It's been an exciting week for Midas Dollar with lots happening every day. 5 days after launch, we had a great AMA with BSC Gemz - one of the most active & fast growing community on Binance Smart Chain.
Below is the recap of this AMA. Check it out and you'll find more project background & exciting plan ahead for $MDO - $MDS - $MDB.
Ogle: Ok folks the AMA for Midas is starting RIGHT NOW. Who here is from Midas with us?
Dr David Nguyen: Hi Im David
Phillip Phung: Hi, I'm Phillip - CMO
Phi Long Phan: Hi guys 🤗. I am Long Phan - COO
Ogle: Full house! Thanks for joining us today. So before we get started, I wanted to say a few things
First off, as is required in most of our AMAs, Midas has paid the 50 BNB deposit. This we view as a "Good Sign" especially these days since 50 bnb is quite a lot of money. This deposit will stay with Gemz for 30 days, and if Midas does not rug or disappear in that time, they get their money back!
But if they do rug, we use the 50 BNB to help Gemz members recoup their investments.
I'm sure they won't rug, but just as a precaution, we do this. So thanks Midas team for understanding.
Dr David Nguyen: it's great to have our CEO Thanh Le just joined as well.
Ogle: So, if we can start off with just a basic idea of what the project is, the website, etc. please?
and welcome @thanhmsu
Dr David Nguyen: It's great to see that the group taking responsibility to help protecting the community
Thanh Le: Hello everyone! I'm Thanh Le. Hope this will be helpful to you!
Phillip Phung: Sure. Midas Dollar is an algo stablecoin on Binance Smart Chain. Non-anon team, fast growing, built from Basis Cash & bDollar.
Dr David Nguyen: and Midas dollar is one of our key pillar of the whole Midas Ecosystem
Ogle: Ok got it, and for those who don't really know the ropes yet, can you explain a little bit of what an algo stablecoin is? Not super technical, but the basic idea?
Dr David Nguyen: the basic idea is to have a stablecoin that is shielded from inflation and deflation by using the function of expansion and contraction of the total supply. That is the reason to create a triple token MDO - MDS and MDB to govern the stability of the dollar.
Ogle: Ok got it
So one of our users asked "Could you explain the main utilities and use-cases of $MDO, $MDS & $MDB?" - and I guess you've kind of answered it there, but can you elaborate just a little?
Dr David Nguyen: MDO is Midas Dollar, MDS is Midas Dollar Shares and MDB is Midas Dollar Bonds
Phi Long Phan: In order to self-stabilize, the protocol uses voluntary supply expansions and contractions around a Time Weighted Average Price (TWAP) oracle from the incentivized trading pool on Pancakeswap.
Dr David Nguyen: in the long run, the aim of MDO is to be stable at 1$ (BUSD), and utility of MDO will be used in all our ecosystem. Midas has a relatively large eco that you can see at Midas.eco, that includes Universal mobile wallet app, centralized and decentralized exchanges, NFT marketplace, payment gateway, partnering casino etc
Phi Long Phan: Instead of pasting the long explanation here, pls help take a look at the Stablization Mechanism at https://docs.midasdollar.fi/mechanisms-1/stabilisation-mechanism
Ogle: so the goal is that this token pegs at $1 usd or close to it - which confuses some people, and leads to a question like this we got:
The price of MDO is quite high. It’s programmed to rebase to 1$. Why should I buy when Midas is above 1$?
Dr David Nguyen: the reason that MDO is staying quite high during this early time because many users buy it from the market to create LP cake to farm MDS. The invisible hand of supply and demand is in play now
Ogle: Adam Smith coming into play hehe
Dr David Nguyen: so eventhough eventually MDO must go to 1$
how long it takes we really do not know
but it's the market
if we keep having newcomers come in and buy to farm. The supply could not catch up with demand
Phi Long Phan: Currently it is in bootstrap phase. By providing liquidity for MDO you will earn MDS as rewards.
