CatsRus (SafeMoon Education Manager) and Gandalf (SafeMoon Educator) with special guests Mandala CEO Joseph Reiben and Grove Token COO Mendy Parker
CatsRus: Hello everyone. How are you all doing today? I am your host Cats and I am joined by Gandalf. We would like to welcome you to MoonCast 38. I'd first like to make everyone aware that this is an educational podcast, where we are able to answer any of the questions of the community. We do not look to make any announcements during this cast, unless otherwise stated.
We are looking to bring education to the front of the SafeMoon Army. Please understand that everything you hear today is to be used as educational content only and not treated as financial advice. Now today's show is a little bit different. We're going to be joined by the CEO of Mandala, Joe Reiben, who is going to give some of his time today to speak about the upcoming SafeMoon launch for the Mandala Exchange.
And then for those that look to stick around towards the end of the show, we do also have a member from Grove Token, Mendy, looking to come and share some exciting news that's happening over with the Grove Token. So first of all, let's jump right into it. So how are we doing Gandalf?
Gandalf: Well, hello everyone. And I'm doing good. It's a cool Sunday. And I'm so excited for Mandala. This is so awesome. I can't wait to hear.
CatsRus: Yeah, no, it's going to be exciting.
INTERVIEW WITH JOE REIBEN, CEO OF MANDALA
CatsRus: How are we doing Joe? Welcome to the show.
Joe Reiben, CEO of Mandala: Thank you very much. I'm doing very well. Thanks for having me on again. Appreciate it.
CatsRus: No, I appreciate it. Thank you for coming back. I know you guys have been working hard, so we've kind of want to know what's been going on and what's to be expected.
Joe: Sure. I guess we can jump right in. First off, if there's any mothers out there, it's Mother's Day in the US today. Happy Mother's Day, from myself and our team over at Mandala. I just got done celebrating with my girlfriend, who is a mother. As well as her mother who set up a brunch a couple hours ago. So I just want to get that out there.
Moving forward. Yeah, I'm really excited to get the SafeMoon launch off the ground here. And we will be diving into it in more depth here, but just the basics: We are going to be open with deposits at 2:00 AM UTC on the 10th of May. So that's coming up right around the corner here, and the token trading will be going live at that time as well.
The reason we set it for that is obviously because we are a global exchange and we love to have all our dev team that works in Asia awake for the launch. That's very important to us so that we can monitor and make sure tokenomics work correctly upon launch and that if there are any community questions, our support team, especially internationally, can be awake and alert as well.
CatsRus: Perfect. Brilliant. Right. So I have a few questions to start with. Now we've already kind of teetered on 'When is the launch'? So that is on the 10th at 2:00 AM UTC. So we're about 32 hours away from that launch. And literally on the dot it's going live.
You guys will be ready?
Joe: Yeah, we absolutely are. We're ready to roll out our phase one, which is going to be as other centralized exchanges do, it's going to be with local tokenomics, but we are still working on the global tokenomics or GloToks as you guys call it on the backend. So we are working to implement that along with our Binance cloud dev team at some point here.
So yeah, we didn't want to delay it any longer. We want it to go live with the local tokenomics and give everybody the benefit of trading the pair on Mandala exchange. And also we'll talk about further down the line in the show, some really fun competitions to bring to your community.
CatsRus: Perfect. Awesome. So you've mentioned now you're launching initially with local tokenomics before you're able to go ahead with the global tokenomics.
Now, let's jump in and sort of explain to the community what the local tokenomics process is. With the sense of the 4%, the 3%, the 2% and the 1% fees that we have with the overall tokenomics fee structure. So where does that all go? Can we break that down a little bit [of the fee structure] for the community and how that all works on your end?
Joe: We absolutely can, and I want to remind everybody that, of course only the V2 contract for the token will be traded on our exchange. So please don't move over your V1 tokens if anyone still has them out there. Please get them exchanged before you come over to Mandala to trade.
Because of course, if you do come over there, they're lost. Just want to put that out there for everybody. So basically the way this is going to work is, the reflections will be broken down in the following way: 4% will be redistributed to all Mandala holders that trade on the exchange through reflections. It's going to be collected as reflections of the trades that are there.
3% is going to be added to the liquidity pool, the LP acquisition pool, for a SafeMoon pool. 2% is a token burn as per the smart contract. And 1% is going to the Ecosystem Growth Fund.
So the way this is going to work is the 10% that the tax set has put on all trades, is going to be directly refunded to a Mandala wallet. Where we split that further and send 6% back to SafeMoon and a public address contract that will be available for everybody to see the transactions, to their exchange wallet, basically where they will break it down into the LP pool, token burn and growth fund. And then the 4% will be held back by Mandala to distribute on a bi-weekly basis, for now. Possibly move it to monthly as we get more and more users. But it will be reflected back based on a snapshot and based on token holdings.
So we will tell you when the snapshot is. There will be no surprises and we will let the community know with at least 48-72 hours, notice for each snapshot coming up. But if we're going to do bi-weekly, you can assume it's going to be just about every two weeks. And we want to set it on a consistent date so that there are, like I said, no surprises. It's what everybody's aware of when those are coming up.
CatsRus: Okay, perfect.
So the wallet that you mentioned, the 6%, that's all going to be communicated ahead of time, or are you doing one big article to kind of explain all this? How are you guys giving the information out?
Joe: So we will be doing social media posts, not only to our community and your community, but also general posts on Twitter and Medium, on Discord, Telegram, all the normal communication channels so that there are, like we said, no surprises. And we will be putting that out within the next 24 to 48 hours before we go live, so that everybody has a chance to read it over, review it and kind of absorb it.
