Third Bi-Weekly Report (July-August)

The last two weeks have been absolutely crazy for all of us. With major developments happening in the DeFi space every single day, you just cannot take your eyes off this paradise!

In our third bi-weekly report, we share with you the progress we made in terms of product development and what’s next to come, the growth we were able to achieve, and more!

You may find our first and second bi-weekly reports here and here. Let’s start from where we left off!

The Liquidity Mining Calculator

You can access the tool here. The tool has been integrated into the UI by the name “Reward Calculator".

The Next Round of Liquidity Mining “SHANG”

We came to the following conclusions for Round SHANG (official announcement):

  1. Round SHANG will last for 2 weeks (estimated: August 9th (UTC 4 PM) to August 23rd), starting from Block: 10,625,000 to Block 10,727,499, right after the current Round XIA.
  2. 2 MCB / Block, Total supply for Round SHANG: 205,000 MCB.
  3. Incentivize MCB liquidity providers on Uniswap, MCB/ETH pair. 0.5 MCB / Block will be rewarded to LPs on Uniswap.
  4. Imbalance rate threshold for 100% mining efficiency will increase to 20%.

The eUSD Proposal

The eUSD product will be live in August. It will be audited by a PwC team, formerly Chainsecurity. Once the eUSD is live, we will incentivize liquidity providers on Curve Finance.

Increase in Trading Fees

On further discussing the issue with the community in the governance meeting, we decided to increase the trading fees. Our New Trading Fee Structure for the order book came into effect on UTC 2 pm, July 29th, 2020. Here’s the new trading fee structure:

  • Min order size: $1000
  • Maker fee = 0%
  • Taker fee = 1% when order size < $12,000
  • Taker fee = 0.15% when order size >= $12,000

For orders < $12,000, we suggest trading against AMM with a lower fee. With current liquidity in AMM, the slippage for a $12k order is 0.2%.

Our First Governance Meeting

Research on L2 Solution

Ambassador Program Launched

Bug Bounty Program Launched

Community Engagements

  • AMA with Chainlink — a video Q&A with Gareth (@DaoChemist), Head of Business Development at MCDEX. The discussion was centered on MCDEX integration with Chainlink and Liquidity Mining.
    [Event Details][Watch The Session]

Plan for August 2020

  • Governance Voting System
  • eUSD

Last but not least, MCB has been added on two research platforms, which you can use for data insights on trading and price information — Santiment and DEXTools.

It was an eventful period. We look forward to more of such weeks.

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