The high-throughput Elrond blockchain, capable of going beyond 100,000 transactions per second with low latency and negligible costs, has announced a $1 billion liquidity incentive program to power the launch of its Maiar DEX DeFi platform.
This is perhaps the largest DeFI incentive program to date and represents a powerful step towards mainstreaming DeFi adoption beyond the current boundaries of the crypto space.
Incentives will be housed in MEX, the Maiar DEX utility and governance token. Therefore, a total of $1.29 billion in MEX tokens, with $282 million in the first month, will be distributed to Maiar DEX users who will provide liquidity in EGLD, MEX and USDC tokens.
MEX tokens will launch on November 19, coinciding with the official launch date of the fully community-owned DeFi platform, which has distributed over 60,000 accounts.
Smart contracts created for Maiar DEX have passed strict audit and official verification by Runtime Verification. The platform has been stress tested in a series of events, verifying its performance and scalability even under the most demanding conditions.
Combined with the highly intuitive Maiar App, which enables first-time users to get a secure crypto wallet in less than 1 minute using just a phone number, Maiar Exchange’s attractive and easy-to-use user experience sets a powerful new standard for DeFi adoption.
“By distributing ownership of Maiar DEX to one billion users, we are laying the foundations for a truly global financial system that anyone can access from anywhere. ” Benamin Mincu, CEO of Elrond Network.
With this massive incentive program, Elrond aims to create one of the strongest and fastest liquidity boot mechanisms in the industry.
Beyond the first month, plans to accelerate adoption will continue with a follow-up incentive program targeting users of the largest DeFi platforms in the ecosystem, which includes products such as Uniswap, Pancake Swap or Sushi Swap, while also being able to claim MEX tokens in proportion to their activity.
Financial products using blockchain technology have already proven to be more efficient and accessible. By giving an unprecedented amount of incentives, Elrond is putting strong pressure on the global expansion of DeFi products.
Elrond is a new blockchain architecture designed from the ground up to deliver a 1,000x cumulative improvement in throughput and transaction speed. To achieve this, Elrond introduces two key innovations: a new Adaptive State Sharding mechanism and the Secure Proof of Stake (PoS) algorithm. These provide linear scalability with a fast, efficient and secure consensus mechanism. Thus, Elrond can handle more than 10,000 transactions per second (TPS) with 5 seconds of latency and negligible cost, and strives to be the backbone of a permissionless, unlimited, globally accessible internet economy.
About Maiar Exchange
Maiar Exchange is a DEX AMM platform developed by Elrond Network. It is the first platform of its kind running on a fully fragmented blockchain architecture. Combining strong UX, intuitive design, scalable infrastructure, and compelling elements, Maiar DEX is a fully community-owned platform to drive DeFi internet-scale adoption.