO. The security and correctness of its smart contracts and blockchain-based protocols will always be a prime concern. Also, MDEX has passed the audit of the three major audit institutions: Lingzong Security, SlowMist Technology, and CERITKS. MDEX always puts user asset security first and therefore safe user contracts are central to our operation. In order to ensure the steady growth of MDEX’s ecology and to continuously protect the assets and transactions of users, MDEX has launched a bounty program. This program endeavors to bring more security researchers to the industry, because of which they can participate in the joint construction of a safe and secure MDEX ecology. The program acts as a bridge in the joint defense of asset and transaction security for MDEX users.
Q5: Over the past six months, the center stage in the blockchain industry has undoubtedly been GameFi and Metaverse. So, what is MDEX’s plan for Metaverse?
Kiko: In November 2021, the MDEX Foundation released the META and GameFi project support plan aiming to follow closely to the development trend of Metaverse, also, the support plan will help more Metaverse related high-quality projects, and provide a certain amount of incubation funds for the expansion of broader ecological ecosystem and of course, provide users with Metaverse consumption content to a certain extent. The support method is as follows:
1. The platform directly opens liquidity mining rewards for popular META and GameFi projects, and encourages LP holders by rewarding MDX, and stimulates more users to provide liquidity.
2. Community building. MDEX will provide support for marketing operation and promotion of META and GameFi projects, establishing a highly responsive community to allow the project to have better exposure.
3. Explore innovative forms of cooperation with META and GameFi projects, and provide users with various ways of game play through joint initial pre-sale of NFT blind boxes and NFT mining. The platform can also conduct in-depth cooperation with start-up projects in providing ecological fund investment.
4. MDEX is deeply involved in the transaction procedures, actively integrating with GameFi, and gradually launching its own Elephant mascot series NFT.
Q6: So I was just scrolling through your whitepaper and noticed that MDEX has released NFTs, could you please give us more details?
Kiko: Glad you took note of that. Meta-Elephant NFT is a series of NFTs deriving from the MDEX mascot. The whole series is divided into 4 grades of rarities (N/R/SR/SSR), with a total number of 10,000. Owners in the future can stake their NFTs to mine other assets and participate in the high-quality blockchain games which the MDEX official participates in. With the subsequent expansion of the MDEX ecology, there will be more gameplays. The first edition of Meta-Elephant NFT (Space Expedition) image includes four types: cruise repairers, cruise specialists, cruise navigators, and cruise pilots.
For more detailed information about the Meta-Elephant NFT, please see below:
Everyone is talking about NFT this year, and GameFi projects are springing up like mushrooms. To stay on top of the blockchain field, MDEX must continue to strengthen its advantages and follow the market trend. MDEX has been working closely with many Gamefi projects, and thus is well aware of the importance of NFT. The creation of the MDEX mascot NFT gives the mascot new value and diversifies the gameplay for its users.
Next, MDEX will conduct a few more rounds of mystery box sales, so that more users can get the rare 10,000 NFTs. Wish all users can obtain their exclusive meta-elephant! Please stay tuned!
Q7: After talking about NFT and the Metaverse, now let’s talk about the cooperation of MDEX with other projects. MDEX released the Hunter program a few months ago: $10 million to support ecological projects. Can you give us a detailed introduction for this program?
Kiko: The Hunter plan is the MDEX Foundation’s development support plan for the global ecology. The Hunter plan consists of a total of $10 million, which will give priority to fund projects that fit into MDEX’s vision, such as the Metaverse, DeFi, GameFi, NFT and other high-quality projects. The main goal of the Hunter plan is to continuously consolidate the platform business, enrich the platform transaction diversity, provide financial support for high-quality projects, and assist start-up projects with broader ecological resources which will fundamentally promote the entire ecosystem’s development.
The project parties can submit an application to MDEX. After passing the review, they may be able to earn the following benefits:
(1) MDEX’s ecological fund will add $50,000 liquidity to the project on MDEX;
(2) If the TVL is greater than or equal to $50 million for 7 consecutive days, MDEX ecological fund will add another $150,000 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 allocate 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 (https://mdexdoc.gitbook.io/doc/announcement/mdex-foundation-releases-usd10-million-hunter-program-to-help-ecological-projects).
These ecological projects in their initial offerings stage 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 by locking in their MDX at 0 cost.
