Elrond introduced a new liquidity incentive while its Maiar DEX decentralized exchange is up and running today as we can see in the latest crypto news today.
Elrond has launched a new liquidity incentive program totaling $ 1.29 billion and will serve its Maiar DEX Defi platform. It will also be made out in native MEX tokens, and sales will begin in January. A press release posted online said the liquidity incentive program is designed to fuel Maiar’s recent launch and that the project will use the utility and its governance token to transfer funds. Approximately $ 282 million will be distributed to DEX users in the first month of providing liquidity in MEX, USDC and EGLD.
The program begins with the official DEX launch on November 19thNS and claims that Elrond distributed ownership in the form of MEX tokens to more than 60,000 accounts. CEO Beniamin Mincu noted:
“By distributing ownership of Maiar DEX to the next billion users, we are laying the foundation for a truly global financial system that is accessible to everyone, anywhere.”
After the first month of distribution, the project will continue with other programs aimed at users of the larger Defi platforms in the ecosystem who can claim MEX tokens corresponding to their activity with many more products such as PancakeSwap, SushiSwap, Uniswap, etc. . The announcement states that smart contracts created for DEX have undergone rigorous testing and verification with the runtime verification. This also includes a stress test at various public events to confirm the performance and scalability under extreme conditions. The decentralized exchange comes with a dedicated app that enables first-time users to get a secure wallet through a phone number in less than a minute. The project promises that the application will have a simple UX that will only improve the mass adoption of Defi.
As recently reported, Maiar is a user-centric decentralized application that enables seamlessly integrated transactions between users. In addition, users can use, spend or lend ERD tokens as they can be purchased in over 150 different fiat currencies directly through the app. Maiar allows users to set up family or friends as “custodians” of funds in a multi-signature agreement.