Mandala Minutes Edition 8

Mandala Exchange

Mandala Exchange

Oct 3. 10 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 you will find updates on:

  • Executive Excerpts
  • MandalaFi + exoBridge Progress
  • Mandala Madness
  • Ongoing Trading Fee Promotions
  • Exchange Highlights
  • Community FAQs

👉

Executive Excerpts

September was a month of development for Mandala, with a lot of progress made on our Decentralized ecosystem, being built in conjunction with EXO. As we move towards the completion and launch of not only the Mandala Bridge but our single asset staking platform as well, we will be reaching out to our community to whitelist beta testers to test functionality and interoperability of all our buildouts.

We are excited to expand the array of services offered to our trading community within the Mandala ecosystem, and are looking forward to rolling out not only the additions mentioned in this newsletter but additional integrations as well, all designed to further establish Mandala as a world-class exchange. 

Joseph Reiben – Chief Executive Officer, Mandala Exchange

MandalaFi + exoBridge Progress

Our goal for our partnership with Exo is to be as transparent as possible and to provide our community with up-to-date information on where certain development items stand as well as the progress we have made on them. 

By now, most of you are probably familiar with the exoBridge collaboration between Mandala and EXO, but for anyone who may have missed the updates; exoBridge is a hybrid swapping/bridging utility that allows traders to access Mandala’s order books by connecting their personal wallet to the exoBridge DApp, much in the same way they would a DEX.

This hybrid Ce-DeFi architecture allows true cross-network swapping with the convenience of simply connecting a source wallet and specifying a destination address/network, while also benefiting from the depth of Mandala’s shared Binance order books and security. 

We also have 2 Mandala-specific utilities; the MDX token bridge and MDX single staking platform, and then ‘phase 2’ which will be a bespoke designed/built product for Mandalafi. Phase 2 will be focused on broader yield-generating DeFi applications such as farming/farm aggregation, staking, and more. 

Although the on-chain components of exoBridge and the MDX token bridge are distinct and structured slightly differently, the off-chain component of the MDX bridge is essentially built on top of that of exoBridge. For the purpose of this update, then, we will discuss the two services as one – since the timelines will naturally be fairly similar.

ExoBridge development has progressed extremely well, and the aforementioned off-chain component is now complete. This is the ‘meat and bones’ of the application that interacts with Mandala’s infrastructure, handles receipt of user funds, executes trades, and forwards the swapped tokens to the specified destination wallet/chain. In this sense, exoBridge is functionally complete and we’re essentially in the alpha testing phase. Some of you may have recently seen screenshots of test transactions in either EXO or Mandala’s communities. 

In tandem with Mandala and Exo design teams, we have also completed the UI components for MandalaFi. Take a look at the super clean mock-ups below. Shoutout to our design teams!!

You can read more in the article below. You may even get another sneak peek at more of the platform UI…

https://mandala.exchange/mandalafi-update/

Mandala Madness

Now that the Mandala Madness Lottery has been retired and we are eagerly waiting for MDXT staking to become available we would like to take this opportunity to recap the success of the initiative and extend our gratitude to all those who participated. Without the continued support of our community, none of this would be possible. Thank you.

Since January 1st, 2022 over 90,000,000 MDXT have been locked for the lottery by account holders.
Those winning accounts had locking balances ranging from 63,000 up to 8,000,000 MDXT resulting in prizes that total $46,000 and 600,000 MDXT.

Congratulations to all the winners and with staking fast approaching we will all be winners soon. See you at MandalaFi you glorious Mandalarians.

Ongoing Trading Fee Promotions:

ZERO Fee BTC & BUSD 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)




Exchange Highlights

 

Total Volume for the month of September: $103,000,000

Average Daily Volume for the month of September: $3,500,000

Highest Volume of the month: $4,900,000

Top 10 Traded Assets: Month of September

  1. BTC
  2. ETH
  3. LUNC
  4. XRP
  5. BUSD
  6. THETA
  7. USDC
  8. LTC
  9. SHIB
  10. TRB



Most Traders by Country: Canada 9.1%


Community FAQs

 

  1. What APY can we expect for MDXT staking?
    A. The APY will range dynamically depending on a variety of factors such as the size of the reward pool, the amount of transaction fees on the bridge, and with that, the number of tokens bought back via a portion of the fees. We will also provide a calculator so that you can estimate the APY before entering a pool. This mechanism is being built with a focus on sustainability as that is paramount for a staking platform.



  1. Can I still trade BTC for free on Mandala?
  2. Yes, absolutely! We still run the free trading promotion on all 6 BTC spot pairs. You can find more information here.

 

  1. I have missed the recent Twitter AMA, has it been recorded?
    A. Yes, you can listen to it here on Twitter within the next 30 days, or on our YouTube channel.


  2. Will the total supply of MDXT change with the BEP-20 version?

A. No, MDXT will always have a maximum supply of 400 Million. The difference between the ERC-20 and the BEP-20 token versions is the utilization of the latter for our DeFi ecosystem.

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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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