AMA RECAP : Crypto Infinity & MDEX
🗓 AMA Date: 2nd December 2021
⏰ Time AMA: 1 PM UTC
🏚Venue For AMA: @CryptoInfinity_Community_VN
INTRODUCTION
Joker | BCTV:
Before starting Part 1 of the AMA, can you tell the community a little bit about yourself? @kikomdex2021
Kiko:
Sure, 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 the Defi space.
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.
Joker | BCTV:
Thanks For Introducing About My Best Friend. Now Going to Part 1 And this is the question where the money is for you @kikomdex2021
Q1: First of all, please introduce to us the project in detail (background, project positioning, vision, etc.).
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 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 №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.
Joker | BCTV:
Q2: After 10-month 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.
Joker | BCTV:
Q3: How does MDEX retain users and ensure user stickiness?
Kiko:
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.
Invitation Mechanism:
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.
Joker | BCTV:
Q4: At present, many projects on the market have been hacked, resulting in serious loss of assets for many users. How does MDEX, which has been running smoothly for 10 months, 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.
Joker | BCTV:
Q5: Recently, the center stage in the Cryptocurrency Industry is undoubtedly GameFi and Metaverse. So, how does MDEX plan to deploy around 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.
Joker | BCTV:
Q6: MDEX also 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 MDEX Foundation released the latest information on September 1. It announced that on top of the Hunter plan of 10 million US dollars to support ecological projects, an additional 20 million US dollars will be used to support high-quality projects in their initial offering stage in ecologies such as the Huobi Ecological Chain (Heco) and the Binance Smart Chain (BSC). 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.
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:
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: business@mdex.com.
Joker | BCTV:
Q7: MDX entered its third halving on December 2, 2021, and it affected the interests of liquidity providers most. What measures would MDEX take to ensure users’ benefits?
Kiko:
For the healthy and sustainable development of MDEX, MDEX needs to adjust its reward policy according to the priority of the current state. Part of the transaction fee will be rewarded to the liquidity provider for the benefit of long-term development of MDEX. In response to it, all users have voted through the DAO to determine the optimization plan for the distribution of transaction fee:
MDEX transaction fee is 0.3% of the transaction volume, of which 0.2% is rewarded to all LP providers (including the LPs that are not included on the platform liquidity mining whitelist), 0.07% is used to repurchase and burn MDX and xMDX, and 0.03% is used for boardroom rewards. After the adjustment, it means that all LP providers will receive more rewards, resulting in the growth of TVL, and the TVL growth will lead to lower transaction slippage which will attract more users, more transaction volume, and more transaction fee, eventually complete a benign closed loop for the development of the platform.
Joker | BCTV:
Q8: Since MDEX’s adoption of DAO, it has entered the time when the community governs for shared benefits and in October, MDEX successfully deployed on Ethereum. Does MDEX have other deployment plans? What are the future directions for MDEX?
Kiko:
After the adoption of DAO, a community proposal function was launched on September 25. Since then, 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.
Joker | BCTV:
Q9: What benefits will users in our community get when they use MDEX?
Kiko:
MDEX launched the ‘Referral rebates and rewards program’ in August and has attracted hundreds of KOLs to join the program. In just 2 months, nearly 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!
TWITTER QUESTIONS
Joker | BCTV:
Q1. From @Donglee32
NFT is really a hot topic in the cryptocurrency market now. So how is #Mdexswap project planning to develop NFT then how is #Mdexswap project planning to integrate it with DeFi
Kiko:
MDEX, as the world’s leading decentralized trading platform, plans to accelerate the development of the metaverse market and jointly create a new era of metaverse with all high-quality projects in META, GameFi and NFT sector.
MDEX Foundation, as the promoter of the platform, has been actively promoting the ecological construction of blockchain applications and a close loop of virtuous development of the ecosystem. It issued a special fund plan for the GameFi and metaverse projects in the form of either a certain amount of incubation funds or ecological resources to speed up the development of the projects. The details are as follows:
1.MDEX will introduce the native token to its farming pool for potential META, GameFi projects directly to increase the utilities of the native token.
2.Community co-construction, MDEX will provide marketing promotion support for META and GameFi projects, establish a highly sticky community, so that the project increase its awareness.
3.Innovate cooperation forms with META and GameFi projects to increase the utilities of its tokens， including but not limited to pre-selling NFT blind boxes and NFT mining, Nevertheless, MDEX can also invest in potential start-up projects with ecological funds.
