Midas vAMA (Official Discord)
MIDAS vAMA Discord#
vMarco Polo (Value DeFi)
Hello everyone, the AMA with our vAMA Guest from Midas will start in ~20 minutes. We look forward to your attendance and participation!
Alrighttttt; time's up!
vAMA Guest - reveal yourself! : )
Good morning, afternoon and evening everyone
Dr. David Nguyen (Midas)
Hi, I'm David ...
ppl (Midas)
Hi Value DeFi community. I am Long Phan, COO of Midas. Good weekend everybody!
Phillip Phung (Midas)
Hi all, excited to be here. I'm Phillip, Midas CMO. Thanks again for having us!
ppl (Midas)
I have been following Value DeFi since the very first day of YFValue and congratulations on your great success on both ETH and BSC.
Dr. David Nguyen (Midas)
I'm CFO and chairman of Midas.
vMarco Polo (Value DeFi)
Two quick rules for the vAMA: 1) Only the mods and our guests can type for now. We will proceed with a few questions and then we will open things up to everyone! You are free to use emojis to questions/answers for now! 2) The individuals who ask the best 5 questions will be receiving $40 in rewards each. Winners will be selected in 24 hours from now at the latest. And it goes without saying, let's keep it fun, informative and entertaining for everyone
Ahh! Everyone's here; awesome! Nice to meet you Dr David Nguyen, ppl and Phillip Phung - it's good to have you! Ok so let's start with a round of introduction; shall we!?
Dr. David Nguyen (Midas)
I myself, together with most of our co-founders of Midas Ecosystem, graduated from Nanyang Technological University, Singapore. We have a long term relationship for more than 20 years. 4 years ago, we sat down together and Midas was born.
Phillip Phung (Midas)
For 3 of us here, prior to Midas, we have spent quite a few years in management consulting, wealth management and past 5 years on ​fintech & blockchain. We are all grateful and excited to work with & learn from bright people in crypto space everyday and amazing teams like Value DeFi.
Dr. David Nguyen (Midas)
Our CTO, CEO and CSO are not here as they are still deep in their coding now.
vMarco Polo (Value DeFi)
haha ah yes, divide-and-conquer is the right approach Awesome; I read a little bit about your project and you take a lot of pride in not being an anonymous team.
Dr David Nguyen (Midas)
So today, 3 of us will answer questions on behalf of Midas' BOD
vMarco Polo (Value DeFi)
Perfect; hopefully you will answer the questions correctly so you don't get in trouble! So, Midas is quite an interesting project... it's actually an ecosystem! Tell more about your different products
Phillip Phung (Midas)
Sure, we started with Midas wallet MidasProtocol.io in April 2018 and subsequently six months later launched our own CEX - Vinex.Network
vMarco Polo (Value DeFi)
Oh and I forgot to mention; we will open-up the channel in ~25 minutes to everyone so the community can ask their questions! Thank you!
Phillip Phung (Midas)
Shortly after Vinex launch, crypto winter arrived. We started exploring and building a wider array of products which also helped Midas survive the winter such as Gaming, NFT market place and other important pillars as you see today in our Midas Eco
vMarco Polo (Value DeFi)
You sure know how to keep yourself busy
Dr. David Nguyen (Midas)
Then several months ago we start our new DEFI pillar with Midas Dollar and then Midas Gold projects and soon we will have more add on projects for the DEFI pillar to become one of the foundation pillars of Midas Eco.
vMarco Polo (Value DeFi)
That's quite exciting; how many people are part of the broader Midas team (and subsequent DeFi team)?
ppl (Midas)
We are fortunate to have a team of 40+ bright and hard-working developers, who are among the best blockchain engineers in the region. At our core, we have 6 CXOs who are all crypto veterans who have been either leading or advising various projects.
vMarco Polo (Value DeFi)
Wow; I had no idea. That's a pretty solid structure you have here.
Dr. David Nguyen (Midas)
Our HR is working very hard now to recruit and train new coders. We have a range of small projects to groom coders. Our CEO is also a judge of the National Olympiad in IT so that we can pick the best young coders out from the fresh grads to groom them further in many small projects and internships.
vMarco Polo (Value DeFi)
Large team... hiring... in the DeFi space... committed to building more... this is like music to my ears Thanks so much for the great introduction. Nowwww.... Let's talk about your DeFi products! What are they specifically? Are you exclusively on BSC?