Dr David Nguyen: then the price will stay above 1$ for a while
Ogle: Ok, so the idea is people buy MDO so they can pair it and get MDS. MDS is potentially worth a lot of $. So they will take the risk on the MDO right now, to get access to MDS.
Is that roughly accurate
Dr David Nguyen: we should let Adam work 😂
MDS is now about 7000$ ++
Phi Long Phan: Yes correct, Ogle . Of course you can also farm MDO as well.
Dr David Nguyen: yes that's the reason people farm MDS
so the system cater to all types of risk appetites
Ogle: Ok, I think the basic idea makes sense then, thanks for that.
If we can take a small step back for a minute -
When evaluating the potential of a project, a lot of investors typically look at the backing partners and seed stage investors. Are there any key partnerships or investors that MIDAS team would like to expand upon?
Dr David Nguyen: from relatively low APY like with other stablecoin to high APY like LP MDO/BUSD etc
First of all, Midas is not anonymous. Midas has been in this crypto space for more than 3 years, involved in many collaborations.
Thanh Le: I'm just adding that algo stablecoin is non-collateralized, what's different to previous generation stablecoins. We use algorithms to control supply and thus can keep prices steady around $1.
However, MDO price most likely only goes down $1 when a huge number of tokens was issued. And now, we can invest by buying MDO to earn MDS, which brings you many benefits from the system.
Dr David Nguyen: The key partners include not only the crypto ones but also many in the traditional segment as well as in governmental public segment as well.
Phillip Phung: Midas Dollar will benefit from a network of partners & backers of Midas.eco.
Ogle: Maybe a visual would help if you have one, or a link.
Phi Long Phan:
Ogle: wow ok
So a lot of partners it looks like then
Dr David Nguyen: you know how we get to know each other right?
Ogle: Rather than go through those individually, we'll let the Gemz members check through as they like, and folks can look afterward when the AMA is over.
Dr David Nguyen: again through friend in the space
Ogle: This is true
So one user had a question, since there is a bit of competition in this particular space —
There have been tons of new algo stable projects lately and many have failed to maintain their peg. What sets Midas apart from all the other algo stables and what mechanisms will Midas use to ensure that the peg will stick?
Dr David Nguyen: the world is quite small though
Phi Long Phan: We have our unique algorithm :
- (Boardroom) Epoch duration: 8 hours during expansion and 6 hours during contraction — the protocol reacts faster to stabilize MDO price to peg as compared to other protocols with longer epoch durations
- Epoch Expansion: Capped at 6% if there are bonds to be redeemed, 4% if treasury is sufficiently full to meet bond redemption
- MDB tokens do not expire and this greatly reduces the risk for bond buyers
- Price feed oracle for TWAP is based on the average of 2 liquidity pool pairs (i.e. MDO/BUSD and MDO/BNB) which makes it more difficult to manipulate
- The protocol keeps 75% of the expanded MDO supply for MDS boardroom stakers for each epoch expansion, 25% toward Midas DAO Fund. During debt phase, 50% of minted MDO will be sent to the treasury for MDS holders to participate in bond redemption.
- No discount for bond purchase, but premium bonus for bond redemptions if users were to wait for MDO to increase even more than the 1 $BUSD peg
- Riding on Midas.eco’s various resources and ecosystem pillars, MDO will find its ever growing utilities right after launch, which is its great advantage over other algorithmic stablecoins.
Ogle: I have always wondered why bond tokens expire at all, and I see yours don't. If it won't take long, what's the idea on that?
Thanh Le: The idea is MDO will be backed by real businesses. And the income from businesses will be used to buy back MDO to push MDO price to go up.
Ogle: Ah, interesting
Ogle: That's interesting. I haven't seen any so far personally that have a plan for this.
Dr David Nguyen: and MDO will a key currency on McashPlay.com which are gaming card and payment gateway
Ogle: Thanks for the clarity and some links guys.
