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Author Topic: Core Informations You Need to know about MCDEX  (Read 87 times)
kimkibu
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January 09, 2021, 01:54:05 AM
 #1


_______________________________________________________________________________ ___________________________________________________________________________

Hi guys, today we are going to be discussing about McDex;

MCDEX; a self-learning and self-streamlining blockchain platform for secure, interoperable, very adaptable exchanges. The MCDEX utilizes it's never-ending exchanging blockchain platform streamlined by artificial intelligence to improve its consensus algorithm, which looks after decentralization, stability and security.

Actually, The objective of this protocol is to permit anybody to make and trade in any perpetual market. In the first place, anybody can make their own perpetual market with the value feed of hidden asset and pick any ERC20 as collateral. Besides, they have planned an AMM for the perpetual market and this AMM additionally has better capital productivity. Also, AMM tackles the liquidity issue(s) - anybody can give liquidity to AMM by depositing assets in the pool and get sensible market making profit. Finally, anybody can trade perpetual swaps permissionlessly. Traders' assets are in the smart contract in a noncustodial way and the process of any transaction/exchange are directed totally on-chain..


When i first got this, i was like wow..... this is MASSIVE  Wink
Right.. let ride on!

Their mission at MCDEX is to make investing in DeFi more accessible by creating a secure and easy-to-use blockchain-based decentralized financial platform.

The financial engineering of McDex perpetual contract depends on the demonstrated plan of perpetual contracts in the CeFi space. The trading cost is delicately fixed to the file cost. The most extreme influence of the MCDEX perpetual contract is 10x. However, they give a working mechanism that can be totally decoupled from off-chain operations.

McDex perpetual contract presents an AMM (Automated Market Maker) to give on-chain liquidity and create their financing rate to guarantee total decentralization. The AMM goes about as an gateway to trade perpetual contracts with other smart contracts on-chain.

On their Whitepaper, there are some info about V1(MP futures, Market Protocol Futures), and V2 (On-chain AMM and Off-chain orderbook), which i trust are not that IMPORTANT anymore, since V3 is a totally different design.

The Mai Protocol V3 planned by MCDEX is an AMM-based decentralized perpetual swaps protocol. Perpetual trade is perhaps the most mainstream subsidiaries that has no lapse date, underpins margin trading, and has its price delicately fixed to their initial record price.



Another interesting thing is that the Mai Protocol smart contracts are fully audited by Open Zeppelin, Consensys and Chain Security.

Road Map
Q2 2020

Launch of the perpetual contract
Q3 2020

Launch automated trading and social trading products
Initial MCB token sale
Liquidity mining
Q4 2020

New AMM formula for perpetual contracts
Decentralized leveraged tokens
MCB for AMM liquidity incentive
MCB for on-chain governance
MCB capturing platform fees
Decentralized leveraged tokens
IDO (Initial DEX Offering)


2021
          
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kramchers
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January 09, 2021, 03:05:49 AM
 #2

I hope your going to have a bounty promotion to your new exchange here in this field of industry.
And it seems good to me as long as you are transparent to your community(If there is).
But anyway, if ever you change your mind in terms of bounty management, you can contact me at my telegram
@cryptosbitz I can give you a nice offer and I can guarantee that I can boost your campaign here
in crypto space.
kimkibu
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February 02, 2021, 04:20:43 PM
 #3

McDex team is happy to share with it community members and investors that the MCBnomics proposal was passed successfully with $MCB 1,252,177 votes!

TOKEN BURN was successfully executed! 
Current $MCB total supply 10M
Anyone starting a clubhouse?
 $MCB #Defi 







Find link to tweet from here
https://twitter.com/MonteCarloDEX/status/1356261759078678528?s=20
kimkibu
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February 03, 2021, 07:31:50 AM
 #4

Current MCB issuance summary
Upon Jan 12th, 2021, 2,016,096 MCB has been issued, among which:

  • 1 million MCB belongs to the team and investors:
         Dev Team: 510K
         Angel investor: 170K
         Private token sale: 320K, Price 2.5USD/MCB
  • 996,955 MCB belongs to Liquidity providers
  • 19,141 MCB belongs to community contributors



Updated tokenomics
1. The already issued MCB will keep circulating, but the total amount will reduce from 100 million to 10 million.
2. MCDEX DAO will be responsible for the specific usage of the newly issued MCB (refer to Mai 3 Protocol)
3. The speed of issuance will be under the following restrictions:
    a) It is plausible to issue 1 MCB for 1 USD captured by the MCDEX DAO vault
    b) At least 0.2 MCB can be issued by one Ethereum block (approximately 1300MCB/day)
4. For every new issuance, 25% of it belongs to the team, and 75% is for community incentive.

