Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Mdex and our guest was Kiko?—?CMO of Mdex and Dantes Stan?—?representative of Mdex. The AMA took place on 12 February.
The total reward pool was 1000$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with MDEX! Welcome to Satoshi Club
D. | Satoshi Club:
Hello everyone!
D. | Satoshi Club:
Today we are welcoming @MdexKiko in Satoshi Club!
Kiko:
Hello, Satoshi community.
D. | Satoshi Club:
Hello! good to have you here
Mary | Satoshi Club:
Welcome here, Kiko!
How are you today?
Kiko:
Great. I’m glad to be here.
Mary | Satoshi Club:
So, let’s start our AMA
D. | Satoshi Club:
Super! please, introduce your project and tell us a bit about your experience in crypto
Kiko:
Can’t wait for the start.
Kiko:
Sure.
Kiko:
I’m Kiko.
Kiko:
CMO of Mdex.
Kiko:
I’m graduated from HongKong University and have been in the crypto industry for 3 years.
D. | Satoshi Club:
Nice! Mdex is your first big project in crypto?
Kiko:
I have abundant working experience in this industry, especially for crypto marketing.
Kiko:
It is the most potential and innovative one.
Mary | Satoshi Club:
Yes, the potential is huge
what do you personally like in crypto most of all?
Kiko:
This industry is brand new and has a lot of opportunities. We see unexpected innovation every day.
Mary | Satoshi Club:
Yes, that’s true
D. | Satoshi Club:
Indeed! so what is Mdex? What are you guys working on?
Kiko:
People out of this field can’t imagine what is happening here.
Kiko:
Mdex is a new type of Dex, with a dual-chain mechanism of Heco and Ethereum.
Mary | Satoshi Club:
Oh, yes, sometimes I am feeling like an alien between my friends
Kiko:
True.
D. | Satoshi Club:
This is cool, sounds like something new on the market
Mary | Satoshi Club:
Why Heco?
More and more projects launch on Heco.
Kiko:
First of all, you need to know what is MDEX
MDEX is the first trading platform on HECO, which is a decentralized trading product based on AMM of capital pool concept.
Mary | Satoshi Club:
Kiko:
At the same time, the double-chain DEX model based on Heco and ETH is proposed and realized.
Kiko:
It combines the advantages of the low transaction cost of HECO chain and the prosperity of Ethereum ecosystem and supports the “double mining mechanism” of liquidity mining and transaction mining.
D. | Satoshi Club:
Sounds good
Dantes Stan | DON’T PM FOR ETH/$$:
Also in addition to Kiko’s answer, we understand the current high Ethereum gas fee, so our team looked into Heco and understands it will be the best as the transaction fee on heco is quite minimal and fees are paid in HT. So this is why we decided to go with heco.
Mary | Satoshi Club:
Got it
has a sense.
Kiko:
Welcome my friend, Mdex Global Community manager.
Mary | Satoshi Club:
Hello, Dantes Stan
welcome to Satoshi Club!
Kiko:
Yes, he can help to explain more details.
Dantes Stan | DON’T PM FOR ETH/$$:
Glad to be here to answer some of the questions with you
Kiko:
well, TBH, we think Ethereum’s current Defi is certainly well developed, but it’s far from “perfect.”We’ve all used Uniswap or Sushiswap, etc., and the gas fee, the lag time, and the slippage of the transaction all affect our investment and experience.
D. | Satoshi Club:
@justnow09 nice to have you here!
Dantes Stan | DON’T PM FOR ETH/$$:
Thank you, Mary
Dantes Stan | DON’T PM FOR ETH/$$:
Thank you
Mary | Satoshi Club:
I have used, but it’s almost impossible now if you’re not a whale
Kiko:
Mdex.com is the hub of value exchange in the HECO ecosystem and is in a critical position.
D. | Satoshi Club:
Agreed! it’s hard to trade on Uniswap with those crazy fees
Kiko, [12.02.21 16:22]
It overcomes solid points, gas charges, confirmation times, and more, improving the experience of using Dex on Ethereum by more than ten times.
Kiko:
Well, I believe this is why Mdex.com has set new records in terms of transactions, TVL, and users.
Mary | Satoshi Club:
We should definitely try this, we missed DEX trading
Dantes Stan | DON’T PM FOR ETH/$$:
Yes, from the trader’s comments, most of them are really concerned about the huge gas fee on Ethereum Network, some days back. A single transaction on uniswap costs as high as $400 USD.
Kiko:
WELL that’s all for your question”WHY HECO”.
Mary | Satoshi Club:
It was an informative answer, thanks!
D. | Satoshi Club:
Thank you for the nice intro!
our community prepared lots of questions about your project today, are you ready to hear them?
Mary | Satoshi Club:
I know
I am happy you come here to tell us about new opportunities we can have
Kiko:
Yes, looking forward to these questions.