In terms of the initial launch that you guys had a while back, in terms of what happened with everything going on there, what was the process of making the decision to hold back and then move forward to now, to literally 32 hours where we're now ready to go? What's the difference between before and now?
Joe: I think the difference between before and now is a lot of understanding between two or three different dev teams that speak different languages, just to be quite honest, and the analysis of wallets: hot wallets versus exchange wallets, versus cold wallets and where the reflections were being actually received.
We had done extensive testing our first time around and we're finding that the global tokenomics ws working on the wallets, we were testing but as we neared launch, we found that there were some problems on the backend with the actual distribution of the reflections to those wallets and where they were being collected. I can't really go into more because there's some obviously sensitive information there.
However, what we did was we went back and we worked with Binance Cloud, with their team of devs, along with our devs to revamp the wallet structure, to be able to support local tokenomics for now. And of course they are in development of the global section or the global tokenomics rather.
That entailed a lot of restructuring of the wallet infrastructure that was provided to us with our exchange, as well as a lot of work as to showing where the reflections would go on the back end and how that 10% fee (or tax) would be collected. So that's really what took the time. Obviously development. We wanted to test it out again to make sure everything was running smoothly and now we're confident that it's running smoothly and we are excited to launch.
Something you mentioned there that maybe a lot of people don't know exactly, what is the Binance Cloud? What is that a part of? Because I know people would know what Binance is or who they are, but what's the Binance Cloud and what does that do with the development of the Global Tokenomics?
Joe: Sure. And I'm glad you brought that up because what Mandala is, it is the first privately held, privately owned and operated exchange that was launched on the Binance Cloud Network.
What Binance Cloud is, it's really a white label service from Binance that you can build your own exchange on and use a lot of different custom features, which obviously we do a lot of third-party build-outs as well that are not tied into the Binance Cloud, I guess, ecosystem with their wallets, and their benefits. So basically the biggest benefits are: we get their order book depth, their liquidity, a little bit of their legal structure and insurance fund, which in case of a hack, obviously we know Binance as a multi-billion (with a B) dollar insurance fund. So that all funds are SAFU.
Which if nobody knows what that is, it was kind of a meme/play on words. Where it's supposed to be that the funds are safe. Basically it means your funds are credited to your account safe. And if in the event of a hack, like I was saying, the insurance fund does cover that.
So we liked the security. We liked getting over 1100, almost 1200 pairs. Now that Binance provides us and we love the liquidity and order book depth, because as everybody knows, sometimes if you trade tokens that are, lower liquidity or that aren't really backed by a solid market maker or a solid exchange, sometimes you get front run or there's a lot of slippage in terms of what you're actually paying for it, especially if you market order versus what you wanted to pay for it. So we all know that's one of the advantages to centralized exchanges versus decentralized and we always want them to work in harmony with one another, but we found those as a centralized exchange to be some of the biggest advantages that we could work with and we've been up and running since December of 2020 on that platform. Now, one of the cool parts is like I was saying our third-party features. We can build out outside of the Binance Network. We will be in the next two quarters implementing our DeFi arm, as well as a margin and futures arm to our exchange. So we're really excited for that and those are going to be very significant build-outs for us and something we've been working on for a while to make sure we have the right partners, make sure we have the right dev teams in place and of course the right licensing, with the way regulatory and compliance issues are in the world today.
CatsRus: Thank you for explaining that to those that aren't sure what the Binance Cloud was.
In terms of SafeMoon integration, where does SafeMoon sit initially with local tokenomics. On your side or the Binance cloud side? Where do we go? Where are we being stored essentially?
Joe: Sure. So what's going to happen is deposits come in, obviously, they come in and are held in a team wallet, a hot wallet for the Mandela exchange and then transactions will occur, obviously on the Mandela exchange side of things, but it is through the Binance Cloud wallet and Binance.com wallet infrastructure. The wallets are one and the same. So we work with their dev teams to build it up.
So it's really a blending of both. When fees are received that 10% split, like I said, is going to be received by Mandala and then sent in part to SafeMoon and part held in the Mandala ecosystem so we can distribute it regularly to the token holders and traders on the exchange.
CatsRus: Okay, great. So it's a blend of both. Perfect. Now, we've mentioned local and global tokenomics, and I know the entire community is waiting for that one tweet. That one announcement of when it's going live.
Obviously, we're not going to be able to give dates or anything specific, but how far along are you with global tokenomics? If you can share any thin allowance to the developments behind there.
Joe: Sure. I mean, there's not much I can say on that specific topic because it's a whole change in the way the exchange wallets interact, right? So it's a very sensitive and very big lift for the developers quite honestly.
So they are working on it. All of our dev specs have been put into the dev team with Binance.com and Binance Cloud, and they are working on it. That's really all I can say on it for now, because like I said, it's such a big lift and no exchange has asked them to do this before. That it is something that we're pushing for your community and for the SafeMoon Army, because we know how much that means to you guys and how we can really change the game a little bit for centralized exchanges pending its completion.
CatsRus: Okay, perfect. No, that's absolutely fine. We knew that we were going to get hit with NDA-style things. That's not a problem.
So, in terms of what you are developing with Global Tokenomics, how transferable is that as a whole entire system? Is that something that could be applied to other exchanges in the future? Or is it something that's kind of solely going to be locked initially, if you wanted to, obviously, transfer it to the Binance Cloud?
