Fourth Bi-Weekly Report — MCDEX

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Things have been moving fast for us at MCDEX. Before we dive deep into MCDEX’s fourth bi-weekly report, you may want to read the third bi-weekly report again here.

To give you a brief recap, the third bi-weekly report focused on — liquidity mining calculator, the next round of liquidity mining “SHANG”, the eUSD proposal, increase in trading fees, our first governance meeting, research on L2 solution, the launch of ambassador and bug bounty program, community engagements, and plan for August.

Let’s dive deep into our fourth bi-weekly report!

The MCB Foundation

The MCDEX Foundation will provide grants in MCB on a monthly basis for the tasks based on the performance of the Ambassadors. The Foundation’s Budget & Expenses will be disclosed every month!

High Gas Fees

Due to the high gas fee, we proposed to increase the liquidation penalty rate of ETH-PERP. We invited suggestions and feedback from the community. Later, we invited the community to vote on this governance proposal (details to follow)

For the same reason, we also proposed to distribute MCB to liquidity providers every Wednesday temporarily.

Round ZHOU of Liquidity Mining — Discussion

We invited the MCDEX community to share their suggestions and feedback on the next round of liquidity mining — round ZHOU! Our active community shared their thoughts for the improvement of liquidity mining round.

Based on the discussions on the forum post, we made the voting proposals.

LINK-PERP Launch

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We launched the LINK Perpetual contract with 5x leverages. The community came forward to support us with likes and shares. We thank the Chainlink community especially the link marines for their continuous support.

You can earn MCB tokens by adding liquidity (in $LINK) to the LINK-PERP AMM. Here’s the Liquidity Mining Guide.

You can use the reward calculator to know how many MCBs you will mine by providing liquidity to the LINK-PERP AMM.

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Voting on Proposals and Rules for Round ZHOU

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We launched 7 proposals for our active community to vote on and they didn’t disappoint us. The rules for round ZHOU of liquidity mining were based on the votes received on the proposals.

To know the rules of round ZHOU along with the results and details of the various proposals, visit this link.

MCB Chart-Art Competition & Memes Contest

One community member “Dalvinchi” proposed a charting competition on TradingView. The competition will run until August 31st.

We all love memes. We launched a memes competition and the community will decide the winners for the same. The contest ends 1 Sep 12 PM UTC.

Increase in the rate of Liquidation Penalty

As per the votes received — we increased the liquidation penalty rate of ETH-PERP from block 10,727,500.

Old Penalty Rate: 2.5%, Proposed Penalty Rate: 7.5% — Details here

YouTube Channel Launched

We launched our YouTube channel and added 2 tutorial videos — how to connect Metamask to MCDEX and how to add liquidity. More videos coming soon, do subscribe and leave comments on the videos.

Welcoming DeFi Pulse to Community Governance

We will distribute part of our team vested MCB to early supporters — Defi Pulse and their partners to reward them for supporting us during and after the launch of MCDEX. They will also join our community governance later. We welcome them to the MCDEX community!

300% Mining Efficiency

Liquidity Miners can get up to 300% mining efficiency simply by holding MCB tokens in the wallet which they use to provide liquidity. Find more details here!

Rewarding Traders — Discussion

MCDEX co-founder Jean Miao invited the community to share their thoughts on how to reward the core users of the platform — the traders — in a sustainable manner. Share your creative ideas in this forum post.

Everything About the MCB Token — Resource

Jean wrote an article clarifying the MCB token distribution, use-cases, and the various ways to get MCB! Read the article here.

Community Engagements

  1. MCB got listed on Poloniex! You can begin depositing & posting limit orders for MCB/USDT. Here’s the official announcement by Poloniex.
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3. Daochemist (Gareth) on EtherealSummit. Thanks, DeFi Dad!

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4. Thank you, DeFi Slate and Andy!

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5. Thank you DeFi World for the guest post on DeFi Slate’s Newsletter.

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Read the newsletter here.

6. Last but not the least, MCDEX co-founder is all set to set the stage on fire at ChainLink’s Smart Contract Summit 2020! Mark your calendars — 29 August, 12:40 PM UTC. Tickets are free but limited, reserve your spot here.

We look forward to more developments and progress! Stay tuned! Thank you for being a part of the MCDEX community!

Written by

Building MCDEX V3 (Decentralized Perpetual) | Trade #PerpetualContracts - $ETH $LINK $SNX $COMP $LEND

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