Elrond launched a new liquidity incentive program while its decentralized exchange Maiar DEX goes live today as we can see more today in our cryptocurrency latest news.
Elrond launched new liquidity incentive program worth $1.29 billion in total and it will serve for its Maiar DEX Defi platform. It will also be denominated in the native token MEX and the distribution will start from January. The press release shared online reads that the liquidity incentive program aims to supercharge the latest launch of Maiar and the project will use its utility and governance token to transfer the fundings. About $282 million will be distributed to DEX users in the first month that provides liquidity in MEX, USDC, and EGLD.
The program started with the official DEX launch on November 19th and the statement showed that Elrond already distributed ownership to more than 60,000 accounts in the form of MEX tokens. The CEO Beniamin Mincu noted:
“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.”
After the first month of distribution, the project will go on with other programs aimed at users of bigger Defi platforms in the ecosystem that will be able to claim MEX tokens proportionally to their activity involving more products like PancakeSwap, SushiSwap, Uniswap, and more. The announcement explained that the smart contracts built for the DEX already went thorugh a rigorous audit and verification by Runtime Verification. Also, this included a stress test in different public events which confirmed its performance and capability to scale under harsh conditions. The decentralized exchange will arrive with a dedicated application as well which will enable first-time users to get a secure wallet in less than a minute using a phone number alone. The project promised that the app will have a simple UX that will only enhance the Defi mass adoption.
As recently reported, Maiar is a user-focused decentralized application that enables seamless onboarding transactions between users. It also allows users to stake, spend, or lend ERD tokens as they can be purchased right from the app with more than 150 different fiat currencies. Maiar allows users to set up family or friends as “guardians” of the funds in the multi-signature arrangement.
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