MyTrade and Polygon — AMA Recap

Polygon hosted MyTrade Cofounder DZ for an AMA in their Telegram community on August 24 at 12:30 UTC. This is a recap of the AMA. Please note that the recap has been edited for readability.

Official Polygon Team Questions

Host (Chinmay from Polygon): Welcome DZ to the Polygon community, I’m glad to be your host for today!

To start off things can you tell us a bit about yourself?

DZ: Hi everyone, I am DZ, a Canadian. I entered the crypto space during the last bull run in 2017. Prior to starting MyTrade, myself and a few cofounders incubated and invested in some crypto projects, and had a wide variety of businesses serving Centralized exchanges (CEXs). It’s my pleasure to be here in the Polygon community introducing MyTrade.

Host: Can you tell us how MyTrade came into being?

DZ: MyTrade came about because we noticed that the user experience of DEXs is lacking far behind those of centralized exchanges. To go into a bit more detail, let me briefly talk about the pain points of DEXs we have encountered. Order Book DEXs like IDEX have been around since 2017, but they suffer from poor trading depth and high slippage, resulting in poor user experience. AMMs like Uniswap V2 have become popular in 2020 because they have great trading depth (better than CEXs), but they have poor capital efficiency for LPs.

We created MyTrade and designed it to solve some of these major pain points of DEXs.

Host: Please tell us more about MyTrade features and advantages.

DZ: MyTrade is a next generation decentralized exchange that looks and feels like a centralized exchange with a wide variety of quality tradable assets. Takers will get the best price, and Makers enjoy 0% trading fees.

Here is a sneak peek preview of our MyTrade V2 trading page.

MyTrade V2 can be deployed on all EVM-compatible chains and will be launching on Polygon soon.

We have given a lot of thought to these DEX pain points I mentioned previously when designing MyTrade. Firstly, we have found a method to take the advantages of both Order Books and AMMs and without any of their disadvantages. MyTrade V1 has developed a unique algorithm that precisely integrates liquidity from both order book and AMM pool. This integrated liquidity pool will always provide Takers with the best execution price by automatically matching orders from either the order book or the AMM pool.

Secondly, MyTrade V2 will feature a unique first of its kind ‘Limit Order Mining’ feature which will significantly increase professional Market Maker’s capital efficiency.

Host: Wow, can you tell us more about ‘Limit Order Mining’ how does this work?

DZ: Sure, limit order mining is a unique feature of MyTrade V2 that rewards users for placing orders on our order book. It incentivizes market makers to place orders close to the current market price, which will improve trading depth for Takers.

Furthermore, limit order mining can dramatically increase the capital efficiency of professional market makers. They can use APIs to place orders on our order book close to the market price and then once the order gets taken, they can immediately hedge/arbitrage on other DEXs on the same chain. Rinse and repeat.

Host: Amazing! Besides the two core innovation pillars you mentioned, are there any other product highlights you can share?

DZ: We will be bootstrapping our initial liquidity on MyTrade V2 by routing trades to Quickswap (if there is no liquidity yet added on MyTrade V2). This way users will be able to enjoy a professional trading experience on MyTrade V2 with price charts, while also enjoying the trading depth of Quickswap. If you want to use the Limit Order feature, you can activate this feature and Order Book by adding liquidity to the AMM pool for that trading pair.

Next, due to the complexities of the algorithms and smart contracts introduced by MyTrade, MyTrade will launch with an experimental token eMYT first before MYT replaces it as the platforms token. This experimental phase with eMYT will last 1–2 months, and afterwards MyTrade will smoothly transition to using MYT.

Lastly, MyTrade is a DEX that looks and feels like a centralized exchange, with a professional trading view and access to limit orders. We are bringing the centralized exchange user experience to DEXs.

All these features make us the Next Generation DEX of the future.

Host: What are the major milestones MyTrade has achieved so far, and what can we expect from you guys in the future?

DZ: We have already launched MyTrade V1 on HPB and HECO. MyTrade V2 will launch an alpha version on Polygon end of August. We are happy to announce that we have received Polygon’s Developer grant and are working closely with the Polygon team to build their global ecosystem. We are co-operating their developer network in China.

Furthermore, we are happy to announce that we have completed our seed investment round led by 4SV.io, LucidBlue Ventures, and Defi.Fund.

Host: Can you tell us a little about how your experience was building on Polygon and what are the advantages of MyTrade working with Polygon?

DZ: Building on Polygon has been smooth thus far. We have received the support of the Polygon team, having received the Developer grant and have been communicating with them actively.