In addition, MDEX is grateful to everyone for recommending high-quality projects to us! If you are interested in the Hunter program, you can contact the MDEX official email for project recommendation: [email protected]
Q8: In 2021, MDEX also launched the DAO proposal and voting function, and entered an era when the community is governed for shared benefits. The first approved proposal was to deploy on Ethereum. Does MDEX have other deployment plans? What are the future development directions for MDEX?
Kiko: After the adoption of DAO, users have initiated many proposals for the further development of MDEX. MDEX currently supports BSC, HECO and ETH and future initiatives intend to gradually make MDEX support polygon, solana and other public chains. This multi-chain deployment aims to achieve asset interoperability, which will support the continuous expansion of the MDEX ecosystem and thus improve consensus. The interaction with users is constantly being upgraded and optimized through the use of DAO. In one proposal, a more convenient pending order strategy has been launched, which allows users to enjoy a centralized trading experience on a decentralized exchange.
MDEX is therefore not just a platform, but an ecosystem that integrates CEX and DEX. In order to build a new ecology, MDEX is working hard to move forward and in doing so it is paving the way for the further expansion of decentralized exchanges. In addition, MDEX will execute three plans to create more potential revenue for users.
The first is the M-USD plan, which intends to launch a multi-collateral method to mint the stablecoin MUSD, whilst providing suitable application scenarios and rewards in the ecosystem to provide token liquidity for MDX holders;
The second is the M-MEX plan, which aims 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 incubators, 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 part of MDEX’s vision. For users of decentralized exchanges, these efforts will improve their experience profoundly and are very much worth looking forward to.
Q9: On the occasion of the first anniversary of MDEX that we just discussed above, please give us a brief summary of its developments.
Kiko: Sure, I’ll summarize it
In the past year, MDEX has transformed from a simple DEX protocol to a comprehensive DeFi platform with multi-chain deployment. It is equipped with five major functions: swap, liquidity mining, boardroom, cross-chain bridge, and DAO. On the occasion of the first anniversary, MDEX began to set foot in hot fields such as NFT, GameFi, and Metaverse. To keep pace with the market, MDEX set up the Metaverse special fund, cooperates with some gameFis, invests and incubates NFT marketplace projects, etc. All those actions outline a roadmap in line with the market trend.
Never stop innovating! This is why MDEX can deliver a remarkable performance on the first anniversary. The one-year-old MDEX is gradually moving from the “old chapter” of DeFi to “new chapters” of Metaverse, NFT, and DAO. With the rapid development of the blockchain industry, MDEX will continue to upgrade its products, expand new business and strengthen its community, to stay on top of the industry.
In 2022, MDEX will continue to expand its ecosystem and explore more functions and gameplays, but will still stay focused on trading.
Q10: Ok, one last question: What benefits will users in our community get when they use MDEX?
Kiko: All users can join the ‘Referral Program’!
MDEX launched the ‘Referral rebates and rewards program’ in August 2021, and has attracted hundreds of KOLs to join the program, over 10,000 users have been invited to trade on MDEX, creating a transaction volume of hundreds of millions of dollars. Some KOLs have already earned a commission reward of over 100,000 U.S. dollars.
Actually, the Invitation Mechanism is not an innovation of MDEX alone. At present, several leading CEXs in the industry have had this mechanism for a long time, and some other DEX platforms have also launched similar functions and have received positive feedback. However, the innovative point of the MDEX invitation mechanism is that people who invite friends to do transactions on MDEX not only enjoy platform commission but also save service fees for their friends. Share the 25% transaction fee rebate together with your friends. This is in line with the original intention of providing users with a cost-effective transaction experience and giving users already benefits at the start of their MDEX experience. This Invitation Mechanism achieves a lower cost than with centralized transactions and therefore meets users’ demands.
Now the invitation function is launched, the MDEX team may organize similar activities such as a team trading competition in the follow-up operation plan.
So you can invite friends in this group to join the MDEX invitation program to receive benefits now. You enjoy rebates, friends enjoy rewards back, a win-win situation!
Cryptodaily Admin: With this we are now at the end of our AMA session with MDEX 🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
Kiko: Thanks everyone for your time 🙂
Cryptodaily Admin: I just want to say it’s been a pleasure having you here with us Kiko.
Thank you very much and congrats on your 1st anniversary. May the 2nd year be even more prosperous!