Joe: Sure. Well, things that get developed on the Binance Cloud Network of exchanges are transferable to other Binance Cloud and Binance products. I can only give a general answer like that because obviously the proprietary tech for that would stand with Binance.com. I'm sure they'd be a little reticent to give up their proprietary tech and wallet tech that they developed pending the completion of this, so I can't really speak to that, what they would do with it. Because at the end of the day, it wouldn't be our tech because we'd be working with them and it's still their wallet infrastructure.
CatsRus: Okay, cool. So essentially it's going to be locked to them. If they want to do business with other people to utilize this, then that's on that half to, essentially, make that happen.
So moving on to the journey you've gone from before, where you mentioned the initial listing to now. What is it you've learned during the journey through this entire process of the development as a whole, with the SafeMoon community and everything as a big package?
Joe: It's been a big learning experience. I mean, really since we started this. We started in November, December of last year and getting the listing off the ground till now. It's been a very heavy lift for both sides. I've learned, and I've always appreciated how tough the tech is in this industry. Being in this industry as an attorney since 2015 and working with companies on a global scale, I see these amazing tech developments, literally daily or weekly from the crypto and blockchain space and Web3 space now. But it's been a big lift. And it's shown me that even while it's a wallet infrastructure that may be a year or two old, it becomes, just like anything else in tech, almost archaic, which is laughable, right? From where we've come from even five, six years ago.
But the biggest eye-opener for me is the amount of manpower and dev power it takes to revamp an ecosystem. But it's been something that's been very rewarding for our team and a big learning experience. Of course, we want to make it as rewarding as possible for your community and the SafeMoon Army, because it's important to have been able to fuse those two communities together and build that connection. And we want to just really bring as much as we can to you guys.
CatsRus: Perfect. That's great. And every day seems like a learning day in the DeFi and crypto space as a whole. So you think you know something and then there's three other contracts or there’s this, there’s that, this comes out, and you're like, okay, this is now a lot better. So perfect.
Joe: Right, and a couple more words on that. And this is the same from the regulatory and compliance side. I mean, every time you think something is, not settled but there's an announcement on it or there's an advisory on it, it changes a month later, right? Because there's a new case or there's a new case study or a new advisory from another jurisdiction. So it goes both ways. It's a huge balancing act with not only development, but with compliance. And it's those two fused together - always tough.
CatsRus: That's one thing that we are going to have a long journey to go on is the regulatory side and you could talk for hours exactly what you think can happen, but even the people at the powers that be don't really know where they're going at the minute, because it's such an evolving space. So it'd be interesting to see in the coming years where we will settle and what will be the 'normal' as we move from the dreaded fiat, shall we say.
So in terms of the whole development side of things, just want to quickly ask in relation to how it was to work with SafeMoon, in regards to the implementation of, not Global Tokenomics, because we're not there yet, but at least the initial Local Tokenomics and getting everything ready for this launch on the 10th?
Joe: These two teams have been wonderful quite honestly, top to bottom, everyone's been great with communications. Whether it's our marketing teams, whether it's our operations teams, whether it's just some of us talking on a daily basis in our own discord private chats. But getting this thing ready, like I said, it's been a big lift from both sides.
You guys have always been there. If we had a question about another option to implement tokenomics or another way we could make it just a little more smooth or just something along those lines, it's always been great lines of communication. Good co-marketing. Good, like I said, good communication, team-building almost, where these two teams have built together and now we have a lot of good talking points and relationships developed, which will help us with other things we may partner on down the road. I'm definitely keeping an eye on all your guys' build outs and I'd love to have Mandala be a part of that ecosystem at some point as well. So it definitely paved the road to move forward and further this whole, larger partnership.
CatsRus: Perfect. That sounds amazing that you guys are happy and we're all happy to get this finally, at least phase one, finally, out of the doors, phase two is coming as we've said, but we're not there just yet. Perfect.
[Could you tell us about SafeMoon Spin-Off?]
Joe: We run a monthly competition called Mandala Madness and give away a portion of our trading fee, usually running between $7k-$10k per month depending on the month. If you hold and lock MDX, as low as 1,000 tokens, which is approximately $20-25, you will receive entries into the competition. With The SafeMoon Spin-Off, we are integrating both competitions together. If you qualify for the SafeMoon Spin-Off, you have 1,000 MDX (locked) and hold a minimum of 32,000 on the SafeMoon exchange, you will receive entries to the competition.
For instance, if you hold 1,000 MDX and 32,000 SFM— we’re giving away two entries in this case. There is also a deposit bonus! There is going to be a race. On Tuesday, at 2am, the first thousand people who deposit 100,000 SFM each will receive bonus entries. Once you buy the MDX, there is a 30 days lock button on our exchange. It’s just a one-click and you enter the number you want to lock and it lists right there. We will, of course, be giving away 32 winners each month. An article will go out tomorrow and you may review it then.
Side Note: For those who did deposit on our exchange the first time—We are crediting you at the highest level which is 32 bonus entries to the competition. We want to make sure you guys receive credit for having faith with us and locking on our exchange. We will be giving away 3 batches.
What are you most excited for as a whole, whether that be SafeMoon related, crypto related, DeFi, your exchange? What is it you are excited for the most?
Joe: The thing that makes me most excited is probably the build-out and creativity of new decentralized and decentralized finance platforms in 2022. Devs have been creative in what can be done on the backend pertaining to the fee structure and other things.
Helping a lot of smaller projects with artists or creators may have an idea, but not a lot of business know-how or implementation know-how in this and we are seeing them get a huge assist when they are trying to get off the ground. This comes with a work of caution as there will be compliance and regulatory advisories. I, myself, sit on a number of legislature committees, advising legislators. While they don’t know [much] of what they are doing at this point, there are the younger generation coming in, grasping it and understanding it. The blockchain industry as a whole as well as web3 will eventually come down the pipeline. I’m excited to see those companies built outright to progress within the framework, because it the limit for many of these products. The sky is really the limit for a lot of these projects.
