Elrond, the high throughput blockchain that can scale beyond 100,000 transactions per second at low latency and negligible costs, has announced a 1 billion dollars liquidity incentive program to supercharge the launch of their Maiar DEX DeFi platform. This is perhaps the largest DeFI incentive program to date, and represents a strong step toward pushing DeFi adoption beyond the current boundaries of the crypto space, into the mainstream.
The incentives will be denominated in MEX, the Maiar DEX utility, and the governance token. Therefore, $1.29 billion dollars worth of MEX tokens – of which $282M in the first month – will be distributed to Maiar DEX users who will provide liquidity in EGLD, MEX, and USDC tokens.
The program will start on November 19, at the same time as the official launch date of the fully community-owned DeFi platform that has already distributed ownership to more than 60,000 accounts in the form of claimable MEX tokens.
The smart contracts built for the Maiar DEX have undergone rigorous auditing and formal verification by Runtime Verification. The platform has been stress-tested in a series of incentivized public events that have validated its performance and capability to scale even under the harshest conditions.
Combined with the highly intuitive Maiar App that enables first-time users to get a secure crypto wallet in under 1 minute using just a phone number, the compelling and easy-to-use UX of the Maiar Exchange sets a powerful new standard that will drive DeFi adoption.
“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,” said Beniamin Mincu, Elrond Network CEO.
With this massive incentive program, Elrond intends to create one of the space’s strongest and fastest liquidity bootstrapping mechanisms.
Beyond the first month, the plans to accelerate adoption will continue with a follow-up incentive program aimed at the users of the largest DeFi platforms in the ecosystem, who will also be able to claim MEX tokens proportional to their activity involving products such as Uniswap, Pancake Swap or Sushi Swap.
Financial products using blockchain technology have already been proven to be more efficient and accessible. By committing an unprecedented amount of incentives, Elrond is making a powerful push for the proliferation of DeFi products at a global scale.
Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a Secure Proof of Stake (PoS) algorithm and a novel Adaptive State Sharding mechanism, enabling linear scalability with an efficient, secure, and fast consensus mechanism. Thus, Elrond can process upwards of 10,000 (TPS) transactions per second, with 5-second latency, and negligible cost, attempting to become the backbone of a borderless, permissionless, globally accessible internet economy.
About Maiar Exchange
The Maiar Exchange is the DEX AMM platform developed by Elrond Network. It is the first platform of its kind to operate on a fully sharded blockchain architecture. Combining powerful UX, intuitive design, scalable infrastructure, and compelling incentives, the Maiar DEX is the fully community-owned platform that will bring DeFi adoption to an internet scale.