Thanh Le: Yep, we want to reduce risks for users. And in fact, the token expiry hasn't been proved the efficiency in previous algo stablecoin projects
Ogle: We’ve had a ton of rugs lately since so many new people are coming to BSC. How can we feel confident about your code?
Phi Long Phan: Our code are forked from projects that has been audited by big firm as following
Timelock - by Openzeppelin Security: https://blog.openzeppelin.com/compound-finance-patch-audit
BasisCash - by CertiK: https://www.dropbox.com/s/ed5vxvaple5e740/REP-Basis-Cash-06_11_2020.pdf
Dr David Nguyen: First we are very confident about our people, our VP of Technology was Chief Engineer of Zcoin 4 years ago and our CEO was the founder of the biggest local browser and search engine in Vietnam named Coc Coc, our COO Phi Long also a security expert. So they are very careful on the code, the security and audit.
Phi Long Phan: You can also use diffcheck on the code. It's fully safe
Dr David Nguyen: We also ride on the shoulders of giants
meaning that many parts of the codes are independently audited in other projects that we can safely use.
Ogle: Very nice, this is impressive. Ok, thank you.
Dr David Nguyen: example : Sushiswap - by PeckShield, Timelock - by Openzeppelin Security, BasisCash - by CertiK
Ogle: Well, one user was asking, along the same line as my prior comments about new users — If I'm not mistaken, midas was previously on the ETHEREUM blockchain, so what is the reason for moving to Binance Smart Chain?
Dr David Nguyen: Our ecosystem is growing so fast with more than 20 product lines and the obstacle on Ethereum is hindering our development. We need a chain that is smarter, faster, cheaper. We are not alone here, many of our collaborators, partners also move. So it's the right decision for us to bring all our eco to BSC.
Ogle: Do you think that a lot more are coming to BSC?
Dr David Nguyen: It is certain. No doubt
Dr David Nguyen: Binance Smart Chain ecosystem is growing fast with great support & participation from various stakeholders. it is like an ocean, whereby before we swim in a pool. now we want to swim in the open ocean. more room more space to develop
Ogle: So it looks like you guys kind of have a lot of things worked out already. You have partnerships you showed us earlier, you have code that seems to be reviewed and based on audited projects, you've got a team of veterans it seems... so one Gemz member wondered
What is the toughest challenge felt by midas dollar?
Dr David Nguyen: the toughest challenge is the whole market's challenge. How the community will see and will welcome and support us.
Community is the challenge
that's why we are here
at this moment
talk to you
because we know
community is everything
Ogle: Totally agree there.
Dr David Nguyen: and we will have to deliver better products, serving the community so they don't just come but stay and spread the news about us.
Phi Long Phan: We can't be success without you, our value community.
Dr David Nguyen: the reason when Kxxxed is introduced to us by our Chief Scientist in Germany, I right away contact you because I know you are serious community.
Ogle: Thank you, we do try really hard to be serious, no matter how many degens pop in :-P
Speaking of a better product, or more building, I got several questions asking what is the roadmap for your company for 2021?
Phillip Phung: Our roadmap for 2021 focuses on growing the Midas Dollar and Midas Protocol ecosystem, and this includes more use cases for MDO, MDS and Bcash tokens.
✅ Launching Midas Dollar plaftform
- Integrated BEP20 (BUSD, BCash, MDO, MDS for application and games at Midas Ecosystem)
- Midas Vaults with double/triple tokens reward
- More Bridges (to other blockchain networks)
- Orderbook MiDex
- Margin/Option MiDex
- Public API for MDO payment gateway
- Lending System
- NFT Market
- Cross-chain natively (PolkaDot, Solana)
You can find more details here: https://docs.midasdollar.fi/protocol-1/roadmap
Thanh Le: Another good news: Midas vault is implementing and coming soon. Most likely we will release it within the next 10 days.
