This article is written in partnership with Elrond Network (find out more)
Elrond puts $ 1.29 billion on the table
Since August 2021, the Elrond blockchain community has been eagerly awaiting the arrival of the first applications of Maiar, the flagship tool of this ecosystem. It’s now done, with the Maiar DEX, a decentralized exchange based on the Elrond blockchain.
To boost Maiar’s DEX launch, the Elrond blockchain is allocating $ 1.29 billion for an incentive program. At the time of writing, this is the most important incentive program linked to the development of a decentralized finance ecosystem (DeFi).
Incentive programs are popular at the moment, and Elrond has just taken the lead in the amount allocated to such an initiative. For comparison, Binance recently created a $ 1 billion fund for the development of Binance Smart Chain, Near Protocol allocated $ 800 million to support its ecosystem, the Fantom blockchain $ 370 million, etc.
Incentives are granted in MEX, the Maiar DEX token. Thus, over the next few months, users of Maiar’s DEX who provide liquidity in EGLD, MEX and USDC tokens will share the equivalent of $ 1.29 billion in MEX tokens.
This program begins today, November 19, in parallel with the official launch of the DEX de Maiar. In addition, 282 million dollars will be distributed during the first month.
Once the first month has passed, Elrond plans to accelerate the adoption of the technology by launching a complementary campaign aimed at users of the largest DeFi platforms in the ecosystem, namely Uniswap, SushiSwap and PancakeSwap.
Users of these platforms will be able to claim an airdrop of MEX tokens in proportion to their activity.
Elrond Network’s goal is clear: to attract as many users as possible and accelerate the growth of its young ecosystem.
“By distributing ownership of the Maiar DEX to the next billion users, we are laying the foundation for a truly global financial system, accessible to everyone, everywhere,” said Beniamin Mincu, CEO of Elrond Network.
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Elrond blockchain continues to expand
With a speed of execution of transactions of the order of a second and very low fees, the Elrond blockchain network is relatively welcoming to all wallets.
It is undeniable that this incentive program will allow Elrond to retain its current users and generate interest from part of the crypto-sphere.
In addition, for several weeks, the company has been building partnerships and integrations. The famous USDC stablecoin will soon join the Maiar DEX, once the bridge between the Elrond and Ethereum blockchains is in place.
Another significant step forward for the international development of the project, Elrond Network acquired Twispay last October. As a main member of the Visa and Mastercard networks, this company offers payment services to more than 300 merchants, including Romania’s largest airline, Blue Air.
The acquisition includes the full transfer of the shares and banking licenses of Twispay, which will help Elrond Network to expand access to financial services in compliance with regulations in force in Europe.
Thus, the platform is now able to offer its users, for example, accounts with IBANs, associated debit cards and payments with cryptocurrencies.
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About the author: Clément Wardzala
Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.