How fast are you seeing the changes on the regulatory side? How fast are they coming, from what you’ve seen?
Joe: Every month two to three states per month proposing new pieces of legislation. It’s coming rather quickly, really, including SEC which has also doubled its enforcement vision, which, I hope is only to put a framework in place and not just sporadically and randomly enforce, you know, in the US. We are seeing so much attention being paid to blockchain companies and web3 applications that we were not seeing a year ago.
What we are seeing is a framework being laid out and [expanded] to validate crypto and blockchain of US. It’s a very interesting space. Anyone who does it, can tell you that it can be frustrating. There’s a lot of educating those who have no idea what Bitcoin is and at times it's slightly comical. At the end of the day, it’s about education.
Are there any issues in relation to the regulatory side of things for Global Tokenomics or is it purely just development at the moment.
Joe: It’s development at the moment. Implementing and integrating a whole new infrastructure and interface to a centralized exchange, and that is the number one issue right now. Since we do operate only as a global exchange, there is no regulatory issue to implementing a reflections-based token.
How do we qualify for the Spin-Off?
Joe: Simply LOCK 1,000 Mandala token and deposit 32,000 SFM (unlocked). Just so long as it’s there when we do our daily snapshot, you’re good. We want you to transact because it contributes to volume and that would be distributed across 32 traders. We welcome trading. You don’t have to hold if you don’t want to. Please transact with it. [Do what is best for you, as we do not provide financial advice.]
Would I meet the qualifications if I transferred exactly 32k SafeMoon and the deduction from the 2% transfer fee resulted in that number arriving lower?
Joe: Yes, you meet the criteria in this case. 32,000 and above is absolutely fine. [We are looking at the original send amount. You’re fine.
When selecting the 32 winners, will the volume be based on numbers of SafeMoon tokens or the VALUE of those tokens as the USD equivalent?
Joe: The volume will be based in USDT. It is calculated to USDT/USD-PEG. The 32 winners will have their choice of SafeMoon tokens or USDT to earn back [as rewards]. If there are other pairs out there, we could absolutely see those in the future.
You mentioned the 6% will be sent to a designated wallet to the SafeMoon team. What will happen to the 3% LP acquisition? Will it be sent to the SafeMoon Wallet or used to replenish the Mandala liquidity?
Joe: I believe it will be used to replenish the Mandala liquidity. That is obviously supposed to be for the LP, so yes..
Will you likely disclose the wallet, ahead of time, where the 6% is going?
Joe: It’s just going to go to one wallet address. Neither of the team has anything to hide there. We will just show our transaction and we will have it all out in the open. I just want to make sure everyone knows this team has been working on a very close basis since November or December. We are obviously very comfortable with one another and want to make sure that everything is transparent, open and clear for everyone so they know exactly where that tax is going. We are obviously no strangers to the FUD that’s going around with this token [SafeMoon]. We don’t want that to occur with this partnership at all. We’ve, you know, had a very good relationship with you guys all the way through. I looked into it and ya know, people are just going to fud. When you are doing something truly transformative, they see that we are the ones in the game who are working to bring a positive strange to the whole tech space, especially the blockchain. That’s all I’ll say about it because I have the utmost respect and confidence in everybody on both sides of this partnership and both teams.
Re: Exchange. Is there an option or a conversion system where you could convert SafeMoon into theoretically any other token that you have listed?
Joe: We will have a SafeMoon/USDT service pair for now. We also have the order book for USDT and BNB. It’s a one step process. The fees are very low, starting at .1% and go all the way down to .065%. We have some of the lowest spot trading fees in the industry. This is by design; You can also get lower fees by locking more Mandala tokens. We have a chart that converts to the lower fees. So.. There are advantages for traders of all sizes. Even if you’re a small trader, it's still .1% so the fees are nominal.
Do you have a dedicated team working full-time on Global Tokenomics?
Joe: That’s a great question. We work with Binance Cloud and Binance.com that works on the wallet infrastructure as well. We do have multiple teams that do work on it. They look at the Mandala Exchange as a whole. If something pressing comes up (maintenance, for example)—outside of that, our token listings do take a lot of precedent. We do have teams working on that. It’s a heavy lift because of the uniqueness of the wallet infrastructure and how the wallets interact on-chain vs. off-chain. It’s a big lift, but we always have dev teams dedicated to working on that. There’s a range of urgency and topics that we work on at any given time.
For those who want to potentially get ahead and signup who are not a member of your exchange. Will they get hit with KYC or is it more reminiscent of a first initial check and begin to trade right away?
Joe: We still work with the old policy, allowing trades up to 2 BTC and no KYC. It’s an old standard. We’re keeping a close eye on regulation that is coming down (multiple regions). Until there are hard and fast rules and not just advisories coming from these different regulatory bodies, we’re going to stick with that. Once you exceed that and have decided to become a larger trader, there will be a KYC. If an account is flagged for fraud or money laundering, we will use best practices, including freezing the account to protect the company, holders and users of our services. We are working on building up to having a US exchange. There is still much work to be done concerning legal matters as well as compliance. It’s not a Mandala thing. It has to do with regulations and hopefully won’t take much longer to start seeing full global progress. Again, if you are going to transact with less than 2 BTC per day, which is the majority of users, there is no KYC requirement as of yet. Of course, as the levels go up, there is that first KYC to onboard if you’re going to be a larger trader. In that case, you would [generally] provide identity verification one.
