Elrond, a high-throughput blockchain capable of expanding beyond 100,000 transactions per second while maintaining low latency and cheap costs, recently thrilled its community with the huge announcement that It’s debuting a $1 billion liquidity incentive program to help launch its Maiar DEX DeFi platform faster.
According to reports, Elrond’s announcement could be the largest DeFi incentive scheme ever. It’s a big step toward expanding DeFi acceptance beyond the crypto space’s current limitations. Above all, it aspires to make DeFi more widely adopted.
The incentives will be priced in MEX, the Maiar DEX governance, and utility tokens. As a result, Maiar DEX users will receive $1.29 billion in MEX tokens. This will only apply to users who provide liquidity in the EGLD, MEX, and USTC coins. Furthermore, $282 million of the $1.29 billion will be spent in the first month.
The program was slated to commence on November 19, which coincides with the formal launch of the DeFi platform, DEX, which has distributed ownership in the form of payable MEX tokens to over 60,000 accounts.
According to Benjamin Mincu, the CEO of Elrond Network, “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.”
Maiar DEX has Been Scrutinized
An appealing feature is that the smart contracts created for the Maiar DEX have been rigorously audited and formalized via Runtime Verification. In reality, the platform has been put to the test in several financially rewarded public events, demonstrating its performance and ability to scale even in the most extreme situations.
All of this, when combined with the Maiar App, which allows first-time users to receive a safe crypto wallet in under 1 minute with just contact information, and the Maiar Exchange’s attractive and easy-to-use UX creates a genuinely strong new standard aimed at driving DeFi growth.
Following the launch and anticipated success, more incentives and schemes have been outlined. According to reports, after the first month, efforts to boost usage will be followed up with a follow-up incentive campaign targeted at users of the system’s main DeFi platforms. These users will also be able to claim MEX tokens based on their usage of products like Uniswap, Pancake Swap, and Sushi Swap.
Elrond Plans to Become the Future of Crypto
Elrond is a brand-new blockchain architecture built from the ground up to deliver a 1,000-fold increase in throughput and execution speed.
Elrond accomplishes this by introducing two major innovations: a unique Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, both of which enable linear scaling while also providing a quick, efficient, and secure consensus process.
Elrond seeks to become the backbone of a permissionless, borderless, globally accessible internet economy by processing upwards of 10,000 transactions per second (TPS) with 5-second latency and negligible cost.