4.MDEX, as a DEX, has been focused on trading, and will actively integrate with GameFi, Meta by gradually launching its own NFT in the form of its mascot elephant.
Joker | BCTV:
Q2. From @Lidiamga
MDEX claims to be for cryptocurrency trading, the biggest, fastest, best and cheapest option, I would like to know, what features allow you to make such a claim, tell us a little bit about the elements that allow you to be faster, cheaper and better than any of your competitors?
Kiko:
MDEX aims to integrate the advantages of multiple chains to build a high-performance compound DEX ecology. The dual mining mechanism of liquidity mining and transaction mining provides participants with maximum rewards. MDEX is now available on Heco and BSC, and users can use MDEX Bridge to complete cross-chain transactions on Heco, Ethereum and BSC.
MDEX will build a new business ecology with full application scenarios covered and various chains connected. It will continue to expand application scenarios and lower the usage threshold to provide global users with more convenient, high-performance, low-cost and non-differentiated crypto-asset financial services, thereby realizing fair pricing of assets, instant settlement of transactions and free flow of values.
The rewards of transaction mining are to subsidize users with transaction needs. Centralized exchange transactions require a 0.2% transaction fee, while transactions on MDEX cost as low as $0.1 cents, which is further compensated by transaction mining income, making transactions on MDEX free.
As of June 30, 2021, MDEX transaction fee subsidies for users had exceeded $455 million, making MDEX a project with the lowest transaction fees; cumulative LP rewards had amounted to be $350 million, making MDEX a project with the highest LP yield. The lucrative platform incentives are to reward MDEX users’ support for the project.
Joker | BCTV:
Q3. From @SilakYamon
There are many very successful blockchain projects with the same ideas as #MDEX, so can you tell us the difference between #MDEX & those projects? Do you feel confident that #MDEX will have some outstanding features compared to those projects to attract users?
Kiko:
The MDEX team will continue to improve its ecosystem according to the layout of the roadmap. We will continue to explore new directions, deepen trading links and continue to provide users with a more efficient, convenient and open trading experience. Meanwhile, in response to the many proposals sent out by the community, the MDEX team will gradually go about implementing them. In the current situation of the crypto market, it is urgent for DEX to have a contract trading function. Therefore, the next major task of MDEX will be to go live with a decent contract trading function as soon as possible.
Joker | BCTV:
Q4: From @crypto_odeb
As a leading exchange in the defense industry, MDEX is secure and stable, and trading with confidence is the main demand of users. So, can you elaborate on the security and defenses you have developed to protect users and be a trusted platform in the crypto space?
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: Fairyproof, 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.
Joker | BCTV:
Q5: From @Joy1nahidul1
Nearly 85% of investors only focus on short-term token price instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold #Mdexswap tokens in the long term?
Kiko:
MDX holders will always be MDEX’s most loyal builders. MDX will always be the only core token of the MDEX ecosystem, and the only beneficiary of all MDEX growth dividends.
1.DAO plan to return power to the community
MDEX will activate an election plan for board members. Through MDX voting, 21 super directors will be elected. Board members will enjoy the power to initiate proposals and obtain highdividends. Users will vote in MDX to participate in governance and obtain corresponding rewards.
2 A long-term lock-up plan for core supporters to earn rich returns
In order to encourage MDX holders who are optimistic about MDEX’slong-term development, we will start a long-term lock-up plan and invest more funds and rights for rewards.
3 More product revenue for shared MDEX growth dividends
Transaction fees will only be part of MDEX’s future revenue, but we will use rewards/repurchase and burn to repay MDX holders for all revenue received.
LIVE AMA QUESTIONS
Agnes Krans:
Do you have any plans for ambassador programme role for your project growth and awareness? If yes how may I apply?
Kiko:
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:
Trian Mie:
Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Kiko:
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.
Ollie Judd:
What big benefit to top token holders ?What are the use cases of your token, and how are we as users motivated to buy and hold long term? Does you do anything to protect users holding tokens from being hacked?
Kiko:
Firstly, 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.
Bryan:
Security audits are extremely important for any project, especially DeFi protocols that deal with user funds. So, can you explain if your project has been audited to give the users confidence about their funds?
Kiko:
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.co
Van Su Dia:
Every project innovators are always on the edge of giving the positive and good features of their project, but can you kindly give few killer features of your project to investors?
Kiko:
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.
CONCLUSION
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