Will there be countries who aren’t able to take part in the contest?
Joe: We are always working on the build-up to a US exchange in the background. That is something that obviously has a lot of regulatory hurdles and hoops to jump through. We are working through that with our legal team and our compliance team. But as of now, global exchange, so this is primarily, obviously for our global users. And we do have a list of countries that, this is an article, it says, "Can my country access Mandala?" It's under our legal policies, and it is there.
So we have that in very easy, plain-to-read English on our website, and we are actually working on other languages as well on our website and putting out a more broad-based and user-friendly language base right now. So it's one of the cool things we're building up. But yeah, it's there on our website.
CatsRus: So, sorry for those in the United States, SafeMoon holders, not just yet. It's not a Mandala thing. It's a regulatory issue and, as Joe said, they're working towards it. So hopefully, it won't take too much longer to get all this regulatory out of the way or we can start making full global progress as a whole. Okay, so, just a quick statement, or question. I suppose a question to yourself is: "Are you reading in the Event chat at all?" There is a tab just above the MoonCast #38, there's an Event channel. I believe the community is showing much appreciation to you and the team there.
Joe: Yeah, this is great. Thank you! Your community, I will say your community has been nothing but very supportive and amazing throughout this whole process. And honestly, we love having you guys and we love integrating you with, as we termed it, the Mandalarian Army. We love bringing you guys together. We love bringing communities together on our exchange to have positive discourse, to trade together, and to kind of explore the crypto space together. So thank you, guys. I mean, you guys are wonderful. So we really appreciate it.
Jumping back a little bit to the wallet and the fees that you guys have. So we've got the 4% reflection, we've got the 3% which is then the LP to give back to yourself and manage that. Then, there's the SafeMoon progression fund, and then we have that 2% burn. So you guys are burning tokens throughout all the volume on your exchange. That's right?
Joe: Correct. Yeah, so that will be part of the 6% that's sent straight back to SafeMoon and then that's going to go to their burn wallet. So yeah, that 2% is coming right back to you guys so you can burn it in accordance with the smart contract. Yes.
CatsRus: Awesome. Perfect. So anyone that's on the BSC chain, you all now currently will be benefiting from anything that happens in terms of volume, at least from the burn perspective.
Joe: That's correct.
CatsRus: And again, this is all going to be a public wallet for you guys to follow and watch as you may please. And you'll see all of those happen in the background.
Does Mandela collect the tokenomics fees in USD or is it strictly the same process of collecting SafeMoon?
Joe: So we do convert it before we send the 6% back, but we will be collecting in SafeMoon so we can distribute the reflections properly on our side. And that's been determined by both teams. But the mechanics have been determined by the SafeMoon team, along with the Mandala team, what is easiest to originate or the easiest functionality for both sides.
So yeah, the fees are collected in SafeMoon originally, some will be swept, some will not. But it's all public information. And we do have daily volume readings for each token pair so there's nothing behind the scenes at all.
CatsRus: Okay, perfect. Great. I'm going to open the floor up now to the people that are within the Discord community. We're going to take two questions because I don't want to take up too much time of yourself today. So the floor is now open. So we're gonna bring up two guests to speak and ask their questions. And then, from there, if it is that you can give any sort of information or anything, last words or remarks, you can do that.
Go ahead, Jeremiah. You are first up.
What is it about SafeMoon that made you go above and beyond to make this thing work?
Joe: That's a great question. Honestly, I'll give you a couple of reasons. Number one, it's the team and the community; been a pleasure to work with from day one. We've worked through a lot of adversity to get this thing even to where it is right now. And it's been, like I said, a very good learning experience for everybody. But I think it's the appreciation for you guys and to give you guys another option and place to trade and a friendly, safe place to trade. Not just your pair, but any other pair that we can offer you -- there's almost 1,200 pairs -- is exciting for all of us. And to just bring new users in and interact with our users, that's number one.
Number two is because someday I will probably write a book about all the behind the scenes garbage we had to go through, let's put it that way, to get this thing off the ground and get it done right. And I don't like failing. I don't like failing a community. I don't like failing my community. And I feel like you guys have become an integrated part of our community, and I love that. And it's a matter of respect for you guys and pride for our exchange and for my team and really for myself just to get it done right.
I think those were two of the biggest driving factors. And once we make a partnership with somebody and once we put something out there that we're going to do, we do it. We work till we do it. And I know you guys are very familiar with how that takes time. Tech takes a lot of trial and error. And it's a new industry and a new frontier that we're in. So, despite all that, we got it done, and we're going to continue getting it done.
One more question: A lot of tokens that's been listed on Mandala also end up on Binance. I understand SafeMoon is a little unique in offering tokenomics. Is there possibly a chance that it can head to Binance?
Joe: Oh, if I didn't get asked this every day four or five times a day for the last two months. I will say it's the same wallet infrastructure as Binance.com. We do work in conjunction with them. Obviously, I can't promise a listing because I'm not CZ (Binance CEO), I'm not his development team, and I'm not his listing team. But I will say that the wallet infrastructures are the same, the functionality is the same.
And you probably communicate with some of the same people -- let's put it that way -- after applying for a listing and putting a listing through. So that's all I can say on that, but I don't want to fuel rampant speculation that you guys are gonna get listed on Binance tomorrow because I hope everybody hears me -- I have no idea and I don't have that kind of pull.
CatsRus: Next up, Van. How are we doing?