Let me share the links to your sites with the community: 1) Midas Gold 2) Midas Dollar
ppl (Midas)
We launched Midas Dollar on 8 Feb. We have reached TVL ATH $58M with MDS ATH $28k Thanks to the community support, we have reached 5M MDO in circulation without a single contraction.Midas Gold was launched on Mar 4th. TVL ATH $100M.
vMarco Polo (Value DeFi)
By the way... I've been using your Midas Dollar service since launch and I've been enjoying it a lot. One of our community members made the recommendation in one of our Discord channels. Well done on the outstanding results
ppl (Midas)
Thanks a lot As you all aware, our MDO, MDG has been leading top positions on vSwap
Dr. David Nguyen (Midas)
This Thursday, 2 days ago, was the first time we observed a quick contraction, without the interaction of the DAO Funds, just by the intended mechanism of Midas Bonds issuance. Swiftly afterwards, Midas Dollar has made its way back to 1$ peg. MDO & MDS listed on 1inch Exchange, bEarn's bVaults, Midas Gold Touch, Nomics, LiveCoinWatch etc. Featured on BSC.news, DefiStation & vfat, etc.
vMarco Polo (Value DeFi)
Ahh; isn't it nice when the protocol works as designed?
ppl (Midas)
We have other DeFi products underway such as MiVault, MiDex and some other secret products
vMarco Polo (Value DeFi)
Oh, what can you tell us about MiVault and MiDex?
ppl (Midas)
We are still finalizing the details, tech is ready in fact. It'll be better to announce the details later when ready
Dr. David Nguyen (Midas)
"secret" meaning that we are working under NDA with partners so that until clearance we cannot leak it yet.
ppl (Midas)
We do watch and would like to thank Value DeFi community support a lot.
Dr. David Nguyen (Midas)
Yet the Gold Commission, Midas Vault and MiDex are on the way.
vMarco Polo (Value DeFi)
That makes sense. We look forwarding hearing more about those projects once the time is right : ) Speaking of which, can you tell more about some of the Midas products that we will see on the Value DeFi platform? I ran into the following Medium post 2 days ago; tell us more about it
ppl (Midas)
In fact, I believe we are the very first project using your tech for launching. We must say that the 70-30 ratio pools has been very successful and no other platform have it except for Value DeFi And we are glad that we have brought a great volume for Value DeFi ecosystem
vMarco Polo (Value DeFi)
One thing that I learned about crypto and DeFi is the fact it is critical for any project to partner/collab with others projects to be successful. It's all about bringing teams together.
ppl (Midas)
Fully agree Marco We have also setup other vFarm such as MDO/bCash vFarm which has been doing pretty well so far.
vMarco Polo (Value DeFi)
Indeed; there's been a great working relationship between our 2 platforms
ppl (Midas)
As you know, we are also partnership with Bearn Fi. And soon we may have some great products with Value DeFi and BearnFi together.
vMarco Polo (Value DeFi)
Indeed; the unstoppable DeFi trifecta...! haha I'm getting pinged by some people asking for when they'll be able to ask their own questions... haha Ok.. last one for me. Since you have access to a wide audience right now, is there anything additional that you would like to share with the broader community? You've talked about the upcoming products etc... what is the vision for Midas DeFi in 6 months from now?
Dr. David Nguyen (Midas)
As our aim is always to be one stop solution in crypto in general, all our developments are on that line. Our focus will be more on the application side, such as working with partners in the traditional businesses to bring them over to crypto/defi. Example is our MDO Accepted Here movement
Phillip Phung (Midas)
Midas partners multicoin gaming center
Dr. David Nguyen (Midas)
we will work with commerce partners, physical goods trading partners to bring more adoption to crypto/defi
vMarco Polo (Value DeFi)
That would be amazing... bringing crypto (and specifically DeFi) to the mass. It's crazy to know that only a few people are in this space. It's such a huge opportunity. Oh oh... I know for a fact we have a lot of gamblers in our community! haha
Dr David Nguyen (Midas)
As one of our strengths is in traditional finance and cross border transactions, we think that we can contribute greatly if we can help bridge the gap between traditional businesses and the crypto-enabled ones.
vMarco Polo (Value DeFi)
We're all very supportive of this; thank you in advance for your willingness to expose DeFi globally Ok; I will stop asking questions now... before I get into more trouble. I will be opening the chat in 2 minutes from now... as a reminder, the vAMA Guests are sponsoring the giveaway! A total of 5 winners will be selected for the best questions. The winners will be selected in 24 hours from now at the latest As far as I'm concerned; thank you to the 3 of you for being here and thanks for answering all my questions! everyone - you may now ask your questions to the Midas team directly. Thank you!
CMierez
To my understanding, this new DeFi pillar you're building is currently on BSC. Why did you choose this chain? Have you considered expanding to others in the future?
ppl (Midas)
Yes we do. In fact, we are already on the talk with Heco. Timing is important also.
Phillip Phung (Midas)
CMierez
Ah, exciting!
$MDG=30K$
Can Mi-Vault become Layer 2 for ValueDeFi. Like AutoFarm that is layer 2 for PanCake and Venus?
ppl (Midas)
I am not sure what's your definition of Layer 2. I do know that Value DeFi also has strong vSafe. So it's about working together. Like mentioned above, vSafe bVault MiVault can be another great partnership to support each other
Y T
Thank you for presenting your products to our community. 2 part Question. First Question: Where are some areas you see Midas collaborating with Value DeFi in the future? Second Question is a bit harsh but I feel that it needs to be asked. The DeFi space is littered with failed algorithmic stablecoin projects. In fact, one of your competitor's product had a near death experience just this week! I am sure your team is bullish on Midas Dollar but how will you ensure the long term sustainability of the project and what are your strengths compared to the alternatives?
