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Elrond launches Maiar DEX - $ 1 billion for liquidity providers

 


The DeFi area is growing rapidly and we see how more and more optimizing projects create additional facets of DeFi . Decentralized exchanges in particular are becoming an increasingly popular alternative to centralized platforms. After Cardano had already  announced the start of its own DEX , Elrond is now also launching a DEX - the Maiar DEX.


Elrond is a blockchain protocol that is said to offer extremely fast transaction speeds through the use of sharding. On the website we read:


"A highly scalable, fast and secure blockchain platform for distributed applications, corporate applications and the new internet economy."


According to its own information, the Elrond Blockchain should carry out around 15,000 transactions with a latency of 6 seconds per second . The cost per transaction is $ 0.001. In comparison , the current Ethereum network processes 3,000 transactions per second (TPS), while Visa processes 15,000 TPS. As soon as Ethereum upgrades to ETH 2.0, the network should even be able to process 100,000 TPS.


The Elrond Mainnet went live in July 2020 and was founded at the end of 2017 by the brothers Beniamin and Lucian Mincu together with Lucian Todea as a solution to the problem of blockchain scalability . In order to expand the Elrond ecosystem, the team has now started Elrond's own DeFi platform Maiar DEX. In this context, Elrond is making available around US $ 1 billion for a " Liquidity Incentive Program ".


Elrond startet Maiar DEX

In a press release that BeInCrypto has, Beniamin Mincu, CEO of Elrond Network explains :


"By distributing the Maiar DEX ownership to the next billion users, we are laying the foundation for a truly global financial system that is accessible to everyone, anywhere."


Elrond will provide the funds in MEX, the Maiar DEX Utility and Governance Token. MEX tokens worth 1.29 billion US dollars are to be distributed to Maiar DEX users, provided they provide liquidity in EGLD, MEX and USDC tokens. In the first month alone, $ 282 million will go to Maiar DEX users.


But why is that important? A basic problem of decentralized exchanges is the lack of liquidity , which often makes trading difficult. DEX users usually provide cryptocurrencies for liquidity pools, thus enabling trading on the DEX and receiving pro-rata transaction fees. To keep a DEX competitive in the long term, the size of the liquidity pools is crucial.


eGold / EGLD course reacts positively

According to the company, Maiar DEX's smart contracts - smart contracts form the basis for decentralized crypto exchanges - have been tested for their performance under various conditions. In addition to the desktop version of DEX, there will also be a corresponding app.



The EGLD course reacted extremely positively to the announcement by the Elrond team. The EGLD price rose to a new all-time high of 369 US dollars. Although the Elrond price could not hold the high and is now around the $ 350 mark, the bullish news and general market sentiment led to the formation of the new all-time high.

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