AMA Recap of Dude’s Army x Mandala
On Monday, March 22th, Dude’s Army community had the great opportunity to host an AMA with Mandala’s team, very instructive and educational. We will share with you a little bit of what this experience was like.
Dude👨💼:
Let’s start the AMA by hearing a bit about yourself and how you got indo Mandala.
Yourself I mean your history and background👍
Medici:
Sure. I’m Zach, CTO of Mandala. I’ve been a general technologist for well over 15 years and held various positions with companies all over the world. I’ve been working in cryptocurrency/blockchain professionally since about 2013. I’ve been with Mandala since 2018 as CTO.
Dude👨💼:
That’s super great to hear! You been in crypto for 8 years already haha
Amazing!
Ok let’s dive into Mandala!
Intro Mandala Exchange to our community and explain us why the market needs it.
Then we will go deep dive into it👍
Medici:
Mandala Exchange is the World’s first private cryptocurrency exchange platform powered by Binance Cloud. It allows users to trade with confidence on a world-class matching engine with the largest liquidity pool on the planet, along with offering better trading depth, security and blazing fast transaction speeds. Mandala aims to provide all of the security and stability of Binance, with cheaper trading fee discounts and our own unique features and listings.
Dude👨💼:
Sounds great! Just a heads up feel free to copy paste some stuff to answer faster👍
Ok! Explain us how you have the largest liquidty pool on the planet. Really want to understand that.
And if I got to Mandala now I will be able to get this high liquidity already or not yet?
Medici:
We share liquidity with Binance.com, the world’s largest crypto exchange. If you come trade on mandala, you’ll see we have the same liquidity and order book depth that Binance does.
And yes, you can trade on mandala and take advantage of our liquidity right now.
Dude👨💼:
That’s super interesting
So I can trade everything that’s on Binance now but with lower fees and better incentives?
And same liquidity?
Medici:
That’s correct! We also have a great referral program, and trading contests, etc. as well.
Dude👨💼:
Ok! Can you give me more info those incentives, trading contests and etc?
All the pairs that are on Binance are also there on Mandala?
And will you guys add projects that are not on Binance to it as well?
Medici:
This shows how you can achieve trading fee discounts by locking up MDX token.
Any pair that is listed on binance.com is also listed on mandala.
And yes, we will list projects that are not on Binance very soon.
Dude👨💼:
Wow and with same liquidity right?
That’s super nice!
I’m curious now on something though…
Why would Binance support Mandala if they know you guys have everything they have and more?
Medici:
That’s correct.
Dude👨💼:
Can you explain a bit more about it?
Medici:
Binance Cloud is a white label service. To put it very simply, they want to achieve greater market penetration and that is easier to accomplish with partners using your service/technology. We are also their customer, so they benefit from the relationship financially, as well.
Dude👨💼:
Understood. Interesting to hear that as well. I saw some time ago about Binance cloud coming up and nice to see it working out now and you guys pushing what’s best on Binance and having the freedom to do more.
Finding liquidity on recent exchanges is super hard and that is already a big advantage to you.
Medici:
Absolutely correct, that’s one of the main reasons we chose Binance Cloud to be our partner.
Dude👨💼:
Where is Mandala located?
Which users are you trying to reach?
Medici:
The Seychelles.
Mandala was designed for all levels of traders, from brand new to highly advanced.
Dude👨💼:
Wow! Got it! So you guys are working and providing that liquidity to Africa easily now right?
Or are you focused on the global market?
Medici:
We are focused on the global market and have plans to open a US exchange in the future, as well.
Dude👨💼:
Wow! Super nice
Ok! That’s really great. Are you also planning on doing launchpads?
Medici:
We do not have plans for a launchpad at this time due to legal reasons, but if we feel the regulatory landscape will allow it, we would consider doing so.
Dude👨💼:
When can we expect your first non Binance listing?
Medici:
I would say sometime Q2 of this year.