D. | Satoshi Club:
Q1 from Telegram user @NataliyaKil
Mdex supports a “dual mining mechanism”: liquidity mining and trade mining. Are there any special features that might interest us?
Dantes Stan | DON’T PM FOR ETH/$$:
Yes, we are ready to attend to them. I know Satoshi club got a decent community
Kiko:
The special features relating to the low transaction fees of the Heco chain and the prosperity of the Ethereum ecosystem, as we have mentioned a little bit above.
Kiko:
To support these features, I would like to share some impressive data from our platform.
Mary | Satoshi Club:
Sure!
Dantes Stan | DON’T PM FOR ETH/$$:
That’s a nice question, there are some special features. Anyone who does not want to join our LP or do trading mining can stake MDX on our boardroom and receive HT as an airdrop.
Kiko:
https://esatoshi.club/wp-content/uploads/image_2021-02-12_22-27-09.png Mary | Satoshi Club:
What do I need to start using MDEX?
Kiko:
Yesterday, the trading volume of #MDEX has exceeded $1.4 billion. In comparison, the daily trading volume of #UniSwap is $1.1 billion, and the daily trading volume of #SushiSwap is $0.5 billion.
Mary | Satoshi Club:
Wow, unbelievable!
D. | Satoshi Club:
By the way, do you have instructions/guides for new users that can explain them?—?how to add and remove liquidity from pools, set up metamask, etc?
D. | Satoshi Club:
Very cool
Dantes Stan | DON’T PM FOR ETH/$$:
Yes, this article is decent to provide instructions https://mdex.medium.com/how-to-participate-in-liquidity-mining-and-trade-mining-in-mdex-52329cfde91c D. | Satoshi Club:
Nice!
Kiko:
We also welcome you to visit our medium to discover more tutorials.
Kiko:
https://mdex.medium.com/ Mary | Satoshi Club:
Seems easy! so, why not try
Mary | Satoshi Club:
Thanks for sharing!
Dantes Stan | DON’T PM FOR ETH/$$:
Haha, I think it will be nice if your community try it
Mary | Satoshi Club:
Of course! I can tell from my own experience that trading on another then ETH chains are very comfortable now
Mary | Satoshi Club:
Ready for the next question?
Kiko:
Yes.
Kiko:
Well, We have a lot of Chinese tutorial materials, such as https://www.defibox.com/defiStrategy/118? utm_source=325379
2, mining tutorial: https://www.jinse.com/blockchain/982125.html 3 economic white paper: https://www.defibox.com/defiStrategy/119? utm_source=2187409
But more English ones are in the works, so keep an eye on us
D. | Satoshi Club:
Indeed
Q2 from Telegram user @rhedd
MdEX combines the advantages of the low transaction fees of the Heco chain and the prosperity of the Ethereum ecosystem..How do you maintain the low-cost transaction fee while your platform still utilizing Ethereum Blockchain? What contribution does HecoChain and Ethereum Blockchain bringing to your platform to make it more handy to use?
Kiko:
The transactions on Mdex are mainly executed on Heco. The aspects of Ethereum would be mapped and traded on Heco through a cross-chain bridge. It means farming and swap are not executed on Ethereum but related to Ethereum and benefit the assets on Ethereum.
Kiko:
The part of Ethereum on Mdex is still in development. Whether to open ETH and how to combine Ethereum with the current system will be decided by voting. Now the low transaction fee and fast transaction speed mainly benefit from Heco. However, with the development of ETH layer 2, we can expect more advantages from the Ethereum part.
Mary | Satoshi Club:
Who will vote for these changes?
Kiko:
Yes, more future development can be voted.
Mary | Satoshi Club:
Btw, did you already decide which L2 solution MDEX will use?
D. | Satoshi Club:
Don’t your afraid that fees on your platform might go higher when you face with a large amount of liquidity and users? on BINANCE Smart Chain the last couple of days trading fees increased to 1 buck for the swap and higher, ofc it’s not too crazy compared to Ethereum
, but still, fees are increasing on their platform.
Kiko:
We already have plans, but we haven’t ready to uncover the details. Let’s stay tuned for the L2 solution.
Mary | Satoshi Club:
And fees on ETH decreased a bit
Mary | Satoshi Club:
We will stay tuned for sure
Dantes Stan | DON’T PM FOR ETH/$$:
Hecochain is more developer and user friendly and it’s cost-efficient public chain. So even if the number of users of the network increases, the fee will still be relatively low.
Mary | Satoshi Club:
Great, we hope so
D. | Satoshi Club:
Got it! thank you for your answer
D. | Satoshi Club:
Ready for the next question?
Dantes Stan | DON’T PM FOR ETH/$$:
Yes.
