PART 1. Introduction of Mate project and community questions.
Hello, Satoshi clubbers and guests of this site. Let’s talk today about power tools for DEX users to trade better.
With Mate you completely trust that your order will always execute. Set and forget limit orders that come with our fermentation guarantee.
The plan of AMA session:
- Part – Introduction and preselected questions.
- Part – Live questions
- The Quiz about Mate
The reward pool is 500$
Leading the AMA our clever and fun admins:
Gold Rocket | Satoshi Club – @GoldRocket27
Luis Merino 🇪🇸 | Satoshi Club – @LuisMe7
The Representative of the project:
Josh – @Joshavenue – lead community for Mate
Gon – @zeroxgon – core develope
Introduction of Mate project.
Luis merino 🇪🇸 | satoshi club:
Hello, Satoshiclubbers! I’m back 😄
Welcome to another AMA session. Our guests today are from Mate 🙂
@joshvenue, @oxgonzo welcome! 😊🙏🏻
Gold rocket | satoshi club:
Hello, dear community! We are pleased to announce AMA with Mate. 🌱🧉
Josh:
Nice to be here Luis!
Gold rocket | satoshi club:
How are you doing today guys😊
Gon:
Hey everyone, thanks for having us! 🧉
Josh:
Feeling bullish and fresh about everything! 🧉
Luis merino 🇪🇸 | satoshi club:
Nice to hear 😊
Gold rocket | satoshi club:
Great! Thanks 👌🧉
We are very excited about the upcoming AMA and you too?
Gon:
Great, thanks!
Gold rocket | satoshi club:
Let’s start!😀
Introduce yourself please. How did you get to be involved in crypto & Mate?🧉
Tell us please about your position in Mate?🧉
Luis merino 🇪🇸 | satoshi club:
You won… You were faster 🥺
Gold rocket | satoshi club:
@joshavenue @zeroxgon
Josh:
Alright sure 😄
I am the lead community for Mate, I help to get the word out there and share about Mate’s mission to help traders to get the best deal for their bucks every time they wanna make a trade on a DEX.
I was involved in crypto since 2017, worked along with people from Thorchain and stacks.
For Gon, he is the core developer focusing on delivering the best product for Mate users. 😄
Luis merino 🇪🇸 | satoshi club:
Thorchain and stacks! Huge ones 😄👏 Great background indeed 😄
Gold rocket | satoshi club:
You have a great experience, I dare say. What is the essence of Mate? What is the main idea. What problems do you want to solve?
Josh:
My background is nothing close to my other teammates, they are more amazing!
Luis merino 🇪🇸 | satoshi club:
Even more? Is that possible? 😄👏
Gold rocket | satoshi club:
Btw… Also we would like to know about your team. Who is on the project team core? why do you prefer anonymity?
Josh:
We personally believe everyone in the Mate community wants us to deliver the best product Mate could offer.
Having the entire team’s identities out there could potentially bring in unnecessary noises. We don’t want that, which is why we are staying anonymous. But, we are also reachable in our social channels.
Gold rocket | satoshi club:
Thanks for clarifying! Gotcha😊
Luis merino 🇪🇸 | satoshi club:
Great explanation 👍
Josh:
Trust the code! Not the word!
About the problem we want to solve, let me type it out.
As for the team, the team working on Mate consists of industry leaders with backgrounds from ex-stacks, Airbnb, badger, consensus and polygon (formerly Matic), and sap ERP software, solving some of the most challenging problems in the blockchain space.
Oh yes, the problem!
The problem with DEX trading is, the majority of the trade is executed on a market order, which carries high price impact and slippages. We will be releasing some examples to showcase the price difference between CEX and DEX trading.
Plus, most of the existing limit orders solution on DEX is inefficient, as most limit orders are not filled even when the price meets. Due to this inefficiency, traders had to resort to a market order.
By solving this problem, we help traders make more with their trades, only paying what a token is worth.
Luis merino 🇪🇸 | satoshi club:
How many workers are involved in Mate?
