Elrond today announced a $1.29 billion incentive program for the liquidity of the newly launched Maiar DEX.
Maiar, Elrond’s DEX
Elrond is a low-latency, negligible-cost blockchain capable of handling over 100,000 transactions per second, and today it is launching its Maiar platform, which is a DEX dedicated to DeFi.
To promote this launch, it has devised one of the largest DeFi incentive programmes ever launched to date, in order to push DeFi adoption beyond the current boundaries of the crypto industry and into the mainstream.
However, the incentives will not be paid in dollars, but in MEX, which is the utility and governance token of the Maiar DEX. The total dollar value of these incentives, upon release, is calculated at $1.29 billion, of which $282 million will be released in the first month. However, the dollar value of the MEX tokens may change over time.
The Maiar decentralized exchange is the AMM platform developed by Elrond Network, wholly owned by the community and operating on a fully sharded blockchain architecture, designed to try and bring DeFi to mass adoption.
It works in conjunction with the long-running Maiar app, which allows users to create a crypto wallet in no time at all, requiring only a valid mobile phone number.
The incentive programme
After the first month, the incentive programme will continue by also allowing users to claim MEX tokens proportional to their activity on other DeFi platforms, such as Uniswap, PancakeSwap or SushiSwap.
MEX tokens will thus be distributed to DEX users providing liquidity in EGLD, MEX and USDC tokens.
The goal of this large incentive program is to create a very strong and fast liquidity bootstrap mechanism.
In fact, the incentive programme starts today, 19 November 2021, at the same time as the official launch of DEX.
The CEO of Elrond Network, Beniamin Mincu, said:
“By 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”.
The price of Elrond
It is worth noting that in recent weeks, Elrond‘s native cryptocurrency, EGLD, had been scoring significant price increases, so much so that it hit its all-time high on November 10 at over $343. Since then, the price has fallen to around $315, but remains 36% higher than a month ago, and 4,109% higher than a year ago.