Q3 from Telegram user @meml97
I just read on your Twitter that you had a problem, something occurred on the node server, resulting in 91 abnormal repurchase orders, totaling 91000USDT. Could you explain how could this happen? What happened to the node server that caused this tremendous amount of abnormal repurchase, and how are you going to assure your users that this won’t happen again? Did you already solve this? When are you going to pay this USDT back?
Kiko:
Due to the huge amount of data risen along with the increasing transaction volume, the node server failed to synchronize the data in real-time, resulting in abnormal buyback average price acquisition. The team has immediately increased the number of new server nodes, and now the problem has been fixed.
Kiko:
91 repurchases, totaling 91000USDT, were triggered due to abnormal price acquisition, and the 91000USDT will be paid by the team A.S.A.P. We apologize for any misunderstanding caused to the community.
Mary | Satoshi Club:
So you are ready if situation repeats? If amount will rise again?
Kiko:
With this experience, we have already fixed the problem and will have a better solution to prevent a similar situation.
Mary | Satoshi Club:
Thanks! Happy to hear this!
Mary | Satoshi Club:
Ready to jump to the next question?
Kiko:
It will not repeat. And we have well prepared for the large data volume on our website in the future.
Kiko:
Yes, let’s move to next question.
D. | Satoshi Club:
Thank you for your answers!
Q4 from Telegram user @lzamg
You mention the importance of support from the community and you created the M-Angel Program to keep the people involved in the MDEX project. If I want to become a M-Angel, what are the requirements I need to meet? Would I be able to create a local MDEX community in a form of support for the project? And if an M-Angel doesn’t accomplish what they are supposed to, what would happen?
Kiko:
M-Angel is a long-term personal partner of MDEX community, helping MDEX to build and care for an MDEX brand that continuously transcends the past, challenges the future, and focuses on the present details.
Kiko:
M-Angels can contribute any valuable resource to MDEX and are rewarded with MDX tokens or other forms of incentives for their contributions.
Kiko:
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.
Mary | Satoshi Club:
What do I need to do to become M-Angel?
Kiko:
We have gladly received several applications these days. There are applicants like YouTuber, community manager, a developer who showed high interest in Mdex and have already paid a lot of attention to us before the recruitment.
D. | Satoshi Club:
Yes, what are the requirements?
Kiko:
We sincerely welcome anyone who has a passion for helping our team build a great brand and letting more people know Mdex. If you want to participate in the construction of MDEX community, no matter what advantages you have, now you can apply for the M-angel of MDEX community.
Kiko:
To find the access, here is the information you may need:
https://twitter.com/Mdextech/status/1358733226085257216?s=20 Kiko:
First, we understand and believe what Mdex is doing.
Kiko:
Secondly, you could like to contribute your personal abilities or resources that could help the team.
Mary | Satoshi Club:
Thanks! Satoshiclubbers, who want to become M-Angel? Join immediately
Mary | Satoshi Club:
I think you will get a huge response from your community
Dantes Stan | DON’T PM FOR ETH/$$:
Also anyone who is good at building and managing a regional community is welcome to join.
Kiko:
It’s not difficult. Hope we can receive more applications from Satoshi club
Mary | Satoshi Club:
I am sure
Mary | Satoshi Club:
Ready for the next question?
Kiko:
Yes.
Dantes Stan | DON’T PM FOR ETH/$$:
Yes. You can go on.
Q5 from Telegram user @Highpee
Transaction fee on MDEX will be charged at 0.3% and you have planned that 66% of your fee income will be used to repurchase and burn MDX and buy HT to airdrop to users who mortgage MDX. Since on-chain transactions are daily recurring activity and fees are regularly charged per transaction made on a chain, does it means you plan to have a regular or continuous airdrop event as long as there are transactions, or is this a one-time offer? What amount of MDX should a user mortgage/hold to be qualified for this drop?
Kiko:
MDEX will allocate the corresponding proportion of daily platform income into the repurchasing and burning pool. When the market price is lower than the three-day average price, the smart contract will be triggered, and the repurchasing and burning will be automatically executed. If the actions are not triggered, the tokens will continue to accumulate into the repurchasing and burning pool.
Kiko:
And for the airdrop, there are no limits for the amount of MDX should a user mortgage/hold.
Kiko:
If you hold MDX, you could have a lot of opportunities to receive an airdrop. For the details, pls visit the website mdex.com?—?boardroom. You can view all the information there.
Mary | Satoshi Club:
Did you already burn some MDX?
D. | Satoshi Club:
How many tokens of your total supply are you planning to burn?
D. | Satoshi Club:
Dantes Stan | DON’T PM FOR ETH/$$:
There is no specific amount that has been set, we currently planned the burning to continue once there is a transaction fee. If there is going to be any changes on this, we will communicate it with the community.
D. | Satoshi Club:
Gotcha.
Mary | Satoshi Club:
What about the 6th and last question from this part, guys?
