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!

We built a tool for miners to know the amount of MCBs they will earn on providing liquidity to the AMM.

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

We discussed the next round of liquidity mining “SHANG” with our community in our MCDEX forum and during our first governance meeting which was held on July 28th, 2020 in our discord server.

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%.

We proposed a product initiative based on our ETH-PERP contract called eUSD — a synthetic asset minted by tokenizing perpetual positions. We discussed this initiative with the community in our MCDEX forum and during our first governance meeting.

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.

One of our community members discussed the profitability of the platform due to high gas fees for order book trades. Our CEO pointed out that for the current gas prices, the gas fee is more than the trading fee.

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%.

We had our first governance meeting on July 28, 2020, in our discord server. It was a big success and an amazing experience interacting with the community. You can find the agenda for the meeting here. Here are the minutes of the meeting along with the decisions taken by the team.

Since Ethereum gas prices get higher and higher, it is now essential to accelerate the process of the MCDEX L2 solution. Our CEO has started researching on L2 or rollup solutions. We invite the community members and the various stakeholders of the ecosystem to share their thoughts regarding the same in this forum post.

We launched the ambassador program and received many applications for the same. We have already onboarded a few ambassadors and are looking forward to onboard a few more.

Our smart contracts are audited by OpenZeppelin and ConsenSys. We take the security of our platform and the protocols very seriously. To further bolster the security of our smart contracts, we invite bug bounty hunters, traders, and other stakeholders of the ecosystem to find bugs in our platform. Know the details of our bug bounty program.

We interacted a lot with key stakeholders of the DeFi ecosystem in these two weeks.

  • 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]
  • 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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