Ogle: So that's a lot going on - how do you plan to market that and let people know what's happening?
Wow, ok - can you elaborate more on this, too?
Thanh Le: Midas Vault is a yield aggregator that maximizes the income potential of your assets from the BSC ecosystem in just one step.
Midas Vault automatically optimizes and executes the optimal investment strategies for users to achieve maximum yield.
Phillip Phung: We are talking with various BSC ecosystem players, partners & communities such as yourself - BSC Gemz, BSC News, bDollar, YieldWatch, Beefy, AutoFarm etc.
And working out potential collaborations & partnerships which will be announced in due course. Lots of exciting stuff is coming up.
Dr David Nguyen: we are lucky because we are here for more than 3 years, many existing partners already in place. For example, right after launching, MDO listed on Coingecko right away because we have also good relationship. They surely know that we are not the rugpull type so they list us very fast.
Phi Long Phan: And moreover, our Vault is multi-strategies Vault. We will have a more detailed explanation later. Main point is Vault will bring great benefit to users and also MDS stakers
Ogle: I am supposed to stay neutral as an interviewer but to be honest this stuff is pretty exciting
Dr David Nguyen: similarly, many partners and collaborators have been in discussion with us actively in the last several weeks on various activities to push for more engagement and to grow more users in a win-win collaboration.
Ogle: and I am not a current investor, in case anyone wants to claim I'm shilling. 🙃
but after hearing this all, I will find it hard not to be anymore. Very cool
Just a few more questions guys, if you don't mind.
How does Midas generate revenue to sustain the project?
Dr David Nguyen: First, Midas started as an established company
we are not here for raising funds, we have business lines in both traditional IT and blockchain based
For this project per se, we have put out in our doc clearly the dev fund linearly vesting period so as to support the project in the long run.
All aim for the long term.
Verifiable and auditable
With all existing pillars from Midas.eco, we will have a more balanced approach in terms of revenue generation (from both "traditional" blockchain business & DeFi). That's also one of our key advantages over other algo stablecoin projects.
that we have already many dots so to link together and to paint the nice picture.
Ogle: Got it, understood. So since this is one aspect of your ecosystem, it does not per se have to itself be the sole way you're making money directly.
Dr David Nguyen: exactly, it is a key pillar as I said from the beginning. A key pillar. Not The Only Pillar.
Ogle: Just one more question — we used to have a friend Biggie Smalls in here who would ask this during every AMA, but since he's not here and is on a small crypto hiatus, I will ask it in his stead —
What’s the question you wish people would ask you, but they never do?
Dr David Nguyen: what is your dream for the world? (that's for me)
In this world of crypto, many of us see it as the way to bring mankind to the next level of freedom.
but many only see it as the way to make fast money
we want more ppl to see crypto as THE FUTURE
a bright future for mankind.
and we hope we can contribute our part
so that's about it
Ogle: very good - thanks again for joining us here for this AMA. If you will stick around for a few minutes, the Gemz members might have some questions they wanna ask too? If you're busy it's fine, it's Valentine's Day and we don't want you getting in trouble ;)
Dr David Nguyen: Happy Valentine’s Day!
More about Midas Dollar:
- Telegram: https://t.me/midasprotocolglobal
- Twitter: https://twitter.com/MidasDollar
- Discord: https://discord.gg/989SNswX7X
- Website: https://midasdollar.fi
- Coingecko: https://www.coingecko.com/en/coins/midas-dollar
- Coingecko: https://www.coingecko.com/en/coins/midas-dollar-share
- CoinMarketCap: https://coinmarketcap.com/currencies/midas-dollar/
- CoinMarketCap: https://coinmarketcap.com/currencies/midas-dollar-share/
- GitHub: https://github.com/MidasCore/midasdollar-protocol
- Docs: https://docs.midasdollar.fi/
- Audit: https://github.com/MidasCore/midasdollar-protocol#audit