Proposal 36: Launch Trading and Liquidity Mining program on Binance Smart Chain (BSC)

Rationale

We have tested our MCDEX v3 Beta on Arbitrum for a month and have verified the reliability and performance of the MCDEX V3 design. We want to ride on this momentum and launch a competitive trading and liquidity mining program to compete with the best in the space and climb towards our goal of being the best perpetual swap.

Since Arbitrum is still in its beta phase, the Gas Cap is relatively low, which in turn limits the clearing performance of MCDEX. After communicating with the Arbitrum team, we both believe that Arbitrum should develop at a more stable pace and not expand too quickly which unfortunately means that it is not suitable with our current plans of starting a large-scale mining incentive plan.

With this, we propose to start the program on BSC to optimize liquidity, attract traders, and promote the rapid growth of open interest, trading volume, and TVL on the MCDEX platform.

The Battle Plan

Trading Mining Program

We will start the first round of the BSC trading mining program - more information can be found in the link Trading Mining Program v2 :point_left:.

  • Incentive: 95,000 MCB

  • Duration: Oct. 4th 2021 ~ Oct. 17th 2021

Liquidity Mining Program

The program will provide MCB as incentives to provide liquidity to AMM of MCDEX on BSC.

Since the trading mining program will significantly increase the fee income of AMM liquidity providers, there is no need to provide too many MCB as incentives for this program.

  • Incentive: 5,000 MCB (0.0124MCB / BSC block)

  • Duration: Oct. 4th 2021 ~ Oct. 17th 2021

Authorization

We propose that MCDEX DAO authorizes the MCDEX dev team to 1) select suitable pools for this program. 2) change the specific date to launch the program when needed.

More Rounds

The Battle Plan will last much longer than two weeks.

We will evaluate the effectiveness of the two programs and consider feedback from the community before the end of every two weeks (rolling basis) before we push out details for the next two weeks. MCDEX DAO can change the mining program by governance.

We suggest the community discuss the proposal. We will start to vote on this proposal on Sep. 24th.

Admin Update:

2 Likes

Looks like pretty similar to the dYdX one

The difference is that the MCB staking score plays a role in the MCDEX trading mining program, which encourages the trader to seek for the long-term value of MCDEX.

Excuse me, will there be a test bsc transaction mining on https://test.mcdex.io/

Yup, we will test in on test.mcdex.io very soon.

Interesting. For the staking score, can someone helps me to understand a little bit more ? Thanks in advance.

You can ask questions in the post Trading Mining Program v2.
I am glad to answer.

The proposal has passed, we minted 59,050 MCB. The transaction is: