Mandala Minutes Edition 5

Mandala Exchange

Mandala Exchange

Jul 4. 7 min read

Hello Mandalarians!

We are back with ‘Mandala Minutes’, a dedicated monthly newsletter compiled by the team to help inform our userbase about the new and exciting news surrounding Mandala Exchange.

In this edition of our newsletter:

  • Email Service Provider
  • MandalaFi
  • ZERO Fee BUSD Trading
  • Mandala Madness
  • Mandala x EXO Partnership
  • Exchange Highlights
  • Community FAQs

Email Service Provider

Now that our email service provider is back up and running, keep an eye out for key announcements/updates that will be pushed via email.
Going forward we will be able to use our new and robust data tracking in conjunction with our email campaigns to strategically target our userbase.
We are happy to have finally found a solution to reach our audience in more ways than one! 

MandalaFi

We are excited to announce that we have given our Beta Testers access to MandalaFi to begin testing. MandalaFi will be a simple and easy way to yield-farm, earning you a multitude of rewards with the assets you already hold. 

Yield farming, also known as liquidity mining, is a way to generate rewards with crypto holdings. In simple terms, it means locking up cryptocurrencies and gaining rewards in return. Through our partnership with SimpleDefi, we are able to provide a seamless experience for joining farms, transferring farms, and collecting your rewards. Typical farms are a pain to get in and out of, typically taking around 15 steps. With MandalaFi, this process has been simplified to just 3 easy steps. 

We are thrilled to be able to extend our offerings into the DeFi space and give our users the opportunity to earn on their crypto! Our beta testers will be combing through the platform, testing different farms, connecting various wallets, etc. 

Over the next few weeks, we will be building up case studies from our testers to show you all the power of MandalaFi. After the testing phase, we will be able to introduce this brand new product to you all! 

 For now…here are a few screenshots to show you what the platform looks like 

We will be hosting an AMA with GollumsGems on Tuesday, July 5th at 8 PM UTC.
We will be giving a live demo of MandalaFi; surely something you won’t want to miss!

ZERO Fee BUSD Trading

Currently, we are running a promotion that provides zero maker fees for all BUSD pairs & zero trading fees for BUSD/USDT, TUSD/BUSD, TUSD/USDT, USDC/BUSD, USDC/USDT, USDP/BUSD, and USDP/USDT 

This promotion will run until 2022-12-31 at 00:00 AM (UTC).

In the coming weeks, we will also be rolling out ZERO Fee BTC trading on the following pairs: BTC/USDT BTC/BUSD BTC/USDC BTC/TUSD BTC/USDP BTC/EUR BTC/TRY BTC/AUD BTC/GBP BTC/BRL BTC/BIDR BTC/RUB BTC/UAH

We will keep you all updated on when this promotion will be kicking off!

Mandala Madness.

Unfortunately, due to current market conditions, Mandala has been forced to reconsider several of our promotions and expenditures. After careful consideration, our team has decided to scale back on our Mandala Madness lottery for the time being. We apologize for the inconvenience this may cause our customers. However, we feel that we would be doing both ourselves and our customers a disservice by ignoring the current market conditions and not pivoting accordingly.
We will be cutting the Lottery Prize ratio in half to 0.00025%. Even with current market conditions, we should still see some decent prize pools, because let’s face it…people still need a place to trade in bear markets.
These changes will go into effect starting in July.

If you are new to Mandala, make sure you read up on what Mandala Madness is all about and enter for your chance to win a share of the prize pool!
https://mandala.exchange/introducing-mandala-madness/

Mandala x EXO Partnership

Mandala has partnered with EXO, a Decentralized Exchange (DEX) ecosystem, to develop a multi-faceted partnership, bridging the Centralized and Decentralized Exchange ecosystems and experiences to our respective user bases. 

Mandala and EXO will be launching a variety of products to stimulate user growth and trading volume, as well as benefit partner projects and platforms alike, including a CEX/DEX bridging tool to seamlessly source liquidity from Mandala to DEX platforms. Beginning with Binance Smart Chain (BSC) pairs, partner DEXes will have the ability to bolster their order books with Mandala liquidity, with hundreds of pairs pegged against BUSD and BNB to choose from. 

As more multi and cross-chain functionality is integrated, partners will have the ability to choose pairs housed on a variety of blockchains within the Mandala ecosystem. This is just the first integration of many, so stay tuned as we roll out other aspects of the Mandala X EXO partnership. 

Exchange Highlights:

Total Volume for the Month of May: $140M

Average Daily Volume for the Month of May: $4.6M

Highest Volume of the Month: $12.8M

Top 10 Traded Assets: Month of June

  1. Bitcoin (BTC)
  2. JasmyCoin (JASMY)
  3. Solana (SOL)
  4. USD Coin (USDC)
  5. Ethereum (ETH)
  6. Cosmos (ATOM)
  7. Theta Network (THETA)
  8. Reserve Rights (RSR)
  9. XRP (XRP)
  10.  STEPN (GMT)

Most traders by country:

Canada 9.6%

 

Community FAQs

Q. How is staking different from farming? 

A. Compared to yield farming, staking cryptocurrencies has a more ‘technical’ purpose. Instead of boosting liquidity and providing lending services, it supports the blockchain itself.

In particular, staking is used to validate transactions on networks that use the proof of stake (PoS) mechanism.

Q. Is mandala prepared for an extended Bear market?

A. Yes. Mandala has adequate provisions to continue building and moving forward for the foreseeable future. We have also recently made cutbacks where necessary to ensure that we will be there ready to go during the next Bull run.

Q. How is crypto farming taxed?

A. Currently, the United States is awaiting a final ruling on the Tezos case, in which the classification of staking rewards may either be viewed as income, taxable as such upon receipt of the rewards, or capital gains/losses, taxable at the time of sale of the reward tokens. Taxpayers may choose which avenue to take, with the safer and more conservative route being taxing the tokens as income at the time of receipt. Nothing stated herein should be construed as legal or financial advice in any way, and is intended for informational purposes only.

Please always consult a tax professional before making any financial decisions and to find out the specific laws for your jurisdiction.

Our partners at Accointing will be happy to help you with all of your tax questions and preparation needs. Use our link below to get started.

https://www.accointing.com/discount/MandalaEx2022

Referral Code: MandalaEx2022

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RISK WARNING: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Mandala Exchange will make best efforts to choose high-quality coins but will not be responsible for your trading losses.

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