Welcome to Recap AMA IgniteCrypto & MDEX#AMASeries

On 22 November 2021 18:00 UTC+7 , Ignite Crypto and MDEX got together to host an Ask me Anything (AMA) chat with the community. The following is a summary of the content of the entire AMA

Lady and gentlemen, let’s welcome Kiko @MDEX_Kiko — CMO MDEX

Admin: I am very happy that Kiko accepted IgniteCrypto’s invitation to attend the AMA with us. Thank you for taking the time to chat with the Ignite community today.

Before starting today’s AMA, Do you have any greetings to the IgniteCrypto community?

KIKO: I am very happy too.

Let’s Move Part 1: Introduction MDEX and Kiko. Some general questions about the MDEX.

Admin: Question 1. 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.

Admin: Question 2: 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.

Admin: Question 3: MDEX released a new product in August: the invitation mechanism. We would like to know why MDEX chose to launch this product at that time?

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.

Admin: Besides, MDEX released the Hunter program: $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: https://mdexdoc.gitbook.io/doc/announcement/mdex-foundation-releases-usd10-million-hunter-program-to-help-ecological-projects.

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.

Admin:Thank’s for answer

Ok, Now we will last question Part 1

I think this is a question that quite a few Vietnamese users are interested in

Admin: Question 4: What are the orientations and strategies of MDEX in promoting the influence and development of the Vietnamese market in the coming time?

Kiko: MDEX is the world’s leading DEX and has enthusiastic users all over the world. This is because we provide innovative products that no other DEX has, and we will continue to evolve our products to provide a better user experience for our users. We believe that providing a good user experience will naturally increase the number of users, and we will continue to focus on the development part. We will run a Vietnamese language community in Vietnam, where we can quickly respond to feedback from users and provide a place where everyone can have fun and deepen their understanding of MDEX.

Part 2: Twitter on Questions.

Admin: Q1. Will there be a public offering for #MDEX? How to get tokens in the fastest way in the early bird? What are incentives of $MDEX Token bring to community and investors?

From Twitter: @AndyAndyinside

Kiko:

The total supply of Mdex’s platform token MDX is about 1 billion, of which 10% is used as a team reward for team operation, technology research and development, etc., and it will be unlocked in 24 months after being launched by smart contracts. 7% is used as an early investor share to provide more sufficient and beneficial funds and resources for the development of Mdex; 3% is used for market promotion and brand building; these two shares are unlocked in twelve months after going online. The remaining 49% and 31% are used for liquidity mining and trading mining on HECO and BSC respectively.

MDX application scenarios

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.

Admin: Q2. Currently, most projects and platforms are in English. How will MDEX reach non-English local communities? Do you have any plan for them to better understand your project?

From Twitter: @tuan_iker

Kiko:

As MDEX keep expanding its territory, a new business ecology with diverse application scenarios and multi-chain deployment, comes into being. To foster a better communication among MDX, the global blockchain technology users, cryptocurrency investors and MDEX users, we have started the M-angel program. MDEX Angels is an important part of the DAO in the MDEX ecology.

We hope M-angels can make the following contributions to MDEX, including but not limited to:

1.Content output.

Be able to create quality content about MDEX and post it to social media, such as YouTube, Medium, Twitter, etc.

2. Promotion

Spread MDEX’s project concept to a wider range of people, help MDEX to build community and guide more people to understand MDEX through M-angels’ own resources and channels.

3. User growth

You can independently grow several seed users who fully understand MDEX and are willing to actively participate or users who have deep blockchain knowledge and are active in various related platforms.

4. Influencers

We welcome influencers to participate in MDEX promotional activities and grow with MDEX for the long term to let more MDEX users better understand the project mechanism.

In addition, we now support MDEX.

Japanese, Korean, Vietnamese, Portuguese, Russian, Turkish and other languages.

Admin: Q3. What is the DAO model that MDEX has proposed? How will you provide MDEX holders with long-term ecological benefits and governance rights that make them part of your project and feel committed to its growth? What are the requirements for membership in your DAO?

From Twitter: @DngGiaPhong2

Kiko: 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.

MDEX’s DAO governance rules are as follows:

1. All holders of Boardroom Lock-up MDX will receive the official DAO governance voucher tokens issued uniformly. The governance voucher can be used in the following scenarios :

1）Voting for favored Directors and community proposals

2）Participate in the IMO;

3）Running for Director.