Gold rocket | satoshi club:
I wanted to leave this question for a snack. But you started first 😁 have you audited. If not, do you have this in your plans 😊
Josh:
11 core team members 🙂
Gold rocket | satoshi club:
Well-known and influential names 👍
Luis merino 🇪🇸 | satoshi club:
Thank you!
Gon:
Yes, we have this in our plans, at the same time our limit orders smart contract is designed in a fully non-custodial way. This means your tokens do not leave your wallet until the real trade (order execution) happens. So no issue of lack of user’s funds. As for the farming – we will be utilizing the most secure and audited in the whole DeFi space synthetix contracts for that
Gold rocket | Satoshi club:
Thanks for the great introduction, we will have a question selected for part 1. Ready to start?
Or do you want to add something?
Gon:
Yes, please.
Preselected questions about the Mate DeFi project.
Gold rocket | satoshi club:
Q1 from telegram user @dk177
You have indicated that your governance token, $Mate, can be used for farming and staking on your platform. This is a common feature for all DEX projects with a governance token. In addition to these rewards, what are the utilities of $Mate? Will it be tradable on other exchanges? Do you provide rewards with the same token, or is there a separate reward token? By the way, is your platform secure for long-term holdings? You have indicated that there is a risk of bugs, even for audited and highly reputable projects. According to this statement, new projects like Mate which are yet to be audited can be considered riskier. How do you assure that the holdings in Mate are secure? Is it a good option for a long-term investor to buy a considerable amount of $Mate and hold them in your platform?
Josh:
That’s a long question!
As for the utility of the Mate and long-term holding. You can stake Mate and earn fees for every limit order executed on Mate’s platform, 0.05% is paid out to Mate stakers.
There is a significant shift of traders switching from CEX to DEX in the current cryptocurrency exchange landscape. A popular CEX, Binance makes most of its revenue by collecting trading fees, while BNB can be used to discount trading fees. The majority of DEX doesn’t provide a similar experience to CEX, especially the ability to create limit orders.
Mate collects 0.2% fees per limit orders executed within the Mate platform. Mate’s executor node validators receive 0.15% of the trading fee, while Mate’s receives the remaining 0.05% as xMate as a reward for staking.
In conclusion, Mate rewards payout to Mate’s holders, followed by, zero inflation making it attractive for participants to hold Mate tokens in the long run.
Luis merino 🇪🇸 | satoshi club:
Great answer, josh
Gold rocket | satoshi club:
Really, the benefits are obvious! 👍
Josh:
Mate basically is a win-win for all parties involved.
Traders: get better deal with their capital.
Mate stakers: earn fees
Everyone wins. 👍
Luis merino 🇪🇸 | satoshi club:
Quite obvious 👍
Gon:
As for the safety – we will open source the code just before the launch and it will be transparent to anyone.
We cannot claim its 100% secure, as even the top projects that have been audited by multiple firms have got hacked in the past.
We can claim though, that no contracts except farming will hold any tvl. And as we mentioned we are using a staking rewards contract from the synthetic project for farming (which has been audited by several top tier audit firms)
Gold rocket | satoshi club:
Win-Win 🤩
Gold rocket | satoshi club:
Thanks for detailed answers👏
Gon:
And our limit orders contracts in comparison with the competitor projects are designed in a fully non-custodial way, which means your tokens do not leave your wallet until the real trade (order execution) happens.
Luis merino 🇪🇸 | satoshi club:
You are right. Risk is always there
Gold rocket | satoshi club:
By the way, we have a question on this topic
Gon:
So, the tokens are not stored in our contracts but rather in your wallet 🙂
Gold rocket | satoshi club:
If you’re ready we can jump to the next question. 😊
Gon:
Sure
Gold rocket | satoshi club:
Q2 from telegram user @brainchest
CEX has a deposit and the money is operated within the exchange. On dex, I need to confirm the order and pay a commission on the value of the gas at the time of the transaction. How will this wORK on your dex? Will I have to send you the full value in front of time to the Mate DEX wallet? Otherwise, how will the instant purchase happen when the right price comes in? Even if I get the wallet notification and make the confirmation, minutes will pass and the price will change and I won’t be able to buy at the right price.
