BSCDaily hosts MDEX: #Defi #MDEX #BSCDaily #BSC
BSC_Daily Admin: Hello and welcome, how are you today?
Kiko: Very happy to be here.
BSC_Daily Admin: Happy to hear! Ready to start our AMA?
Kiko: Let’s go.
Q1: First of all, please introduce to us the project in detail (background, project positioning, vision).
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 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.
Q2: After nearly 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.
During Thanksgiving, Mdex will reward order book transactions. Other participants of this bonus campaign include Token Pocket, HUOBI Wallet, Coin98, Coinhub, and Hyperpay, all of which unanimously keep close tabs on the progress of order book Dex. Mdex will distribute $100,000 in $MDX to all eligible participants. Users can get 20% discounted prices in mainstream token transactions and win jackpots by using the order book function.
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.
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 less than 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.
Q4: MDEX released a new product in August: the invitation mechanism. We would like to know why MDEX chose to launch.
Kiko: MDEX has attracted hundreds of KOLs to join the invitation mechanism. 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.
This can effectively promote the activity of the platform and allow more people to learn about MDEX. The more transactions on MDEX, the more transaction fees and thus the greater the number of MDX repurchased and burned, which in turn creates a virtuous closed loop.
Q5: 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.
Q6: MDEX has launched a lot of new features in the Q3 phase. What is going to be the main focus of MDEX in the coming Q4 phase?
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.
Q7: 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 nearly 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: 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.
Q8: Where can we find out more about MDEX on social media?
Kiko: OFFICIAL LINKS:
Official website link: www.mdex.co
Alternative websites: www.mdex.me and www.mdex.com
Ann Channel: https://t.me/MixDexAnn
Telegram Chinese: https://t.me/MixDex
Telegram English: https://t.me/MdexEN
Telegram Russian: https://t.me/MdexRussia
Discord: https://discord.gg/3TYDPktjqC
Twitter: https://twitter.com/Mdexswap
Medium: https://medium.com/@MdexOfficial
Youtube: https://youtube.com/channel/UCG6mfqZ0bqFpPdOZNoSW9fg
BSC_Daily 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: Thank you for your interest in MDEX.
BSC_Daily Admin: Thank you so much for spending time with our community & all the very best for MDEX.
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