【AEX AMA with MDEX】Innovative DEX track：
opens the era of multi-chain competition
👨Guest: Sky, MDEX.COM CTO
👩Host: Ada, Head of AEX Brand Team
⌚️AMA Time: 4/22 16:00(UTC+8)
At 16:00 on April 22, MDEX CTO SKY was a guest at the AEX AMA room, and made a personal sharing on the theme of Innovating DEX Track, MDEX Opening the era of Multi-chain Competition. The following is the essence of this AMA:
1. Since the launch of the mainnet in January this year, MDEX has developed and expanded at an alarming rate, and its transaction volume has successively surpassed early DEX such as pancake and uniswap (V2), triggering extensive discussions in the circle.
Could you introduce MDEX to us?
SKY: MDEX.COM, supports the decentralized cross-chain transaction protocol of BSC, HECO and Ethereum, and ranks first in the CoinMarketCap and CoinGecko DEX rankings. It aims to integrate the advantages of multiple chains to create a high-performance composite DEX ecosystem and mining with liquidity. The Dual Mining Incentive with transaction mining maximizes the rewards of participants, and realizes a self-driving value capture ecological closed loop through the fee repurchase and destruction mechanism. MDEX is now available on Heco and BSC. Users can use MDEX Bridge to realize cross-chain interoperability between Heco, Ethereum and BSC.
MDEX is committed to building a DeFi platform integrating DEX, IMO, and DAO, providing one-stop liquidity services for more high-quality assets, and providing users with a more secure, reliable, diverse, and cost-effective trading experience.
2. According to the data of CMC on February 25 this year, MDEX once ranked first in the global DEX with an ultra-high market share of 51.54%, and has dominated the DEX list for a long time.
In your opinion, what is the main reason why MDEX can quickly rise to the top of the DEX list? Or what did the team do right in the past three months?
SKY: User experience, ultimate user experience, good profitability. The dual mining mechanism of liquidity mining and transaction mining, with the blessing of Heco and BSC, allows Mdex to have the experience of reaching or even surpassing the general centralized exchange. The transaction is almost zero fee, which causes a lot of capital injection. This is also In the next step, the important reason for the problem of slippage is that the amount of funds is large, so the slippage is small. Then there is the high profit of mining, which forms a positive cycle as a whole.
It’s relatively simple to say, but it’s not easy to do it. It looks like we have done it now and we are still optimizing it.
3. In March of this year, the team announced the MDEX plan for the second quarter of 2021 in the “MDEX Innovation Evolution” announcement, including multiple directions such as multi-chain deployment, asset cross-chain, Orderbook and IMO. MDEX has successfully deployed BSC recently.
What is the next plan for the deployment of other public chains and asset cross-chain?
SKY: In the near future, the team should focus on deploying BSC. Other public chain deployment nodes are not yet clear. Asset cross-chain assets will be initially added based on the current market heat and the actual situation of mdex itself. Currently, cross-chain assets are FEI, TRIBE, SHIB, MDX. For the latest developments, please follow MDEX official twitter and telegram,
4. Talking about the innovation of MDEX, it is inseparable from the dual-chain dual-digging, Orderbook and IMO.
Can you introduce them in detail? What impact will they have on the MDEX ecosystem?
SKY: Multi-chain deployment gradually supports public chains such as ETH (Layer 2 network), BSC, OKExChain, DOT, NEAR, etc., to achieve asset interoperability and create a full ecological transaction protocol. Will continue to expand the mdx ecosystem and enhance consensus. Cross-chain assets realize more asset interoperability and break barriers across the chain. Orderbook has been continuously upgraded and optimized in terms of interaction, providing more convenient and richer pending order strategies, allowing users to enjoy a centralized trading experience on decentralized exchanges. IMO provides transparent, open and customizable financing services for project parties.
The ecology of Mdex is not just the ecology of a platform of Mdex, but an ecology that integrates the resources, technology, and traffic of the two major exchanges of Huobi and Binance.