Holder: Gentlemen, good day. We meet again. I have no question today. I would simply like to extend a warm and heartfelt welcome to the Mandala staff and community and to say that I look with great anticipation and excitement towards a marvelous future together. It is an honor and a privilege, gentlemen. Thank you for all of the Herculean effort that you put into this endeavor and your transparency throughout. It has been a distinct pleasure making acquaintance with members of your community and Discord over the last few weeks. The community is very gracious and welcoming. Thank you.
Joe: Oh man, we've loved having you, honestly. It's been great to just interact, converse, and it's been fun. It's livened up everybody in our chat. Our team loves it. We always have a good time with it. And thank you for really just being you and coming in and spreading some positivity and good questions and good discourse.
Holder: Absolutely mutual, gentlemen. Thank you. I look forward to it. Have a good day.
CatsRus: Appreciate it. Oh, perfect. Great. I think we've covered all the questions that I've got in the tab from the community.
So if the committee has got questions, or any further questions between now and launch, and then after, where do they go to find the answers for you guys, and be able to expand their knowledge of what you guys are doing?
Joe: Sure. We have our Mandala Exchange Server of course on Discord. That's the primary area for information, just like you have your SafeMoon server here. We also have our Mandalaxex, all one word, Telegram, and a lot of the same articles are posted up there. We also do have a Mandala Announcements Telegram, and we put out a lot on Twitter as well, at @mandalaxex. So, it's pretty easy to find us, not hard. We're in there every day as a team. We always interact with our community. We'll answer questions so long as they're appropriate. And it's pretty straightforward from there, so you can always grab a hold of one of us.
CatsRus: Perfect, that's great. We'd love to have you guys on and more information that you guys give out because I'm always getting tagged and pings from when the Everyone tag goes out there. And just watching you guys overall, even for just the last few months, I've seen your guys' developments and your site's being as an exchange has grown and grown and grown.
So if you guys want to go and check out Mandala's Exchange and want to be a part of the entire competition that's going on, and we'll just repeat that again. So you need to purchase and lock in 1,000 of the Mandala Token and hold 32,000 SafeMoon on the Mandala Exchange to have the initial entries.
What were the additional entries that they could do to get there?
Joe: There's a bunch of them you can do. There's a deposit entry; the first 32 people to deposit greater than 100,000 SafeMoon get 32 entries. Then, the next 168 get 16; 300, 8; 500, 4. This is all going out in an article so you won't forget. There's also multipliers. If you make $32 market buys of either SafeMoon or Mandala and there's combinations thereof, so we will be tracking all those closely.
And we will be holding these competitions monthly in perpetuity for now as we've been doing Mandala Madness and seen a lot of great feedback for it. And we'd like to do this in perpetuity for the SafeMoon community as well to just get you guys on board and get you guys running with Mandala and introduce you to our exchange.
So in terms of where they would find those articles and further articles is on the site, but they can also follow the Mandala Exchange and also yourself on Twitter to be able to kind of get those instant notifications of any further updates that you guys have and there'll be also then any announcements if anything?
Joe: Yep, that's correct: Discord, Telegram, Twitter. I mean, we have a Twitter announcements section as well. And then, we push our big articles off to Medium as well, just everywhere in the crypto space. It is pretty typical to find information. We make sure we have our exchange information out there.
CatsRus: Awesome, perfect. So that's coming up to the end of the questions that we have.
Is there anything that you have to let the community know before we wrap this up?
Joe: Yeah, got just a couple of things. Like I said before, it's been a blast to interact with your community. I love how our two communities are integrating on our Discord and Telegram servers, and it's been a really fun process to watch. Tech excluded there. That's been a hard one.
But just to see the social aspect ramp up and see the engagement aspect ramp up from everybody has been really great. And the teams have been wonderful to work with. And I think we all have good feelings about everybody on each team. And just just a very wonderful, positive experience. So thanks, guys. And I look forward to building this partnership even farther as you put out your products and bringing Mandala to those products as well. So thank you so much.
CatsRus: Yeah, no, thank you for coming on. We appreciate it. And we'll be happy to have you again once we get closer to the Global Tokenomics. We'll be talking more about that and the entire process and journey it took to get to the point of launch for the Global Tokenomics, so we appreciate it.
Joe: Thanks guys. Really appreciate having me today. Thanks so much.
CatsRus: Yeah, I again, thank you very much for coming on. And yeah, we'll speak soon. Sounds good. Thank you, Joe. Awesome, perfect. So that has been the CEO of Mandala, Joe, and he has been doing phenomenal work to not just integrate SafeMoon into the Mandala Exchange, but also being the centerpoint to get the Global Tokenomicsintegrated. And now, as we've said, Global Tokenomics is being built, and it's not there just yet. And in 31 hours time, the Local Tokenomics for SafeMoon will launch on the Mandala Exchange.
So if you want to take part in the competitions that were said throughout the show, go ahead and jump on and get yourself set up with an account if it is in your country or localization will allow. Regulations still apply.
INTERVIEW WITH MENDY PARKER, COO OF GROVE TOKEN
CatsRus: So the show is not over just yet. We do have one further announcement from one of our partners today. Now that is Grove Token. So we're going to be joined by Mendy from Grove Token. It's really exciting to just get some sneak peeks on Twitter. So take it away, Mendy. Welcome to the show.
Mendy: How are you all today, gentlemen? And congratulations on Mandala! I was just sitting back listening. Congratulations!
CatsRus: Oh, we appreciate it. Thank you. It's an exciting time and exciting developments. So it'll be great to finally see this fully developed into something bigger.
News for Grove Token
So yeah, as for our exciting news, what do you have for the community to learn about today?