Dr. David Nguyen (Midas)
If you look at midas.eco and mcash.eco you will know that our ecosystem is large. We serve not only B2C but also B2B and B2G sectors. Hence opportunity to create new application and new use case is much better compared to others. We also see competitors as value creators. Example BDO is competitor but bEarn FI has helped us so much. So in fact, no competition, only collaboration in our mind.
suraj Gonsalves
How well do you think the partnership with the multigaming center will be beneficial to both the parties?
ppl (Midas)
Great utilities, a Triple Kill for Value DeFi, Midas and community
Nionio
What is bCash?
Phillip Phung (Midas)
You can find more info on bCash here
Chris Chen
Hi Midas. Super impressive that you guys were able to get out of contraction so quickly. What do you think was it that set Midas dollar apart?
Phillip Phung (Midas)
Thanks for your question. Short answer: Utilities. David & Phi Long have given a more detailed explanation here: Discord link 1 Discord link 2 Midas partners multicoin gaming center
CMierez
This may be a bit of a generic question, but what makes you stand out compared to other competitors? I do love the fact that new features are incoming, like the vault and dex, but what would make them a better option than currently existing ones?
Dr. David Nguyen (Midas)
If you look at midas.eco and mcash.eco you will know that our ecosystem is large. We serve not only B2C but also B2B and B2G sectors. Hence the opportunity to create new applications and new use cases is much better compared to others. We also see competitors as value creators. Example BDO is a competitor but bEarn FI has helped us so much. So in fact, no competition, only collaboration in our mind.
Chillin
Thank you for all the great info so far! As a proud MDS holder myself I have witnessed how strong MDS has stood against the market correction in the past few days. I think besides the community, MDO's algo mechanism and MDS's tokenomics also play a huge role. My question is, who are the people behind the design of these tokenomics and expansion/contraction rules (not just the coding part, but the economic and human psychology parts). What skill sets, experiences, and what degrees do these behind-the-scenes designers hold?
Dr. David Nguyen (Midas)
Our board is composed of a set of directors/co-founders from different backgrounds, we discuss and debate deeply on many aspects of tokenomics, from mathematical function to behavioral economics. From the tech side, simulations and so on also help a lot to understand more.
ppl (Midas)
In fact, we have a little tech secret here. We have a special AI to run through a great amount of models to have the most optimized one for our community.
Chillin
As an medical device engineer who has some coding experience, I'm very pleased to hear that. Ability to do validation and optimization is extremely important.
carti
Dr. David Nguyen Hey, I've noticed that other stable coin projects have ran into trouble around 50M supply and had to rework their model. Basis, BDO, etc.. What has MDS done to prepare for these issues?
Dr. David Nguyen (Midas)
Use cases and more use cases, partnership and more partnership so that MDO can be used more and more, that is the real and true way of the expansion of the economy. Money should be printed to supply to the use of the people. It's not the other way. The utility of it needs to go first then the demand of MDO will increase hence the board of MDS can print.
ppl (Midas)
In fact, all Algo Stablecoin projects are still in the experimental phase. It's all about fast learning, quick adaptation and how fast to roll out the innovative solutions most suitable to the market. No one dare to guarantee but we have a strong believe in our move forward plan
ismailozkok
Value of MDG2 and MDG3 dropped sharply. Could they reach their initial value?
Dr. David Nguyen (Midas)
MDGn is designed to supply opportunistic plays to players. It is created to burn MDG. Mathematically speaking, it has done its part on supplying the value to the system. No price speculation given from the team.
CMierez
One last question from my part, what would you say is your target demographic? (If there even is one) Are you looking to attract a certain kind of user, or do you want to reach the general public with your platform?
Phillip Phung (Midas)
Right from the start, even from our 1st product - Midas wallet, our target demographic/user has always been Global. However, zooming in, Asia is very close to our heart, Asean is very close to our home. So we are fortunate to have received a great amount of support from these markets. We do see many users coming to Midas.eco from other parts of the world too (Europe, Brazil, Argentina, Turkey, Nigeria, etc.). These are so important markets that no one can afford to ignore. And neither do we. We look forward to your continued collaboration & support from you all - our friends at Value DeFi!
CMierez
Great! Thanks for answering my questions, team
vMarco Polo (Value DeFi)
Also... I would like to make this public. Despite the unusual time for the AMA, I would like to personally thank the Midas team for their support and professionalism. I won't get into the details but I made a mistake with the scheduling and the Midas team was very understanding and flexible with the last-minute change. We will be sharing the script to the AMA and we will be announcing the winner for the giveaway in the next 24 hours. vAMA Guests - Once again, it was great to have you here and Value DeFi looks forward to building a stronger crypto/DeFi environment that's more accessible to the People. Have a wonderful Sunday
Dr. David Nguyen (Midas)
Thank you so much Marco and Value DeFi team for this great opportunity to engage with your community.
Phillip Phung (Midas)
Thanks again for having us! Much appreciated.
ppl (Midas)
Thank you very much Value DeFi Community for the great vAMA today. We are looking forward to a strong partnership with Value DeFi in future
vMarco Polo (Value DeFi) We look forward to more vFarms, more vSafes and more...! :))