From this perspective, Mdex is a DEX, but it integrates The ecosystem of CEX and DEX is building a new DEX ecosystem. Mdex is working hard to advance and is also expanding the road for the decentralized exchange track.
5. After MDEX went live on BSC, the MDX halving time was advanced 45 days. How did this decision come about?
Can you introduce the economic model of MDEX’s core token MDX?
SKY: 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; all are unlocked in twelve months after going online.
The remaining 49% and 31% are used for liquidity mining and transaction mining on HECO and BSC respectively.
49% HECO liquidity and transaction mining
31% BSC liquidity and transaction mining
10% team reward(Unlocked two years after going online for one month)
7% early investors(Unlocked in twelve months after going online)
3% market operation(Unlocked in twelve months after going online)
The early halving is mainly an adjustment of the operating strategy in response to the voice of all mdx holders. Mdex is a decentralized protocol interaction platform and a value trading hub, so we respect the suggestions of community members, and the early halving is also good news for the overall ecology.
6. We noticed that in the distribution of MDX tokens, liquidity mining and transaction mining account for as much as 80%. With the progress of multi-chain deployment, what changes will this part of the distribution have?
SKY: The total amount of mdx will remain at about 1 billion. After the BSC is launched, 310 million mdx will be separated from the total and used as mining output on the BSC. The subsequent deployment of other public chains should be adjusted. The specific details need to wait for the official announcement.
7. It is reported that MDEX is the first decentralized transaction protocol that supports the repurchase and destruction of platform coins by handling fees.
Can you introduce the mechanism of the repurchase and destruction? What impact will this have on the MDEX ecosystem?
SKY: MDEX will inject the corresponding proportion of daily platform income into the fund pool to be repurchased. When the repurchase price (72-hour MDX average price) is triggered, the smart contract will automatically execute the repurchase and destroy it. If it is not triggered, it will continue to accumulate into the repurchase fund pool.
Note: When repurchasing from the secondary market, HMDX or MDX with a lower price will be purchased first for destruction.
The destruction mechanism has a certain stabilizing effect on the long-term development of mdex. Over time, the output will be halved and the destruction will increase, and finally mdx will enter a deflationary state. In the blockchain industry, any project must be made into an orderly and reasonable circulation to make the entire ecosystem prosper.
Based on this rule, Mdex combines the concept of DAO governance to formulate Mdex’s fee repurchase and destruction The mechanism of the platform, like some DEX, only mines coins or issues tokens, instead of letting the tokens circulate, participate in governance, participate in destruction, and participate in the community ecology, then the closed loop of the token will be difficult to achieve. Platform fees come from users, and they also motivate users. This is the right way to build the ecology. We design the entire mechanism with a long-term concept.
8. Will multi-chain deployment and multi-chain interoperability become the new development direction of DEX? What do you think will be the core competition between DEX in the future?
SKY: The development direction of DEX must be to allow users to use it comfortably, to make profits at ease, and to invest at ease, instead of using it badly, prone to loss, and panic all day long. The future competition pattern of DEX must be multi-chain deployment and interoperability, because whether it is DEX or CEX, its core is value exchange. If it can only interact on one chain, then what is the value hub for the smooth flow of tokens? Therefore, multi-chain deployment is a major development trend of DEX.
The core competition points are as follows: transaction mining subsidy (0 handling fee), low slippage, and depth of mainstream currencies. The overall summary is a good user experience. As answered above, Mdex will continue to make progress and continue to expand the boundaries for the platform and the industry.
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MDEX activities on AEX in this April:
1⃣️ Answer the questions, 100 lucky participants can get 4 MDX each[Time: 4/23–4/27 16:00]: https://twitter.com/aexplus/status/1385489382799384578
2⃣️ Deposit any amount of $MDX, 50 lucky users can get 6 MDX each[Time: 4/21–4/28 17:00]: https://twitter.com/aexplus/status/1384795780309913608
3⃣️ Spot Trading and ASwap, 6,000 MDX airdrop here[Time: 4/20–4/26 17:00]: https://aex.cool/page/news/notice/2021/0420/en_2249.html
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