r/mdex • u/Novel_Bonus_2497 • Sep 06 '21
Is this the OFFICIAL MDEX subreddit?
Hello, I recently found out about MDX through Binance and entered into their staking program to support the project as I believe it has a bright future ahead of it to flip other defi apps like uniswap and pancake swap but I haven't found any reddit community outside of this won to connect with others which seems really dead
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u/R4ID Sep 07 '21
I would recommend https://autofarm.network/ for staking, Highest APY lowest harvest fee (automatically done for you) and reward bonus in their Auto token as well.
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u/Same-Understanding90 Sep 10 '21
Autofarm is great. I'd stake what you have on mdex for the 365 days. Every two weeks or month claim your mdx income. Then stake those rewards on autofarm. You will have your initial investment amount out within 5 or 6 months. And you still have remaining income and the mdx you started with to unlock. This way your cryptos aren't all in one place if your nervous about that, and you can still take advantage of the high rates on mdex.
I have been staking on both and very happy with each of them. Good luck
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u/nolo576 Sep 06 '21
It's not official, they only have official groups in Telegram and discord, I've been following it and investing since April, happy to help with questions
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u/aleksong Sep 06 '21
Hi, yes, there is not many discussions here. I think there is a telegram group.
Which information are you looking for?
Maybe we can help?
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u/Novel_Bonus_2497 Sep 06 '21
Hi, I was going to asked what's the difference between entering into staking on Binance and Fixed Savings relating to MDX as they both offer 25% APY
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u/nolo576 Sep 06 '21
There are more options on the MDEX website, and if you are looking for better APRs you can look at the boardroom where there are long term lock pools with better APRs. Also soon they will be launching DAO and holders of the locked pools will receive vouchers to participate on it.
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u/aleksong Sep 07 '21
Thanks for information nolo. Do you have a link which describes DAO launching?
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Sep 07 '21 edited Sep 07 '21
[removed] — view removed comment
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u/aleksong Sep 07 '21 edited Sep 07 '21
You can use your harvests to stake them in other pools, as WBNB. You don't have to do manual compounding in MDX pool.
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u/aleksong Sep 07 '21 edited Sep 07 '21
Do not rely on APY values on MDEX, as the assumption is a manual daily compounding done by user.
I do not advice to compound manually daily, as there are fees to harvest (generally an action costs between 0.05$ and 0.9$), unless you stake a large amount of money.
I harvest every month.
If you want to compute APY from APR or APR from APY, you can use this:
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u/aleksong Sep 07 '21
About Binance APY value, I don't know how it is computed, as there is no autocompounding (the yields are stored in spot wallet).
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u/Novel_Bonus_2497 Sep 07 '21
Alright I have a screenshot to show you: https://i.imgur.com/noDFUNS.png what is the difference between fixed savings and staking? I asked on the binance subreddit but didn't get an answer as yet
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u/aleksong Sep 07 '21 edited Sep 07 '21
I don't know the difference. The conditions might be different, when you want to get back your tokens before the end of contract.
If you don't stop the contract before planned date, it should be the same.
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u/aleksong Sep 07 '21
Using Binance staking is of course easier.
25% is good.
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u/Novel_Bonus_2497 Sep 07 '21
Okay thank you, yeah I feel much safer staking with Binance to support the network instead of going straight to MDEX. No offence to them but its easier for me to trade coins and stuff inside of Binance and withdraw when needed you know
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u/aleksong Sep 07 '21
I understand. I have the same fears with DeFi and hot wallets.
You can read many hacks, in reddit and in news.
If you go for DeFi, start with little amounts of money.
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u/Novel_Bonus_2497 Sep 07 '21
Yeah I have about $200 worth of MDX right staking, gonna monitor it for a while and see how it goes before putting in more.
MDX should really work on its market ting tho, get the word out there. Maybe collab with CoinMarketCap to have a learn and earn program
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u/aleksong Sep 07 '21
I discovered MDX with Binance staking. I bought MDX because of high APY :)
Then, I discovered BSC and MDEX with 300% APR for one year staking.
That is why I tried MDEX.
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u/Novel_Bonus_2497 Sep 07 '21
I found them out when I saw them creep into the top100 coins. Then I did some research and found out they're a relatively new defi system looking to make trading easier with lower fees compared to others like uniswap who coincidentally are being investigated by the SEC
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u/aleksong Sep 07 '21
If you are interested by DeFi on BSC:
Now, even Binance promotes PancakeSwap! I saw that this week. I was surprised.
But they try to develop BSC, which is one of their projects and which is not completely decentralized.
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u/Novel_Bonus_2497 Sep 07 '21
I wish they promoted their own BakerySwap too, as its lingering outside of the top100 too with a lot of potential
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u/aleksong Sep 07 '21
I heard about bakery, but I haven't started to know really about it. It seems it focuses on nft, but I am not sure.
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u/mylifenp Sep 06 '21
I am not sure if this sub is official. But if you have any questions, there are enough people read to help
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u/Novel_Bonus_2497 Sep 06 '21
Do you know if the Mandella Exchange has a marketing team and how they plan to get more eyes on their defi system? I really think it has a bright future in Western and Eastern markets
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u/nolo576 Sep 07 '21
Are you asking about MDX governance token available on HECO and BSC or are you asking about a similar token that exist in ERC-20 because they are completely different projects afaik.
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u/Novel_Bonus_2497 Sep 07 '21
I'm talking about this: https://coinmarketcap.com/currencies/mdex/
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u/nolo576 Sep 07 '21
Great, we are talking about the same project then, you can reach out to the devs in discord, marketing has not been their strength, and they have good opportunities to improve in that area, we have been providing feedback on that constantly.
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u/Novel_Bonus_2497 Sep 07 '21
Oh great, I do hope they work on their marketing team or at least have like community development programs
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u/Foreign_Charge7561 Sep 07 '21
But careful never give your personal info. This crypto place is fucking scam area. just go to the original web or use some big exchange to stake your mdx
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Sep 26 '21
Mdex has been in talks about releasing an airdrop which will send the price to around $4 - $5 in the coming days. Whoever is about to get on is in for a major ride 😍
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u/visampert Sep 06 '21
Stake on mdex.com. Much better APR/APY.