Highlights of the new tokenomics
As stated in the Mai3 protocol: MCB is the governance token of MCDEX DAO. MCDEX DAO continuously captures value in the MCDEX ecosystem, and MCB holders can participate in the governance of DAO vault. In MCDEX V3, MCDEX DAO will charge 0.015% of the trading volume as vault fee, and this would be the major source of the value captured by the MCDEX DAO vault.

The new tokenomics tries to balance between “to issue more MCB as incentive” and “to protect existing holders“. On one hand, we need to issue more MCB as community incentive, especially liquidity incentive. We profoundly understand that liquidity is essential for MCDEX, and liquidity mining is the best way to obtain liquidity at an early stage and to bootstrap the platform. On the other hand, to issue more MCB will dilute the share of current MCB holders, especially when MCB is not yet good at value capture at the early stage.

The new MCB tokenomics tries to approach the abovementioned concerns:

1. Reduce the total supply from 100 million to ten million. The action of issuing more MCB to incentivize liquidity should only take place during the early stage to bootstrap the platform. As the platform itself enters a virtuous cycle/positive feedback loop, MCDEX DAO will continue to capture value. At this point the value captured by DAO is a sufficient income for liquidity incentive and other community incentive. Taking into account that 2,016,096 MCB has already been issued, and an additional 7,983,904 can be issued in the new tokenomics. Among them, 75% (5,987,928 MCB) can be used for early-stage incentive, which should be large enough for bootstrap. On the other hand, to reduce the total supply will lower the diluting effect for current MCB holders, protecting their profit.

2. In the new tokenomics, the issuance speed of MCB is correlated to the accumulated value captured by DAO. So as to say, 1 MCB can be issued for every 1 USD captured. There are two advantages of this method: To prevent a hyper issuance speed when the value capturing ability of DAO is relatively weak. As DAO captures more value, new MCB will be gradually issued. Furthermore, when the value capture ability of MCB improves, the issuance speed could potentially be increased for ecosystem incentive. Since the value capture ability of MCB is strong enough at this point, to increase the issuance speed to a certain extent will no longer have a huge impact on the token price, protecting holder’s profit.

3. The minimum speed is 0.2 MCB per block (approximately 1300 per day). When the value capture ability of MCB is not strong enough, 1300 per day fulfills the need for the basic liquidity incentive. If we hypothesize that the annual cost of liquidity is 10%, the token price of MCB is $3, and 75% of the newly issued MCB is used for liquidity mining, then the available liquidity would be approximately $10M. In the AMM design of Mai3, $10M is a great start. Moreover, this speed corresponds to a 22% annual inflation rate, and this rate decreases gradually. This is an inflation rate at average level, which should be acceptable for MCB holders.

4. The developers will obtain 25% of the newly issued MCB. While covering the fundamental rights of the developers is protected, this share serves as an incentive for developers to maintain and develop the MCDEX ecosystem. In additional, since MCDEX DAO has complete managing authority over MCB, MCDEX DAO is able to cancel this share through on-chain governance if the developers are incapable of maintaining and developing the MCDEX ecosystem in the future.



Execution of the Proposal
Once this proposal has been approved, the team will execute the following operations:

1. Burn all MCB held by MCDEX Foundation (24,990,859 MCB)
2. Burn all MCB locked in the team vesting smart contract (24,000,000 MCB)
3. Deploy MCDEX DAO smart contract and transfer the MCB’s admin privileges to MCDEX DAO.
4. The MCDEX DAO smart contract will limit the issuance speed and amount of MCB based on the new tokenomics. In addition, every new issuance requires on-chain governance by MCDEX DAO.

Quorum Requirements
Due to the fact that this proposal involves significant changes to the MCB tokenomics, we would like it to be fully discussed by the community members to reach maximum consensus. Therefore, the discussion of this proposal will last around 2 weeks, and the voting quorum is 1 million MCB (about 50% of the current supply).

Voting
Holders who have MCB, MCB/ETH LP Token or MCB/USDC LP Token please vote on https://vote.mcdex.io/mainnet/proposal/15
Voting time: Jan. 22th 12:00 UTC ~ Jan. 29th 12:00 UTC[/list][/list]
kimkibu
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February 03, 2021, 07:53:12 AM
 #5


Quote
Although MCDEX V3 will apply a multi-chain deployment strategy in order to better serve more communities over various ecosystems, Ethereum is still the central focus. However, both the skyrocketing gas fee and the heavy congestion of Ethereum L1 are hindering a smooth user experience of the platform. We are rigorously searching for an appropriate L2 solution due to the following reasons:
- Decrease Gas Fees: Due to the complexity of perpetual swap trading, the gas fee of perpetual on MCDEX is approximately 5 times higher than that of a typical spot trading (e.g. Uniswap) transaction. When L1 is congested, the gas price keeps reaching new peaks, causing the trading costs to shoot up even higher.

- To Improve Liquidation Efficiency: Liquidation efficiency is extremely important to our platform because users would like to apply higher leverage (aka smaller maintenance margin) and, in order to provide such opportunities, the platform must have the capability to promptly liquidate positions with insufficient maintenance margin. In order to achieve this, we need to build our platform on infrastructure with higher capacity and throughput, that can process larger volumes with quicker finality. Under certain circumstances, small compromises on decentralization may be appropriately sacrificed to massively improve liquidation efficiency.

So…what are we looking for?
Product Readiness: First and foremost, the technology itself has to be mature. An ideal situation would be one that has its mainnet published and has been explored by users and dAPPs. One that’s still under development would still be acceptable as long as it is able to match our development timeline.

Decentralization: In order to support a platform that will be handling up to billions of dollars in transaction value, we need an L2 solution that is highly decentralized. A system with a security level comparable to and derived from Ethereum L1 would be perfect.

Developer-Friendliness: The L2 solution should be EVM-compatible and should provide a mature and complete toolchain (e.g. compiler, debugger, and sandbox), nodes (L1 API compatible), and basic infrastructure (The Graph, etc.).

Fee and performance: This L2 solution should drastically decrease gas fee, maximize TPS, and minimize confirmation time. These qualities are essential for improving the liquidation efficiency of MCDEX.

Available L2 solutions include:
1. State channels
2. Side chains (ex: xDai/Matic)
3. Plasma
4. ZKRollups (Matter Labs / Starkware)
5. Optimistic Rollups (Optimism / Arbitrum)

We can first eliminate state channels, Plasma, and Starkware because EVM compatibility is indispensable. Although ZKRollup by Matter Labs promised to support EVM smart contracts in the future, the exact progress and timeline of this are still unknown. In this sense, ZKRollups do not match our V3’s development progress. With respect to sidechains, while they are actually a great “transition” choice, considering that the Optimistic Rollups will become available for mainnet within 3 months and are more decentralized in nature, we have chosen to focus on various Optimistic Rollup options.

Optimism OVM vs Offchain Labs Arbitrum
Both OVM by Optimism (aka Optimistic Rollup) and Arbitrum (aka Arbitrum Rollup) by Offchain Labs are wonderful Optimistic Rollup solutions. The technical difference is that OVM utilizes single-round interactive fraud proofs, whereas Arbitrum applies multi-round interactive fraud proofs. There are no other major differences on how each derives security from Ethereum, so we can assume that these two solutions have similar levels of decentralization.

Quote
After much research, MCDEX has decided to launch V3 Arbitrum at the moment for the following reasons:

