Web3 is a space to explore because of our needs and curiosity or just because it is fun. It is incredible what it can bring up. Living in Romania, I was amazed to hear that the second Romanian company that ever got to a $1 billion market capitalization was Elrond, a crypto-based company. At that moment in time, the mainet wasn’t even live but just announced. This was enough to get my and many other Romanian citizens’ attention. After the mainet release, it got really hyped, and now Elrond blockchain is widely popular and it is keeping its position in the top 100 cryptocurrencies for quite a while.

Maiar DEX announcement

After the mainet went live, Elrond community was looking for the first DAPP release in order to test the capabilities of the blockchain. At the same time, the team was pushing toward a faster adoption. And so, Maiar was set to go live on 21 November 2021.

Maiar is a decentralized exchange (DEX) or Automated Market Maker (AMM) build on top of the Elrond Blockchain Ecosystem, governed by a native token MEX.

It is similar to many other DeFi protocols because of the common features that AMMs are using. At its core, Maiar allows connecting an Elrond wallet, to swap (exchange) tokens and bridge out tokens from other chains. The second set of functionalities is related to liquidity farms and stacking. Maiar allows to add liquidity to various pools/farms and be rewarded in MEX tokens.

On the other hand, Maiar has its own unique perks which are presented below.

MEX/LKMEX

While MEX is the governance token of the exchange, LKMEX is a locked version of the token that is going through a vesting period. LKMEX tokens are gradually unlocked and have the same value as MEX.  

For actions done on the Maiar exchange, like staking, users can choose the reward type, either MEX or LKMEX. But the rewards are way bigger if selecting LKMEX.

Metastaking

Metastaking is a concept that combines yield farming, token staking, and liquidity providing, where users can earn even more rewards. Providing liquidity to different pools will get you rewarded with LP fees from the pool. Further on, those LP tokens can be staked in a regular farm to earn MEX/LKMEX rewards. And the third step is where Metastake comes in place, it allows to stake the secondary token of the pair in exchange for even more of the same token.

Metabonding

Metabonding is basically a partnership between Maiar DEX and different projects, meant to reward users for their staked EGLD or LKMEX. The project agreement is that they will distribute 10% of their token supply to EGLD stakers (5%) and LKMEX stakers (5%), over the course of two years through Metabonding. During that time a snapshot will be taken daily for all holders and depending on the staked amounts, users will be able to claim rewards once a week.

Important to mention that unclaimed rewards for more than four weeks will be lost.

Maiar Launchpad

The launchpad is a community reactionary system for new technologies emerging on Elrond. A Project that applies is benefiting from the decentralized funding from the platform and Elrond team support. While users can get involved and invest in a project right from the very first phase. In order to participate, some eligibility criteria need to be met. Every project might have different eligibility criteria and tiers of allowance.

Maiar Crash

Elrond blockchain is working smoothly and it is already considered to be stable but Maiar DEX is still experimental. There were some issues since the release which were solved. Funds were returned to users but the exchange credibility got affected.

This experience is a personal journey with no more than $300.

ijeblowrider is a Web3 researcher and author interested in blockchain technology and studying decentralized financial instruments that can facilitate and improve people’s lives for real good. Also in a deep dive for the true definition of art.

This is essay 2 of 4 for the BanklessDAO Writers Cohort

Source - Elrond Blog