2.With the governance voucher, you will get the right of DAO governance

1) Stake a certain amount of governance vouchers, so as to participate in the Director Elections. The users can vote for their favored directors.

From the beginning of each natural month to the end of the month, 30 days, and according to the order of an average number of votes, the 9 address holders with the highest number of votes become the 9 directors.

After all directors are successfully elected, the election stays valid for one natural month.

2) All users who hold governance vouchers can initiate community proposals, and further submit them when staking a certain amount of governance vouchers.

3) Directors can choose the community proposals they support. Proposals supported by no less than 5 directors can enter the community referendum.

4) All users vote on the proposals. During the voting period, the proposal with the most votes will be approved and finally executed by the MDEX team.

Admin: Q4. MDEX offers single token staking, which allows users to stake MDX in the Boardroom in order to mine more MDX, but what is the time limit for users to mine MDX? What is the maximum amount of time that users can stake and mine in the Boardroom?

From Twitter: @Alistai89126620

Kiko: MDEX supports single token staking. Users can stake MDX in the Boardroom to mine more MDX, and in the specified period, it also allows users staking MDX to mine other platform tokens, such as HT, BNB.

All users who participate in the MDX boardroom lock-up (30 days, 90 days, 180 days, 365 days) can the on the boardroom staking page.

Part 3: Live Question

Question 1 : AUDIT play an IMPORTANT role in enhancing the stability of any PROJECT. Do you have AUDIT CERTIFICATES . Or are you working to AUDIT your project to make it more secure and reliable? @barabaram

Answer 1: 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.

Question 2: According to the project’s roadmap- what are your most important next priorities? @AgnesCarrasco

Answer 2: 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.

Question 3: NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us yhe plans of your project in NFTs? @EarnestLu

Answer 3 : Yes, we agree with you, NFT is a hot topic now, MDEX probably will introduce them in the future to enrich the ecology but it needs to be done step by step. If there is any adjustment or enhancement of the operation strategy, we will announce it through official channels as soon as possible. Stay tuned with our official account.

Question 4: What are the attractive features in your project? What is the vision and goals in your project that you want to achieve in 2021 and beyond? @LolaFrame

Answer 4: MDEX officially launched transaction mining and liquidity mining on January 19, 2021, with safe and smooth operation for almost 10 months. During this period, MDEX successfully implemented multi-chain deployment and launched on the Huobi Ecological Chain (Heco), the Binance Smart Chain (BSC) and Ethereum. 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.

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; the cumulative transaction volume has exceeded $450 billion. MDEX Dual-Chain (Heco&BSC) TVL exceeds US$2 billion.

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.

MDEX also uses a variety of incentive measures, such as staking MDEX in the Boardroom, using xMDEX for DAO community governance, to enrich the application scenarios for MDX. Meanwhile, a number of products have been launched.

Up to now, MDEX has launched two rounds of IMO (Initial Mdex Offering). The first round of IMO attracted 8,874 participants and raised a total of $387 million funds. The second round attracted 6500 participants and a total of 23 million MDX was staked. The number of xMDX staked amounted to 1 billion and the total funds raised stood at $350 million.

Up to now, 13 “Burning Black Hole” campaigns have been launched, with more than 1.91 million MDX burned.

Question 5: Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships? @JaniseKraft

Answer 5: Partnership is more improtant for the development of a project. We focus on expanding Mdex and our future development can not be separated from the significant support

We already have some partnerships and also working on more collaboration and partnerships with some valuable firms. You can check our website to find our existing cooperative partners https://mdex.com/#/

Partners can realize resource sharing and ecological construction, so they can bring more traffic to MDEX and provide more innovative ideas, which is conducive to making MDEX more successful.

Question 6: Can you tell us what makes Mdex a better AMM than traditional projects like Pancakeswap or Uniswap? @Tony253210

Answer 6: DEX is led by Uniswap, which uses an automated market maker (AMM) operation model. It allows everyone to provide liquidity to the exchange to earn income.

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.

📍Don’t forget to follow MDEX on their official channels for the latest news and promotions you don’t want to miss out!

Website: https://mdex.com/

Medium: https://medium.com/@MdexOfficial

Twitter: https://twitter.com/Mdexswap

Telegram English : https://t.me/MdexEN

Telegram Vietnam: https://t.me/MdexVN

Discord: https://discord.com/invite/3TYDPktjqC

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