MandalaFi Updates Incoming…
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 been progressing 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!!
The only remaining component under development are the smart contracts which allow users to connect and trade on the bridge.
ExoBridge’s development timeline was extended somewhat, owing to the decision to make the service available as a whitelabel product to other projects.
The original roadmap for this specific utility was to go live on a single chain (BSC) with an incremental addition of the other networks available on Mandala. After receiving interest from several projects on integrating the whitelabel exoBridge, it became apparent that there was potential for significant trading volume to be pushed through from these partners early on, which is of course great for everyone involved.
In response, we opted to upgrade and optimize the off-chain component for scalability purposes, and additionally build in compatibility with all networks supported by Mandala. exoBridge now scales much more efficiently in terms of its ability to handle large transaction volumes, and the integration of additional chains is simplified to deploying a compatible smart contract to interact with the bridge. We estimate that the first contracts will be delivered for full end-to-end testing in a few weeks, at which point we’ll be looking to involve beta testers from both communities in the feedback/polishing process before full release.
Please keep in mind that this is an approximate timeline and we’ll be carrying out a short round of internal testing before opening up the beta. Given that the previously discussed off-chain component is complete and is where the heavy lifting is done as far as functionality goes, we’re not anticipating this to be a long process, but in the unlikely event of a bug we’d rather pick up on it before we have our community members trading their hard earned cash on our utilities!
MDX Staking Details
There have been a few questions on the exact mechanics of the MDX single staking pool so I’ll touch on that here too. For those less familiar with EXO as a whole, our ecosystem is geared towards generating revenue by providing value that users are willing to pay for in the form of our utilities, and then using a portion of that external income to reward holders in a sustainable way. The same model will apply to MDX staking. A portion of exoBridge transaction fees will be used to buy back MDX tokens on the market which in turn will top up the staking reward pool. The staking pool will then distribute a fixed percentage of the reward pool around stakers proportionally, with the result being a sustainable source of staking rewards that scales with trading volume.
This allows MDX and EXO token holders to directly benefit from the success/popularity of the exchange service itself, and thus aligns the interests of project developers and token investors more closely than has generally been the case with existing CEX/DEX reward models.
We’ve also made great progress on a brand new custom interface for the Mandalafi platform; one that retains the overall Mandala aesthetic, but has a look and feel that is distinct from the existing centralized product. All of the Mandalafi utilities will be hosted on this single platform, including staking, the MDX token bridge, yield farming as well as an interface to the exoBridge.
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