MCDEX Monthly Newsletter September — October

MCDEX brings the most exciting news in this newsletter for the community. You get insight into the entire month’s activity which includes partnerships, collaborations, proposals, and announcements and milestones!

Announcing Trading Mining V2 on BSC

Announcing the brand new trading mining V2 on BSC. The objective is to incentivise all traders to use MCDEX and accelerate overall product usage.

The period of the first epoch is from UTC 00:00 October 4th to 00:00 October 18th.

Total rewards in the first epoch: 95,000 MCB

Trading Rewards

The trading rewards will be distributed to traders based on the formula that rewards a combination of fees paid, open interest and staking score.MCB will be distributed on a 14-day epoch basis and is not subject to any vesting or lockups. The number of MCB of each epoch is determined by MCDEX DAO governance.

Staking Score

A trader can obtain the Staking Score by locking MCB in the staking smart contract. The lock time of staking is 100 days.

If the trader stakes multi times, the remaining lock time is the weighted average value derived during each staking.

Rewards distribution

We will distribute the rewards on the fifth day after the previous epoch ends. The rewards of the first epoch will be distributed on Oct. 22nd.

Milestones:

A huge milestone this month!

Our accumulative trading volume hit $1,000,000,000 !!! This is a huge milestone for us and we’re sure it won’t be the last.

Retweet competition

We hosted a retweet competition where the first 300 participants (who reach certain requirements) get airdropped $10 in MCB for retweeting our post and joining our community.

Partnerships

Listing on FTX

Our MCB spot and perpertual futures have been listed on FTX Crypto Derivatives Exchange.

Track your MCDEX portfolio on Debank

MCDEX V3 is live on Binance Smart Chain

We are thrilled to announce that MCDEX V3 is live on Binance Smart Chain, where you can bridge MCB to BSC with Anyswap.

Community Discussion

All our exciting and latest updates such as — liquidity mining rewards, coin listing, legal opinion, co-liquidity mining, collaboration with several projects you can read below.

Below are some of the highlighted proposals brought forward by our community this past month.

Proposal 37: Launch BUSD Pool operated by MCDEX DAO on BSC

Since MCDEX has been deployed on BSC, MCDEX DAO shall operate a pool on BSC either. This pool should be on the list of the trading mining and liquidity mining.

Proposal that MCDEX DAO launch a pool:

  • Collateral token: BUSD
  • Initial Perpetuals: BTC, ETH & BNB

Proposal 38: Extend MCDEX x DODO Program for another 4 Weeks

The MCDEX x DODO program works well. MCB holders gain a 100% APY in the program.

Proposal to extend the program for another 4-week. The terms are the same:

  • Rewards of 180 $MCB and 4500 $DODO to be distributed daily
  • Campaign will another last 4-week
  • Co-marketing promotion by both protocols to promote this incentive program

Proposal 39: Certify & incentivize ETH margined perp market (ETH/USD)

This proposal was created by the Lemma.finance team, which is a basis trading protocol that will be launching its mainnet on MCDEX in October 2021.

Basis trading consists of:

  • Using ETH collateral to enter into a 1x leverage short (on the ETH/USD perp market)
  • Using the funding payments to increase our short position as time goes on

Essentially, Lemma will be creating a huge amount of open interest on MCDEX by shorting the ETH margined markets with no leverage.

Read more

Proposal 40: Extend MCDEX x Balancer Program for another 4 weeks

The MCDEX x Balancer program works well. MCB holders gain a 60% APY in the program with low IL.

Proposal to extend the program for another 4-week. The terms are the same:

  • Provide liquidity to Balancer 60/40 MCB/ETH pool on Arbitrum;
  • 1,260 $MCB and 1,600$BAL will be distributed per week.

Keep up with our latest proposals here and the latest updates on our community and progress below on our social media.

Building MCDEX V3 (Decentralized Perpetual) | Trade #PerpetualContracts - #Permissionless #1000x Uni’s capital efficiency #Anyone can create any market