A New Incentive Program For Elrond’s DEX Maiar Will Stimulate Its Liquidity Community
Elrond network is starting its most extensive liquidity program today. The Romania-based company owns the Elron blockchain platform.
The Official Announcement
The Elrond Network officially confirmed that its biggest ever liquidity program is starting today through its social media channels. Part of this program involves the distribution of $1.3B worth of MEX amongst liquidity providers in the Maiar community.
Elrond network’s chief executive, Benjamin Mincu, reiterated that this initiative aims to revolutionize Maiar DEX’s liquidity structure and improve its decentralization nature. Mincu further said, “we would be building the basics of a financial system that anyone can access regardless of location once a minimum of one billion users become participants in the Maiar DEX ecosystem.”
The Evolution Process
Mex community members can vote and offer their opinion on how the community is governed, including future upgrades. Thus, making Maiar become a true DeFi community. The Elrond network team is convinced that this liquidity initiative and similar ones in the future will enable DEX Maiar to challenge the dominion of another network of top DeFi apps such as PancakeSwap. Maiar DEX runs on Elrond’s smart contracts to swap digital assets and can process a maximum of 100K transactions every second without users incurring huge transaction charges.
AXS DEX Surges By Over 4,500,000% In 2 Weeks
In a related development, Axie infinity (AXS)’s growth in the GameFi industry is nothing short of astonishing. Its growth in the last fourteen days had resulted in a new peak price for the token. The good news is that its DEX (Katana) has also been performing excellently.
AXS’s Ethereum-built and linked side chain, Ronin, was launched in 2020 and hasn’t performed poorly this year. But most of its excellent performances have occurred this month. Precisely, 14 days ago, there was more than $305m worth of ETH inflows into the chain.
Twenty-four hours later, there was about $410m worth of AXS inflows into the on-chain as well. However, various metrics point to the Ronin DEX (the Katana) as being the catalyst for this surge in volumes. The Katana was mainly developed to make it easy for AXS community members to swap digital assets.
Also, users can participate in liquidity pools and earn rewards in fees or RON. The RON is the on-chain’s governance token for paying gas fees and improving the project’s security. The RON DEX continues to grow in popularity despite being launched in the first week of this month.
Hence, it is no surprise that its TVL has grown by more than 4,500,000% in less than two weeks. While a network’s upgrade won’t lead to a rise in userbase, Katana’s astronomic growth indicates that it might soon be a strong force among other DEXs.
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