Gon:
Good question. Let me answer it in detail…
Luis merino 🇪🇸 | satoshi club:
Sure! Take your time.
Gon:
You only pay gas when placing an order. Still, you are not sending your tokens to our contracts (you keep them in your wallet), you only have to approve spending of your tokens to our contract.
Then so-called executor nodes will constantly watch for new orders and start monitoring pancakeswap for the opportunity to swap your tokens at the rate you specified when placing an order. Executor nodes are charging 0.2% fee on the amount being traded as a reward for fulfilling your order (and they pay gas for executing that transaction)
Josh:
To put it simply, you don’t need to wait for any notification to manually trade it. It does it all for you. 🙂
Create limit order -> price hits -> order filled, no need to check back all the time. 🙂
Gold rocket | satoshi club:
This is a very interesting system. Thanks for your answers. By the way, share your tokenomics with us please
Josh:
There will be several million in max supply, hard cap.
Mate is not an inflationary nor deflationary token, no minting or burning mechanism.
For more details on tokenomics, we will be releasing an official gitbook release on this within days from now. 🙂
Gold rocket | satoshi club:
Don’t forget to share with us😊
Luis merino 🇪🇸 | satoshi club:
Waiting for that release 👀😄
Gold rocket | satoshi club:
Can we proceed. Or you want to add something?
Josh:
100%, once it is live, we will be sharing it via our social channels.
Luis merino 🇪🇸 | satoshi club:
Thank you for the explanation. Satoshi Clubbers, you need to follow them to see the tokenomics @useMate
Josh:
Maybe I can add this point.
Mate token is a governance token with hard cap. There are people asking why we don’t have some sort of burning mechanism, the simplest explanation will be, we don’t see why that is necessary for a token with hard cap.
Other than that, we can move on the next one. 😄
Luis merino 🇪🇸 | satoshi club:
Thanks for the clarification 🙏🏻
Gold rocket | satoshi club:
Q3 from telegram user @victorogb
The Mate project was created to primarily address the challenge of losing unpredictable slippage on placed limit orders. Mate thrives to go one better than the most popular DEX on BSC (pancakeswap) by giving investors the best deal for their money. However, with a majority of your liquidity source and executor nodes from popular defi amm sites like pancakeswap, how does Mate intend to provide best value for it’s users while also trying to improve and better the services provided by the likes of pancakeswap, how is the fee structure for executors and traders on the Mate dex, and asides drawing liquidity from Pancakeswap, what other ways will Mate look to increase liquidity?
Gon:
Take this example for instance. You will receive the amount you see here. Guaranteed.
Mate is sourcing liquidity from Pancakeswap with the future plans of aggregating liquidity from multiple AMMs and going multichain 🙂
So, no matter what could happen under the hood, the amount you should receive will be the one you specified when placing an order, otherwise the transaction will simply not execute
Luis merino 🇪🇸 | satoshi club:
I will indeed use Mate then.
Josh:
You better be!
Why pay for unpredictable price impact and slippages for your favorite tokens?
Luis merino 🇪🇸 | satoshi club:
That’s the question I will make every day now 😂
Gold rocket | satoshi club:
This is a very important point. And I think you have something to be proud of👍
Luis merino 🇪🇸 | satoshi club:
I also think so
Gon:
Thanks 🙂
Josh:
Let me answer this in detail with an example.
Let’s say you are trying to buy ORK token with $10,000 via pcs. And pcs uses market order to fulfill your order. It would look like this.
You would only get 30,237 ORK for the $10,000. Your average price would be $0.3307.
Notice the price impact? And here’s another order with a smaller amount of busd.
Notice the difference?
The price per ORK is now lower and the price impact is lower.
Gold rocket | satoshi club:
Looks great 👍
Josh:
Limit order eliminates this uncertainty.
And only ensuring that you as a trader, buy any tokens with a fixed price per token without uncertain price impact or slippages.
Luis merino 🇪🇸 | satoshi club:
Great explanation 😄😄😄
Gold rocket | satoshi club:
I see you thought it well😉
Josh:
My team thought it well!