1. On-chain cost: A multi-round interactive rollup has a lower cost than a single-round interactive, which allows for higher throughput on the rollup.
2. Product readiness: Neither solution has launched its mainnet, but Arbitrum provides detailed documentation, code, and a permissionless testnet. The code is under audit and its mainnet launching timeline aligns with the MCDEX V3 developing progress.
3. Developer-friendliness: Arbitrum provides a completely EVM-compatible developing environment and node API. We have deployed MCDEX V2 on Arbitrum’s permissionless testnet without revising a single line of code. Infrastructures including The Graph work smoothly as well. In contrast, OVM requires developers to revise the code when dealing with timing-related operations. Moreover, a bigger problem is that OVM requires team approval at an early stage, which restricts the developer’s exploration freedom.
4. Sequencer Model: The Sequencer Model is an upcoming new feature of Arbitrum. It allows Arbitrum users to quickly confirm their transaction status directly on L2 without having to wait for the transaction to transfer onto L1. Although this feature makes the product slightly less decentralized, it speeds up the confirmation process a lot. In addition, the Arbitrum team is working on solutions that will decentralize the sequencer model even more over time. With the Sequencer model, both the trading speed and liquidation efficiency will be drastically increased.

While we believe a ZK-Rollup is a more suitable technology, in the long run, ZK-Rollup still has a higher risk and longer development time. Therefore, our project would like to start with a relatively mature solution like Arbitrum. Additionally, in the future, as the ZK-Rollup technology develops, the Offchain Labs team is planning to add ZK proofs to Arbitrum, thus incorporating the benefits of zero-knowledge technology into their rollup solution.

       
kimkibu
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February 04, 2021, 08:30:27 AM
 #6

To kick off this special lunar new year, year of the bull, MCDEX V3 will present you with a few special gifts: a brand new AMM, a revolutionary market structure, and an exceptional trading experience.

A glimpse of the UI:


What To Expect
ANYone can create ANY perpetual market.

Permissionless is the key of DeFi. MCDEX maximizes this nature of DeFi projects by introducing a new role — the operator, the creator and manager of a new perpetual market. Anyone can create a pool to support one or several perpetual markets by choosing an oracle and setting several risk parametres, without any permission or approval needed. Operators are also able to adjust risk parameters to provide proper market making strategy based on the volatility of the underlying asset.

By doing so, MCDEX empowers the community to list more synthetic assets, especially long tail assets. This revolutionary democratization makes market making accessible for everyone, thus bringing waves of fresh blood to the DeFi world.



Shared-liquidity AMM with 1000x better capital efficiency

As TVL is one of the prominent factors of a protocol, capital efficiency is even more crucial,

We have redesigned the AMM pricing formula to better utilize funds by aggregating a big percentage around index price. In such a way, MCDEX V3 can provide much better liquidity around the spread with the same liquidity in the AMM pool.

As shown in the image below: Assuming that the Index price is $100 and the spread on MCDEX V3 is 0.16%(set by the market creator), with the best bid at $99.92 and the best ask at $100.08. The order size within the spread with the MCDEX AMM is around 1000x larger than that with a constant product AMM.


Furthermore, a traditional AMM pool can support only one perpetual market. The MCDEX V3 AMM is equipped with a shared-liquidity pool which is able to support multiple perpetual markets. This AMM feature further improves our capital efficiency to a new level.

MCDEX DAO
Based on proposal 19 (https://forum.mcdex.io/t/proposal-19-mcb-new-tokenomics/262/9), the new MCBnomics has been executed(Details: https://github.com/mcdexio/mcdex-references/blob/v3/en-US/mcb-tokenomics.md)

MCDEX DAO will capture value created by MCDEX ecosystem, for example, transaction fee. MCB Holders can govern the assets of MCDEX DAO.

Next Up
Both V2 and V3 will run simultaneously for a while. Here are what’s left before mainnet launch:

  • Beta1 will be launched on “God of wealth day” — Feb. 16th.
  • Beta 2 on Arbitrum Rollup
  • Audits complete
  • Mainnet launch!

V3 marks a significant milestone for the MCDEX community. Stay tuned!

MCDEX Community:
Telegram: https://t.me/Mcdex
Discord: https://discord.gg/yWngJ5BXd6
Twitter: https://twitter.com/MonteCarloDEX[/list]
Insanerman
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February 04, 2021, 05:29:13 PM
 #7

I see you have a potential. But apparently you must grow more in your marketing, especially in this forum as there are tons of traders in here that wants to use various trading platforms that offers better user experiences and low fees in any trades. Note that great marketing strategies is the most essential thing to be a successful trading platform. Also, once there would be an issue with any transactions in your platform or on the trading per se, expect that many would simply won't use your platform anymore.

I'd consider trying to hold your coin right before the release of your platform. Goodluck!

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