We chose to launch our MyTrade V2 product on Polygon because of its low gas fees, and high scalability. Also because the Polygon ecosystem is strong and we believe it will continue to grow. There are many DEX and DeFi users using Polygon and we wish to provide them with a better trading experience on MyTrade V2.

Host: Great! What will the future of MyTrade in the DeFi space? Can you talk to us about your roadmap?

DZ: Our long term milestone is to become the size of Binance but in the decentralized world. We hope to serve millions of traders on MyTrade.

Our near term milestone is to become the top DEX on Polygon. We will be launching our MyTrade V2 alpha product on Polygon end of August.

Host: Last but not the least, is there anything you’d like to highlight that I missed?

DZ: Actually, we would like to share a further sneak peek of our MyTrade V2 product designs to everyone here.

MyTrade V2 Referral Page
MyTrade V2 Mining Page

Community Questions

1. Not long ago, Poly Network was attacked by hackers and suffered huge losses. Black Swan events caused by hackers emerge one after another. Can MyTrade break through the current blockchain bottleneck in terms of security?

DZ: Yes for sure, security is of the upmost importance for us. We conduct thorough security audits for every chain that we deploy on, Polygon will be included. One of our technical partners has over 5 years of experience writing smart contracts.

2. What is your global expansion plan? Which market are you focusing on at the moment, or are you focusing on building and growing to gain customers, users and partners? What are the advantages of MyTrade to other alternatives in the Blockchain field?

DZ: I’ll just answer your first question. MyTrade is designed as a global DEX, we are not targeting any particular market at the moment. Instead we are targeting global DEX traders. We have designed a referral program into our DEX product and will be revealing the details on that soon. We will work with several influencers and large communities to make this go big. Stay tuned.

For our advantages over other DEXs, we mentioned them already above.

3. Can you list 1–3 killer features of your project that makes it ahead of competitors? What are the competitive advantages your platform has that you feel most confident about?

Sure I can summarize our 3 killer features over other DEXs.

1. Precise integration of AMM and Order Book Liquidity. We coined the term ‘Integrated Liquidity’.

2. Unique Limit Order Mining.

3. Professional Trading Experience of Centralized Exchange on DEX.

4. Who do you see as the top DEXs right now? Do you think you will be able to compete?

DZ: Currently the top DEXs are Uniswap, Sushiswap, and Quickswap on Polygon. In particular we see Uniswap V3 as a strong competitor at the moment. However, these competitors are still all swaps, they are still far away from the ultimate DEX user experience. We are bringing the CEX user experience to DEX, which can truly fulfill traders’ needs. This is why our tagline is “Next Generation DEX, not just a SWAP. “

5. According to the roadmap, What are your most important next priorities? Does your team have enough funds and strong community to achieve those milestones?

DZ: Sure, we have enough resources and funds to achieve our upcoming milestones as mentioned in the above question. Our community is continuing to grow, and we will place more emphasis on marketing going forwards. We welcome everyone to join the MyTrade community.

In terms of our main priorities, we will be focusing on the following.

  • Product
  • Branding
  • Strategic Fundraising

6. When you build your project, do you take into account community feedback and demands?

DZ: Yes of course, community feedback is taken very seriously. We encourage everyone to test out our product and give us feedback on how we can improve.

7. Can you give us an overview of Project economics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn?

DZ: Sure, a quick summary.

We have three mining incentives.

1. Trade Mining

2. Liquidity Mining

3. Limit Order Mining

Furthermore, there will be staking incentives. Some of our trading fees are used to buyback our platform token (MYT).

8. I don’t have to open other charting tools?

DZ: Yes exactly, no need to use Dextools and Quickswap for example together. Everything will be on one platform with MyTrade V2

9. When will MyTrade platform coins go online?

DZ: Like we mentioned above, we will launch initially with an experimental token eMYT. It will have value and be tradeable, stakeable, and mineable. After 1–2 months of our experimental phase, our platform will officially launch MYT in October.

10: Is the MyTrade Ecosystem coming to mobile too?

DZ: Mobile will come later. We are launching on desktop first.

11. How’s the product going now? How are your market advances planned next?

DZ: Building up a top branded DEX will help us attract many business partnerships. CEX users will migrate over to DEX naturally. All we need to do is to build a solid product.

12. At present, all tokens are reducing prices, even with good partnerships, hype, marketing and work products. So what challenges and plans do you have to make your project popular?

DZ:our business model is charging taker 0.3% fees, and 0.25% are used to buy back our token MYT. More of our tokenomics will be disclosed in our website docs once our alpha product launches.

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