Gold rocket | satoshi club:
By the way, it would be great to read your roadmap.😊
Josh:
We will be updating the roadmap soon, but for now, we are focusing on delivering the best limit order experience beyond what centralized exchanges are offering to the DEX traders,
Gold rocket | satoshi club:
Thanks for your clarification. Ready to proceed to the next question?🧉
Josh:
Sure, let’s go!
Gold rocket | satoshi club:
Q4 from telegram user @highpee
The major aim of Mate is to provide a platform that has the ability to allow the placement of limit orders for any BSC tokens. But one of the advantages of cexes where limit order approach is commonly practised is that it allows limit orders to be done on many token pairs irrespective of their network. Are you only going to ensure the trading of assets on BSC network? Are there no plans to bring this innovation to other chains such as ethereum? Also, won’t it be possible for you to take this further and provide a DEX platform that will allow cross-chain limit order placements for token pairs involving multiple chains?
Gon:
As I answered in the previous question -> we have plans to go multichain and source liquidity from multiple amms. Pancakeswap and BSC is just the beginning.
As for the second part of the question -> I personally havent thought about it, but it sounds very interesting. Thanks for raising that point. I will research more into it. 🙂
Luis merino 🇪🇸 | satoshi club:
New idea for Mate
Gon:
Yeeah 😄
Josh:
CEX advantages right now:
- Limit order
- Many token pairs with different networks
Mate advantages:
- Limit order
- All BSC tokens are supported
- In the future, for any supported chain, all tokens from the supported chain will be supported. Opening more token pairs than what any CEX could offer.
- Non-custodial.
Luis merino 🇪🇸 | satoshi club:
Mate is indeed more than a simple CEX
All BSC tokens… That’s a lot 😂😂
Gold rocket | satoshi club:
Indeed. You will create a revolution 😁🧉
Ideas are born from the air to Satoshi club😁
Gold rocket | satoshi club:
What other AMM do you have in your plans?
Gon:
Technically we can support any fORK of Uniswap on any chain 🙂
Gold rocket | satoshi club:
Thanks for your answers! Ready to proceed to the next question?😁
Gon:
Sure, let’s get it 🚀
Gold rocket | satoshi club:
Q5 from telegram user @yellowchamp
I see that Mate is being powered by Orakuru , so can you describe your partnership with Orakuru ? What is the main focus and main contribution of Orakuru to Mate network? Why do you choose to be powered by Orakuru ? What advantages, benefits and expectations you are looking forward from them as a share for the development of your platform? How does Orakuru brings a greater impacts to your network and to your community as a whole? Thank you
By the way, we really love Orakuru and they were at our AMA😍
Luis merino 🇪🇸 | satoshi club:
That’s why you chose the question? 😉😂
Gold rocket | satoshi club:
You know me too well 😁
Josh:
Mate is being incubated by Orakuru.
Orakuru focuses to deliver the best value to ORK holders. For many months, there is a demand from the ORK community to allow staking for their ork. Mate allows that to happen and at the same time, solving a real problem in the DEX space.
Once Orakuru goes to mainnet, Mate will be using Orakuru ‘s oracle.
Gold rocket | satoshi club:
Wel, Great plan😁
Josh:
Orakuru and Mate’s solution not the same!
They are both unique to it’s own value proposition.
Luis merino 🇪🇸 | satoshi club:
Ama-zing!
Gold rocket | satoshi club:
Thank you very much for the clarification.
Ready for the last question of this part😉🧉
Josh:
Sure, let’s ask away!
Gold rocket | satoshi club:
Q6 from telegram user @rotoxy
I have seen that you plan to launch your farm between 9th and 10th of august. However, today is 5th and I have not seen any news on how to buy $Mate which will be you to participate in farming. Was there no private sale and are there no plan for public sales? Can you explain how you plan to distribute your tokens and how investors will be able to get or buy it? Also, can we give us some details on how yield farming will be done when it is launched? Will this be done on your protocol or is it going to be hosted on external yield farming platform? How wil your apy look like when you launch this?