Mendy: Well, some of you may have seen, some of you may have not seen, but I just wanted to announce it if you didn't, but we received an invite to do business with the Royal Family of Dubai from Sheikh Butti Al Maktoum. And that will be coming up at the end of June. And so we are ecstatic, as you can imagine, to be able to do this.
And in the invite itself, Sheikh Butti also mentioned not only now but also future endeavors of doing business with Grove. And this will be the first, if not one of the first, government contracts that a utility token has done. And so, that's where we plan on spending a lot of our concentration. Of course, it's open to the public, but as far as contracts and partnerships, that is where we will spend a lot of our concentration.
And so, we do have the Royal invite, which if you go to the official website, or even the Twitter page, you'll see a copy of it yourself if you want to read it:
But either way, it's completely absolutely phenomenal news, not just for our holders, of course, that goes hand in hand, but also for the mass adoption of crypto. Because, yes, we do this, of course, for the financial gain of the crypto itself because that is the point of crypto. But also, when you have like us that are a green crypto, our concentration is on the betterment of Earth and so betterment of mankind. And so, when not only a government but also a Royal Family gives you that public recognition and also that interest, it means something.
And so, again, phenomenal news for our holders, but for mass adoption as a whole. So, what you see in the news is everyone always says, "Oh, well, this government's looking at it. Oh, well, this government's looking at it." But I haven't seen anywhere on the news where they're talking about trying to do business with them. So again, absolutely ecstatic. I cannot say that word - you may get tired of me saying it.
But I truly mean it's huge -- huge, huge, huge. Not only, again, for our holders but for mass adoption as a whole. So we do have that going on that we just announced this past week, and I just wanted to come here and share that with you if you had not seen it. And if you are a fan, of course do your own research as far as Grove is concerned because, like Gandalf, I'm all about education. So make sure that you also do that, and of course Cats as well.
But it's amazing for mass adoption because whether it be that you're a founder or a dev or even someone that's committed to crypto and done this for a long time, mass adoption isn't just, "Oh, everybody will know crypto." The more people that know crypto, the more people that will invest and larger investments that come into your token and/or other tokens. And so, that's why it is so big. And again, it's not just for Grove Token itself, but for the entire mass adoption of crypto, which is a benefit to everyone.
CatsRus: That's amazing news.
So can you just explain just who the gentleman is that you're actually going to see? You've obviously mentioned that they are like the royalty of Dubai, but who is the gentleman that you're gonna be speaking to specifically?
Mendy: Yeah, so the ruling family of Dubai, the ruler of Dubai, who is also the Vice President of the UAE, is Sheikh Mohammed Al Maktoum. Butti Al Maktoum is who I'm, and John also who's our CEO, going to Dubai to meet with to discuss and map out this endeavor. But he is the son of the ruling Sheikh and, again, is the Vice President of the UAE. And he is the one that primarily handles things to do with agriculture and those types of things, many other components as well, but mainly that.
And so, the interest is in our hydroponic and aeroponic farming, which you all may have heard as mentioned. And again, that's the whole reason behind it, that such an interest has been taken is because during COVID they found out that they weren't self-sustainable, meaning they were relying on imports. And so, a lot of countries, not just in the Middle East and not just the UAE or Dubai, or spending a lot of time and concentration, it was an $80 billion market last year alone, without even a lot of people knowing about it.
And if you know anything about Dubai at all, they are extremely proactive. They don't like to be the 20th person. They try to be the first or the second person. So that's just the nature of how they do things. So it is a good assumption that he already knew about us or began to know about us because they're also not people who waste their time. Because, as you can imagine, hundreds if not thousands of people are constantly trying to get their attention and their acknowledgement. So this is quite big for many, many reasons.
CatsRus: So congratulations. It's a huge sort of, I'm gonna say achievement, but it's something a bit bigger than just an achievement because it's leading on to so much more for you guys. And as you mentioned, with the likes of Dubai, the sustainability and just having your entire development within Dubai as a whole to help create, essentially, a country's self-sustaining ecosystem, that's huge in itself. And as we all know, Dubai is not shy of spending pennies to make change.
But you hinted out there with the further developments. They ain't lying around; they're willing to spend the money and that's why Dubai is what it is. So, yeah, congratulations. We'll be excited to hear it and hear a lot about the talks.
Is there gonna be any recording or anything that we may be able to listen to within the actual process or even a further development? Maybe note taking or whatever it is, is anything going to be shared from your guys?
Mendy: So you cannot record anyone in Dubai. It's illegal, and especially someone like him, that would be illegal, so we can't do that. However, after the meeting and things, we will make a formal announcement just so everyone knows its outcome and productivity and things. So we won't leave people hanging.
But as far as the meeting itself, it cannot be recorded. But we will, like I said, I know people will be on pins and needles and go, "Okay, so what time is it? What time is this meeting? And what time is it that we can know what's getting ready to happen?" So we haven't announced the time yet, just the date. But yeah, we won't leave people hanging, but we will let them know as soon as we can.
CatsRus: Okay, perfect. So a overview/afterwards announcement statement, explaining what's exactly happened within the meeting will be-
CatsRus: Afterwards. Okay, cool. So no one's going to be anxious to find out exactly the progression of you guys with that entire conversation that happens. But again, I'm excited to see where you guys take it. It's a huge achievement, as I said, and yeah, congratulations again from myself, the education team, and I'm sure the community and the events chat. Yeah, I'm just excited for you guys. It's an exciting time. Thank you.