Kiko:
Go on
Q6 from Telegram user @Arisabela
Mdex has been audited by CODESAFE, nevertheless the audition document isn’t public on your website, can you share it? Also, what are the security features for keeping your user’s assets safe from external attacks?
Dantes Stan | DON’T PM FOR ETH/$$:
We released a public announcement after the auditing. You can check it here https://twitter.com/Mdextech/status/1351461845308043266 Kiko:
The questioner must have missed the report. We have published it on our website. The report showed we have improved the issues that were found in the smart contract and eventually passed the audit.
Mary | Satoshi Club:
Thank you! Do you plan additional audits?
Kiko:
We have already run several contracts in the test network and the main network, during which we are constantly adding test cases for internal iteration, and we have been audited by third parties. At the same time, we have a very good mechanism to protect against Oracle and lightning attacks, and we have a very good joint defense mechanism.
Kiko:
Yes, we are lining up for more audits.
Mary | Satoshi Club:
It’s very good, it means you really care about security
Kiko:
Besides, welcome to check our code development on GitHub.
Kiko:
https://github.com/mdexSwap/contracts Mary | Satoshi Club:
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @topind7
Do you have any instructions on how to participate in liquidity and trade mining in Mdex?
Dantes Stan | DON’T PM FOR ETH/$$:
Yes, this article will provide all the instructions on how to participate https://mdex.medium.com/how-to-participate-in-liquidity-mining-and-trade-mining-in-mdex-52329cfde91c Q2 from Telegram user @ronaldo_super
Can I learn the main difference between MDex from other defi projects?
Kiko:
The main difference relates to our dual-chain mechanism and the rather low transaction fees. And we are exploring how to bring more advantages from these two chains.
Q3 from Telegram user @feranno
In which markets is MDEX more used now? Do you have a plan to reach more users and investors?
Kiko:
Currently, we have opened the English and Chinese markets. We have built a new Russian community. More language communities will come soon. As mentioned before, we also hope we can recruit more M-angels to help us expand the market to more countries and in more local languages.
For Russian users, why not come to be early birds in Mdex Russian. Join us here: https://t.me/MDEXRUSSIA Q4 from Telegram user @JoanaZ
One of the use cases of the MDX token is “Repurchase and destroy MDX” so that means that your token has a deflationary model associated, so which is your burning rate and how often do you Repurchase tokens?
Dantes Stan | DON’T PM FOR ETH/$$:
We do allocate some Mdex of our daily platform income into the repurchasing and burning pool, the allocated funds are used for repurchasing and burning the MDX. And yeah, MDX is deflationary. Whenever the market price is lower than the 3 days average price, our smart contract gets triggered and the repurchasing and burning will be automatically executed. If the actions are not triggered, the tokens will continue to accumulate into the repurchasing and burning pool.
Q5 from Telegram user @lionsaver
Are there any plans to airdropping Mdex coin like uniswap did?
Dantes Stan | DON’T PM FOR ETH/$$:
You can stake MDX in our boardroom and receive HT as an airdrop. You can also join our liquidity mining and receive MDX as a reward.
Q6 from Telegram user @AllenLu
Does trading minin connect directly with METAMASK or another wallet?
Dantes Stan | DON’T PM FOR ETH/$$:
For a better user-friendly, it’s advisable to use metamask. You can also use a token pocket. We are working on supporting other wallets.
Q7 from Telegram user @stargateeatlantis
Can you tell us about the business model and ecosystem of your defi project and platform?
Kiko:
We have published a brief whitepaper. Please check out here: https://mdex.medium.com/mdex-economic-whitepaper-1bdc882e20c9 Q8 from Telegram user @wonderkit
Where can we find MDEX tokens currently available in the market or on DEX or P2P and is there a requirement to become an MDEX holder?
Dantes Stan | DON’T PM FOR ETH/$$:
Mdex is listed on Huobi exchange and our mdex.com, you can purchase MDX on huobi and mdex.com. you can also use your MDX+USDT to join our liquidity mining program, you can also stake mdx in the boardroom.
Q9 from Telegram user @tikok21
Marketing is a central element for every project so that everyone knows the potential that a project can bring is vital to achieving the goals set. What is your strategy to attract new users and investors to your project and keep them long term?
Kiko:
Firstly, the user-friendly platform itself and the high rewarding rate are two foundations to attract users. Secondly, we are launching many bounty campaign soon to enlarge our community and follower base. Please pay attention to our twitter.
Q10 from Telegram user @Gutike95
How much is the minimum amount of Tokens of which I must be the holder in order to be part of the community and governance of the MDEX project?
Dantes Stan | DON’T PM FOR ETH/$$:
There is no limit of MDX tokens you need to hold to be part of our community. Everyone is free and welcome to join our community @MdexEN
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of Mdex. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 800$.
For more information and future AMAs, join our Social Media channels:
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