Gon:
There was no private sale. And no plans for public sale. We will share the tokenomics together with the white paper very soon (in the upcoming days).
This is a fair launch. The only way to get $Mate is to farm ork-BNB and Mate-BNB to begin with. (with more farms coming slightly later), or to buy it from the open market (Pancakeswap).
The farming will be done on our own website. As for the APY we can’t say much at the moment, as we don’t have the USD price for $Mate.
Prepare your ork-BNB lp tokens and get ready to farm $Mate -> then get Mate-BNB lp tokens and farm even more $Mate (as Mate-BNB farm will have higher rewards)
Gold rocket | satoshi club:
Thanks a lot for the great answer!
Luis merino 🇪🇸 | satoshi club:
I will prepare those ORK-BNB LP tokens
Gold rocket | satoshi club:
Now please share useful links with Satoshi clubbers in front of the open part
Gon:
As always early birds will get the most rewards, so stay tuned 🚀🧉
Luis merino 🇪🇸 | satoshi club:
I’m hyped, Mates… 😉😂
Josh:
Hahaha I got you!
Gon:
Sure, thanks.
Don’t forget to subscribe to and follow us on our official channels:
💬 @useMate
📢 @useMate_ann
🕸 useMate.com
🗞 blog.useMate.com
🐱 github.useMate.com
🐦 twitter.useMate.com
🤖 discord.useMate.com
Gold rocket | satoshi club:
Thanks for sharing😁😍❤️
Get ready for the most impressive part of our ama! Live questions!🙌🙌🙌
Drink your Mate 🧉tea and fly🚀
Luis merino 🇪🇸 | satoshi club:
Are you guys ready?
Gon:
Ready
Josh:
Ready
Luis merino 🇪🇸 | satoshi club:
Opening chat in 30 seconds. Get your questions ready and remember the rules
3, 2, 1… GO
PART 2.Questions about the Mate project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Mate crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @dorutay1
Currently, the most popular DEX in the BSC ecosystem is Pancakeswap, which trades around $400-$500 million per day.” So, is MATE targeting more than this competitor’s trading volume? What is your most important goal in competition?
Josh:
Pancakeswap and Mate’s goal are totally different.
Pancakeswap is an AMM platform, having high liquidity is a MUST for them. In order to achieve that, they allow anyone to be rewarded with CAKE for providing liquidity to BSC tokens.
Meanwhile, Mate is a DEX platform that prioritizes Limit Order to ensure traders paying the set price per tokens when trading. PCS do not have Limit Order, their focus and tokenomics are completely different. Mate’s generate fee solely from Limit Order trades.
Q – 2 from a telegram user @Tahsinahmett
What will be the role of the MATE token on the platform? How is the actual use? Do owners have voting rights in Governance?
Josh:
The MATE’s governance model evolves around the community holders who participate in the governance proposal and discussion.
The current MATE’s model and functionalities are never constant as the community can start proposals to modify the Mate’s ecosystem.
Once the governance is ready, anyone can vote on the Snapshot.
CAKE snapshot is a good reference in just you are looking to search for a reference.
Q – 3 from a telegram user @Pratze
NFT is really popular for DeFi project on 2021, do you have any plan development regarding NFT for Mate project? And how about staking system for your project? what will stakeholders get from that stake?
Josh:
We don’t have plans for NFT at the moment, even if we do, most probably it will be super exclusive version of NFT with arts representing strong community members and their past contribution as a story. This NFT idea is not in stone yet.
We might have NFT if there is a great demand and backstories for it.
Basically for staking, rather than holding MATE, you can stake it and earn xMATE. xMATE is earned via the 0.05% from every limit orders executed.
Q – 4 from a telegram user @tankmon354
It is mentioned that limit orders are executed by decentralized executor nodes. So will these nodes be run by the community, or is there some sort of selection process similar to what Orakuru has done?