Mendy: Thank you. It's crazy. Honestly, it really is, Gandalf. You said it right. But also, from a SafeMoon standpoint, our advertising, because we are listed on SafeMoon Swap, all of those people that see Grove will see SafeMoon Swap as well.
I've said it the last time that I was here that I was a holder a very long time before I had my own token and all this came to fruition, so it means something to me. So, cheers to all of us, even just for the fact that even SafeMoon will also, of course, be on all of our marketing material as well.
CatsRus: That's huge, that's huge. Go ahead, Gandalf.
There's, like, only one question open, and she knows what question might come up – and I know that she won't answer it – but what happens on the 30th of June? This is the most important question for a lot of people. Like, when people ask us "Wen Binance?", this is the question for you, right? What happens on Thursday on the 30th of June?
Mendy: Yes, on the 30th of June, I cannot say. But I will say this: our legal team is also going with us to the meeting. So yeah, big things are expected to happen because they will be attending it with us.
Gandalf: Absolutely amazing.
Mendy: Thank you. Amazing for all of us, every single one of us. So yeah, that's why I said you'll be tired of me saying ecstatic because I don't really know what to do with it. Because it's major-major. But yeah, there we go. And again, you hear in the news all the time that a government, "We're starting to look at crypto, we're gonna study crypto" or all of those things, but they don't really ever go much more into it, at least publicly. So for a government, not just a royal family, but a government itself that is advanced enough that they are considering going into this kind of endeavor and also with a cryptocurrency, that's pretty major.
And a lot of people will tell you that Dubai is being built as the epitome of crypto and Web3, and it very much is. It's something that you have to experience to know how many people in Dubai know about crypto or Web3, and it very much is. So, am I shocked that their rulers are that advanced? No, not at all. But am I surreal that it seems like we're the very first ones? Absolutely. But we were also the first cryptocurrency licensed in Dubai. So it's kind of crazy how it happened because we're a BSC [token]. And so, I think it was on a Monday, Sheikh Mohammed Al Maktoum announced the new laws about crypto. On Tuesday, Binance became the first registered exchange recognized by Dubai. On Wednesday, we became the first cryptocurrency recognized by Dubai. It followed all in a line.
CatsRus: Just in the space of three to four days.
Mendy: Exactly. Exactly, which I'm not going to ask CZ if I can see his license as to which one of us was first or second, but I'm fine being second. It's fine. I'll be first or second.
CatsRus: You're a part of the chain. That's all that matters.
Mendy: That's all that matters.
CatsRus: Perfect. That's great.
So any last words for the community before we look to wrap up the show?
Mendy: Well, yeah. So, of course, like I'd said just a moment ago, always, always, always do your own research. I know you hear that all the time, but the "your" needs to be stressed more and not your friends doing their research but for YOU to do it. Because, at the end of the day, it is your investment, but it's also your own financial freedom and growth.
For instance, if it's Grove that you're interested in, if you go to our official Twitter page, you will also see the Linktree that was provided from someone in SafeMoon so that way that you can at least utilize that to do your research. But I definitely encourage that you do.
Also, just know that we also started with a brand new contract. We didn't just pick up and buy a contract. We get several compliments for our contract. So always take advantage of that if you know coding at all, or have a friend that does to have them review it for you, but our audits are also online.
But either way, I just wanted to stress to you the importance of doing it and not just going by the excitement of even my words today. Like, you would think that I would be telling you to buy without developing excitement but no, always, always make sure that you do your own research and make sure that it's right for you.
And if anyone here is a mother, happiest of Mother's Days, and even if you're not, Happy Woman's Day. And if you are a man that stepped up, Happy Father-Mother Day to you for myself and everyone at Grove. That's all but thank you very much, Cats and Gandalf, for having me today.
CatsRus: Yeah, no, thank you for coming up. And again, congratulations on the meeting. We'll be excited to hear the outcome of that and see what that leads further for growth open. So we appreciate it.
Mendy: Thank you. Thank you, again. I'm sure Gandalf will be in my DMs going, "Okay, what time is it? What time is the meeting? What time is it?"
Gandalf: I will just wait, and when we just get to the end of June, you know that we will talk. When you're there, I will just talk to you and it will be exciting.
Mendy: For sure, for sure. Trust me: if I could record it, I would, but we can't. But if I could, I would. But thank you all again so much for your time. Take care.
CatsRus: Thanks very much now, Mendy. Thank you. Perfect, appreciate it.
CLOSING REMARKS/LAST MOONCAST FOR MAY
CatsRus: We've had a lot of information today, so we'll look to wrap up the show. We appreciate each and every one for tuning in to MoonCast 38. We're going to look to process the information and anxiously wait for the (Mandala Exchange SafeMoon listing) launch at 2am UTC Universal Standard Time, and that is on the 10th. So, do the time conversion, but it's roughly around just just under 31 hours from now is when we're looking to launch SafeMoon on the Mandala Exchange.
And again, as we found out, it is going to contribute to the blockchain holders through the process of a burn, at least in the first stages while they've got local tokenomics. And then, from there, we'll look to get more information in the future as to exactly where they're at with global tokenomics and what follows that. So, for now, as we said, launch with local and then we'll be moving to global in the near future. So we'll leave it there.
Anything from you, Gandalf? I know that we haven't done the general news today as we would go through, but do you want to just wrap it up with your side of things and then we'll say goodbye and we'll head on out?
Gandalf: Yeah, a very short one. SafeMoon Labs for tomorrow 2pm PST, 7pm GMT, 8pm CST will be about APIs. So I'll be talking about the fact why you can't see some prices on the wallet where you can see them when there is no kind of page created and what that also means and how they are created in the case.