Elrond launches Maiar DEX, ‘pushing DeFi adoption beyond current boundaries’

Elrond launches Maiar DEX, ‘pushing DeFi adoption beyond current boundaries’

Elrond (EGLD) the 31st ranked digital token is currently stealing the show in the crypto ecosystem. The project describes itself as a technology ecosystem for the new internet. It includes fintech, decentralized finance, and the Internet of Things.

Largest liquidity initiative

1/ TODAY IS THE DAY.The Maiar DEX is going live 🌕A state of the art DEX built on a sharded architecture, w/ 100% community ownership.Unveiling Elrond Superwave, a $1.29 Billion USD liquidity mining incentive program for 1y, w/ $282M for first month.https://t.co/IYxYS0Y8ry— Beniamin Mincu ⚡ (@beniaminmincu) November 19, 2021

The popular blockchain project Elrond announced a massive liquidity incentive program for its Maiar DEX DeFi platform. This program is now live, and is worth around $1.29 billion in total. The initiative represented a massive step towards pushing DeFi adoption “beyond the current boundaries” of the crypto space. Further, the project will use its utility and governance token – MEX – to transfer the funding.

As per Beniamin Mincu, Elrond Network CEO, the said funding will be segregated into segments. He tweeted as follows:

3/ The Maiar DEX brings the largest DeFi incentive program to date, pushing DeFi adoption beyond current boundaries.$1.29 billion dollars worth of MEX tokens – of which $282M in the first month – will be shared w/ users who provide liquidity in $EGLD, MEX, LKMEX & wrapped USDC.— Beniamin Mincu ⚡ (@beniaminmincu) November 19, 2021

As highlighted in the official blog, the program kicked off on 20 November. Elrond has already distributed ownership to more than 60,000 accounts in the form of claimable MEX tokens. Mincu further asserted,

“…distributing Maiar DEX ownership to the next billion users, we lay the foundation for a truly global financial system that is accessible to everyone, everywhere.”

Interestingly, MEX tokenholders are now able to have a say in community referendums on all crucial upgrades on the platform. It means Maiar evolved into a user-driven decentralized finance ecosystem.

Meanwhile, the project was put through “rigorous” auditing and a successful formal verification by Runtime Verification. Ergo, it has the “performance and capability to scale even under the harshest conditions.”

In fact, the Elrond Network team is optimistic that with such liquidity incentive programs, DEX Maiar has every chance to become the next Uniswap or SushiSwap.

Overall, this marked a major step forward for the said network and even for the entire crypto ecosystem. Moreover, it can be regarded as a step at a time towards excellence and increased liquidity. Nonetheless, there are still some developments as:

“There are still a few known bugs we’re investigating, and will address with utmost urgency,” the chief executive added.

Yet, the community expressed their bullish narrative concerning the token as well as the network.

One of the tweets in the thread read as: “Perhaps the biggest announcement in crypto since Bitcoin and Ethereum launched. Time will prove me correct.”

Network’s native token reiterated the same optimism. At press time, EGLD was trading just shy of the $340 mark with a more than 11% surge in 24 hours. Even the trading volume is up by a whopping 107.94%.

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