Dude👨💼:
Ok! Great to know.
Perfect. Excited for that. Make sure to get us some nice picks haha
Any additional topic you want to touch or should we move forward to community questions?
Medici:
Community questions would be great!
Q1 from Mamberroi:
Mandala represents the evolution of the universe with respect to a central point, how does this meaning relate to your exchange defi ? Did Buddhism play an important role in the development of your project?
Medici:
When we originally came up with Mandala, we saw the exchange as the central point connecting the universe through blockchain. Our logo is actually the flower of life laid over the Fibonacci sequence. We drew from Buddhist ideals when coming up with the idea, yes.
Polkadot ecosystem is growing rapidly recently. We believe our experience and innovative solutions can contribute significantly to its development.
Q2 from 🐰 🎀 𝒜𝓁 🎀 ☠️:
Does the Mandala app have KYC? Could you explain to us what security systems do you have to avoid problems such as money laundering or protect the privacy of your users?
Medici:
Yes, we have KYC and AML services integrated into the exchange. We employ the latest technologies to ensure KYC is accurately checked and we work with partners such as confirm to make sure that no money laundering, etc. occurs on our platform.
Q3 from Rmitch:
Now the world is moving in a more decentralized era. Why do you think that Centralized exchange is still a better solution than DEX? Why you decided to go with CEX and not a DEX?
Medici:
I’ll answer this very simply. Speed and cost savings. DEX’s are still quite slow generally and can be extremely expensive.
Q4 from Ashish Tripathi:
The attractive transaction fee rebate will be paid up to the 5th level. If it is completed, what benefits will the user get? Does the trading rebate system also apply to futures/margin trading?
Medici:
The top tier of discounts gives you 50% off of spot trading and yes, the discounts will apply to futures/margin trading, as well.
Q5 from Martin:
Which wallets can send and receive $MDX? Now that Binance Cloud supports you, can we use Binance Wallet?
Medici:
MDX is an ERC20 token, so wallets such as MyEtherWallet and MetaMask work. We do not recommend that you store MDX in the Binance.com wallet as you will not be able to trade the token there…the best place to store your MDX if you want it on an exchange is Mandala!
Q6 from Mefodiy Zaytsev:
Is there any insurance for our fund, which is going to trade on Mandala Exchange.
Medici:
Because we partner with Binance, their insurance fund also covers us! When you trade on Mandala, your funds are always #SAFU!
Q7 from Aston Rowi:
Mandala’s exchange is based in the Seychelles, but is controlled by a US company. Then why US trader are not allowed on the exchange?
Medici:
The US regulatory landscape is ever changing, and being compliant in the US requires licenses in multiple states, etc. We do plan to open a US version of the exchange, similar to Binance US, but it will take time as being compliant in the US is a large undertaking.
Q8 from Zerogas10:
Now every exchange has created an academy program as a form of education for the community to learn about the exchange. Does MANDALA EXCHANGE have an Academy program? And which countries can currently use MANDALA EXCHANGE?
Medici:
Yes, we will be launching Mandala University later this year! List of countries:
Dude👨💼:
Also @CryptoMedici one more question for you. What are the utilities of MDX?
One I noticed is less trading fees. Which other ones you got?
Medici:
Right now the primary utility is trading fee discounts. Holding MDX also grants you access to special groups within our community and allows holders to participate in private trading competitions, etc. We have many more utilities planned in the future, as well.
Dude👨💼:
The trading fee part is already super great. Excited to see what else you guys coming up with.
I appreciate your time and truly honor to have you with us here.
About Mandala
Mandala Exchange is the World’s first cryptocurrency exchange platform powered by Binance Cloud. It allows users to trade with confidence on a world-class matching engine with the largest liquidity pool on the planet, along with offering better trading depth, security and blazing fast transaction speeds.
More information about Mandala:
Website: http://mandala.exchange
Telegram: https://t.me/mandalaexchange
Twitter: https://twitter.com/mandalaex
