Mandala Minutes Edition 7
We are back with ‘Mandala Minutes’, a dedicated monthly newsletter compiled by the team to help inform our user base about the new and exciting news surrounding Mandala Exchange.
In this edition of our newsletter you will find info & updates on:
👉 Monthly Recap
👉 EXO Partnership
👉 Mandala Madness
👉 Exchange Highlights
👉 Executive Excerpts
👉 New Deposit Retrieval Tool
👉 Community FAQs
After evaluating the feedback, suggestions, errors, and bugs our testers reported, as well as our own internal testing experiences, Mandala’s team has unanimously decided to move in a different direction with MandalaFi. MandalaFi will still offer yield/liquidity farming as well as single asset staking for the MDX (BSC) token, but SimpleDefi will no longer be providing those functionalities. Fortunately, we have prepared in the instance this relationship did not pan out and we have alternative development outlets that we will be tapping in to continue our MandalaFi platform.
Visit the link below for the full official statement.
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 products to our respective user bases.
Mandala and EXO are 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 DEXs 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 networks 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.
EXO and Mandala have teamed up to create exoBridge, a secure, liquid, true-cross chain swap and bridge trading platform. exoBridge is a two-fold revenue driver for the EXO ecosystem, enabling retail traders to swap/ bridge securely & DEXes the ability to provide out-of-the-box trading solutions for their own communities.
EXO’s market-first, cross-chain trading platform, exoBridge, is a hybridized Ce-DeFi service that allows the end user to perform asset swapping across multiple networks using their own personal wallets. Mandala – as a Binance Cloud project – shares Binance’s liquidity and order books, giving exoBridge users access to every trading pair/network available on Binance as well as Mandala’s own exclusive listings.
EXO’s proprietary bridging solution settles trades using Binance/Mandala liquidity, with funds returned on the destination network and wallet of the user’s choice – making exoBridge a secure and convenient on-chain method for performing true cross-chain swapping using arguably the deepest liquidity pool in the world. ExoBridge is currently performing successful single network swaps on testnet, as described below:
This weekend, we completed the first-ever cross-chain swap using the exoBridge-Mandala settlement architecture, bridging between BSC and Ethereum to trade BUSD for ETH. This is obviously a big milestone in the development of this utility and although there’s still a bit of work to be done on the smart contract and UI elements, we’re now very close to having a fully functional version ready for use, both by traders and partner DEXs looking to integrate it into their own platforms. The original release timeline for exoBridge was extended slightly in order to make some further optimizations around scalability/performance, particularly on the whitelabel service, as well as to significantly increase the number of available trading pairs and chains on day 1, bringing to market a feature-rich product upon launch.
In addition to major progress on exoBridge, we have also begun work on the first phase of utility rollout for the EXO-MandalaFi partnership, which will consist of a bridging mechanism between the BSC and Ethereum versions of the MDX token and a set of single-asset staking pools, accessible to all MDX holders.
The staking platform will be seeded with a reward pool of MDX tokens upon launch, the balance of which will be topped up regularly by EXO, using MDX tokens purchased utilizing a shared revenue model applied to all exoBridge transactions. Because this mechanism does not involve minting of tokens to pay out rewards and instead uses income generated by fees to buyback tokens already on the market, this creates a sustainable reward mechanism very much in line with the long-overdue pivot towards “real yield” models in DeFi. It also has the added benefit of creating additional functionality around the MDXT (BSC) token, thereby increasing volume and liquidity for the token in the process.
Based on our community feedback we recently rolled out a few changes to the lottery. Starting in August, we began drawing three winners on a WEEKLY basis. Each week, we have given away 75,000 MDXT to 3 lucky winners (25,000 each).
One of our first phases of MandalaFi being built is single asset staking for MDXT. Part of this buildout will include a consistent inflow of MDXT tokens into the staking pool to help the long-term sustainability of the reward pool.
Due to this, it has been decided that we will end the Mandala Madness lottery and instead reallocate funds to our future MDXT staking pools.
We are giving our user base over 30 days notice so that they may remove their tokens from lock if they choose. Don’t worry, you’ll soon have a place to stake those tokens and everyone will earn a passive return instead of leaving it up to chance!
We are currently running the following trading promotions:
ZERO Fee BTC, BUSD & ETH Trading
BTC – ZERO Fee BTC promotion 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
This promotion is running until further notice.
BUSD – 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 00:00 AM (UTC)
ETH – ZERO maker and taker fees for the ETH/BUSD spot trading pair.
This promotion will run until 2022-09-26 00:00 AM (UTC).
Top 10 Traded Assets: Month of August
01 – BTC
02 – ETH
03 – THETA
04 – XRP
05 – DOGE
06 – USDC
07 – TFUEL
08 – XMR
09 – ETC
10 – BUSD
Most Traders by Country: Canada 9.2%
As we close in on the launches of exoBridge, currently in testing phase, and a variety of decentralized options for our user base, our team is busier than ever, securing partnerships in a number of areas critical for the continued development and long term success of Mandala Exchange.
These partnerships, which include expanding our reach in the C-Defi, DEX, Defi, Automated trading, Marketing and Social Media realms, position Mandala to evolve along with the blockchain industry at large, bringing new and innovative functionality to both the MDX token and platform while broadening Mandala’s global reach in an ever changing cryptoverse.
Again, we thank all of our loyal traders who have continued to utilize Mandala as their primary trading platform, and look forward to building and evolving with you.
Joseph Reiben – Chief Executive Officer, Mandala Exchange
New deposit retrieval tool.
We are happy to announce that we have a new tool/portal that will enable users to start the retrieval of missing deposits. The tool can be used in the following cases:
- Forgotten or incorrect memo/tag
- Deposit of an unlisted coin or token
- Another exchange has refunded or transferred your funds to Mandala
This can be found on the deposit page of your Mandala exchange account dashboard, titled “Deposit hasn’t arrived?” The direct link is: https://trade.mandala.exchange/usercenter/wallet/not-arrival/guide
Please make sure the transaction has the required number of network confirmations on chain as specified by our system on the initial user deposit page before making a request.
In any other instance, you are of course still able to use the support ticket system, and we will be pleased to help you!
- How involved is Binance in the new partnership between Mandala and EXO and how does the liquidity work?
- Binance cloud still handles wallet security and architecture via Mandala Exchange. Through unique partnership agreements Mandala provides EXO access to that liquidity which they then, through the use of their proprietary platform technology, can offer to DEXs with less transactional friction and nearly zero slippage, allowing them to have a turnkey solution for their liquidity needs.