Mandala Minutes Edition 9

Mandala Exchange

Mandala Exchange

Nov. 7. 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 Hispanic Marketing Expansion
  • Exchange Highlights
  • Community

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Executive Excerpts

October has brought us closer to the launch of the first phase of our decentralized ecosystem, with the bridge beta testing and single asset staking nearing release. Our bridging solution has brought a lot of interest from various DEX, DeFi and crypto wallet ecosystems, and our business development, marketing and executive teams are working in tandem to finalize partnerships and onboard multiple communities to the Mandala family.  

We are also on track to add features to our centralized exchange in the month of November, giving users more practical functionality and a smoother user experience when accessing Mandala Exchange. 

As always, our focus continues to be on adding features to our ecosystem to cater to crypto traders of all types and experience levels, and building the Mandala family on a global scale.Thank you, as always, for being part of the Mandala family, as we understand there are many options when choosing an exchange, and we are excited to build Mandala with your support.

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. 

As we all patiently wait the development of MandalaFi, let’s take a look at the first stage of these features. EXO dev team has been grinding away to create and test what will be the foundation of MandalaFi. 

We share everyone’s anxiousness to to get started on the private beta testing of exoBridge, so we wanted to share some progress updates that up until now has only been shared with the beta testers.

From the EXO Team:

At the beginning of beta, we’ll have Ethereum and BSC as supported input networks. Adding input chains is more time-consuming, as a contract has to be deployed on each network, whereas output tokens/networks are just a matter of performing the relevant trade on Mandala’s order books and forwarding the funds to the specified destination network/address.

Here are some examples of swaps that we have tested internally. You can see that we have been able to send funds from BSC to BSC, ETH, Arbitrum, and Optimism successfully!

Here are the first two transactions completed using the UI. We have been testing for weeks but manually using the command line as shared above, whereas this is the actual interface that testers will be using. On the right, you can see it auto-updates the status of your trade based on where it is in the exobridge-mandala transaction chain.

Obviously, we’re right at the start of beta testing and the same very much applies to the UI too, so it won’t look or feel as polished as the designs you’ve seen previously yet. It’s very much function over form at this stage so we can get exoBridge out there for people to use, and we’ll be rolling out UI updates alongside the addition of new pairs/networks as we move forward. The end result will be a very slick front end with real-time updating on transaction progress.

We also would like to highlight a transaction we are very proud of.
We swapped BUSD on BSC to XRP on Ethereum all in one transaction and it settled in a mere 5 minutes 22 seconds!
For comparison, Multichain doesn’t actually support swapping, only bridging. Their transaction time is approximately 10-30mins, with reliability issues that sometimes extend that even further.

Something more that’ll be of interest to the Mandala community.
We have now enabled MDX trading on the exoBridge beta and are testing its reliability!
Along with the MDX token, we would also like to have all other Mandala Exchange exclusive pairs integrated into this bridge. Due to the different API configurations for these, it has taken a bit more time to integrate, test, and resolve any further issues with these tokens, but we are now very close to the finish line and looking forward to taking this from internal testing and opening it up to our private beta test group!

We are very close to opening this up to our beta group and hope they will share their sentiments about exoBridge with both communities as we fine-tune the platform together.

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.

Exo and Mandala’s developers are working diligently to bring us this Phase 1 of MandalaFi where users will be able to bridge their ERC20 MDX tokens over to BEP20 MDX tokens and then stake them in a variety of timelocks and yield rates. We expect this to be ready once exoBridge beta has had some time in the hands of our private beta group and we feel comfortable deploying this on our partner’s platform.

Mandala Hispanic Marketing Expansion

We have increased our efforts to expand our reach to the Hispanic market by increasing our online presence on mediums such as TikTok where high organic growth can be accomplished. We partnered with CYAO and his team to create user-generated content under the Mandala Exchange name.
Mandala (Spanish) Tik Tok account:
https://www.tiktok.com/@mandala_es

For those who may not know who CYAO is, here’s a brief description…
CYAO is a content creator with 90,500 Hispanic followers in which he discusses financial markets (stocks and crypto), economical news, trading, and financial research.
CYAO Tik Tok account:
https://www.tiktok.com/@cyaofinanzas

We previously partnered with CYAO before, on his socials, where he managed to promote Mandala Exchange with multiple videos for over a year, and gathered 650,400 views on content related to our project.

As of the end of October, we managed to gather some impressive statistics on the Spanish Mandala Exchange Tik Tok account.
– 95,554 views (72.85% growth)
– 1348 new followers (41.49% growth)

The current Tik Tok  account on Oct 31st sits at :
– 4589 followers
– 226,678 views

We recently launched our Instagram where we will repurpose the TikTok content to try and increase our reach over that medium. We also included real-time Spanish-translated versions of our stories from our official English account to be posted on the Spanish Mandala Exchange account.
Mandala (Spanish) Instagram account:
https://www.instagram.com/mandalaexchange_es/

Going forward, this partnership will allow us to expand and create more content for our Hispanic community, such as:
– Spanish email newsletter
– Twitter content translated into Spanish  https://twitter.com/Mandala_E

Spanish YouTube content with Tutorials on how to utilize Mandala Exchange.

Exchange Highlights:

Total Volume for the month of October:

$79,000,000

Average Daily Volume for the month of September: $2,540,000

Highest Volume of the month: $3,700,000

Top 10 Traded Assets: Month of September

  1. BTC
  2. DOGE
  3. XRP
  4. ETH
  5. SHIB
  6. THETA
  7. MATIC
  8. BUSD
  9. LINK
  10. ATOM

Most Traders by Country: Canada 10.3%

Community Updates

Some sad news to announce on behalf of the Mandala team. Fellow Fox has stepped down as a community manager to pursue other opportunities. 

Getting to know Fox, at least virtually, over the last year has been a pleasure, and I want to sincerely thank him for the countless hours he has put in, not only with his professional handling of our community, which can be a daunting task at times, but also for his input in marketing, operations, and other contributions to our team. 

Fox, you will be sorely missed, and please don’t be a stranger to the Mandala family and community, as you always have a home here.

Joseph Reiben – Chief Executive Officer, Mandala Exchange

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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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