Gon:
In the current implementation anyone can become an executor 🙂 and get 0.15% fee on the amount being traded as a reward. You can even develop your own executor node implementation if you feel doing that. No restrictions at all
Q – 5 from a telegram user @K2ice
You said you guys will be opening the source the code just before the launch so as to make it transparent to anyone. Don’t you think you might be giving scammers a chance to create a fork of the MATE project by doing this?
Josh:
We will think more about it and probably open sourcing some part of the smart contract. (This might change.)
Given with all the exploits out there, it’s difficult to decide between which approach of transparency is the best as we don’t want our communities to be hurt from bad players out there.
Q – 6 from a telegram user @feranno
Limit orders are also not placed in any central database. The order is placed through interaction with Mate’s smart contract and is executed through a network of enforcers. Could you please explain for many people with insufficient technical knowledge like me, is this difference very important and what is the benefit for us?
Gon:
Mate’s limit order model is very different from how 1inch or 0x (Matcha) are solving limit orders. Most competitors of Mate work on a maker-taker model to place and fill the limit orders. Each maker has to wait for the taker to fill the order. This means even if the limit price is reached and there is no taker, then the order will not be executed.
Mate does not use a maker-taker model for limit orders, instead, we get execution liquidity from DeFi AMM’s.
We wanted the limit order execution to be at most priority and hence have built a model in which the order does not have to wait for a taker if market conditions meet limit order conditions.
The key differences and advantages Mate has over 1inch or 0x(Matcha) or both are as follows:
Decentralized
Mate limit orders are not placed on any centralized database. Order is placed via interaction with Mate’s smart contract and executed via a network of executors.
Our existing decentralized network of executors ensures order execution happens. Even if a single executor has blacklisted a particular order and denies execution of the same, there is always some other executor waiting to execute the order and collect rewards for it. As long as the order fee rewards are greater than the executor’s gas fee, there will always be a financial incentive to execute the order.
Best Liquidity
As AMM’s liquidity pools have the most locked-in assets in DeFi, this helps fuel greater liquidity increasing the chances of successful order execution from Day 1 for the protocol to be usable.
Order aggregation can be done across multiple AMM’s to further increase the liquidity and efficiency of the order execution.
Best Order Execution
No issue of lack of user’s funds as Mate is designed in a fully non-custodial way. This means your tokens do not leave your wallet until the real trade (order execution) happens.
No need to wait for a taker to execute the order. Order is filled with a liquidity provider pool of any AMM.
Q – 7 from a telegram user @iam12312
Could You mention some features of Mate platform that are different/unique from other DEX platform?
Is App live?
Gon:
The answer was in the previous question.
Q – 8 from a telegram user @coinresearcher
Do you have any partnership with Synthetix project and which companies do you partner with?
Josh:
We do not have any official partnership with Synthetix.
We are just using Synthetix open-source smart contract as a reference to build Mate on because Synthetix smart contract is one of the most secure and battle-tested smart contracts out there.
Q – 9 from a telegram user @Arisabela
You mention on your website that your platform allows users to set and forget limit orders that come with your fermentation guarantee. Can you explain this “fermentation guarantee part”? How do you ensure to your users that their orders will always be done and what technology do you use to achieve it?
Gon:
As long as the order fee reward is greater than the executor’s gas fee, there will always be a financial incentive to execute the order. And even if a single executor has blacklisted a particular order or denies execution of it, there will always be someone else waiting to execute the order and collect rewards for it
Q -10 from a telegram user @cristobal zamora
It is clear that DEX have several problems such as: speed, costs, user experience. What makes MATE a DEX different from what is present in the market? Are you able to overcome any of these drawbacks?
Josh:
The current existing solution like 1inch uses a maker-taker model like what Gon said earlier. In other word, even when price meets, trade are not guaranteed to execute.
Our executors model is designed to create the most flawless Limit Order experience. Once the price hits, it will execute without you needing to keep checking it.
Imagine Binance’s limit order without KYC, but on DEX with unlimited BSC token pairs. Clean and simple design for better usability.
Part 3 – Quiz about project
In the final part, we tested the knowledge in terms of the Mate project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Our contacts for more details:
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Our Crypto Partner by this AMA: Mate
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