- Elrond announces its $1 billion liquidity incentive program.
- This will elevate its Maiar DEX DeFi platform.
- Possibly, this makes the incentive the largest DeFi incentive program to date.
The high throughput blockchain capable of scaling beyond 100,000 transactions per second at low latency and negligible costs — Elrond, makes a big announcement. Specifically, it is launching a $1 billion liquidity incentive program to supercharge the launch of its Maiar DEX DeFi platform.
To highlight, this is quite possibly the largest DeFi incentive program yet. It represents a strong step toward pushing DeFi adoption beyond the existing boundaries of the crypto space. Above all, it hopes to push DeFi adoption into the mainstream.
In particular, the incentives will be denominated in MEX — the Maiar DEX governance and utility token. Thus, $1.29 billion worth of MEX tokens will be distributed to Maiar DEX users. To specify, this will be for those users who provide liquidity in EGLD, MEX, and USTC tokens. More so, out of the $1.29 billion, $282 million will go out in the first month.
Most importantly, the program begins on November 19. This is the same as the official launch of the fully community-owned DeFi platform which has distributed ownership to more than 60,000 accounts in the form of claimable MEX tokens.
The CEO of Elrond Network — Beniamin Mincu, says
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.
Another interesting perk here is that the smart contracts built for the Maiar DEX have undergone rigorous auditing and formal verification by Runtime Verification. In fact, the platform has been stress-tested in a series of incentivized public events that have validated its performance and capability to scale even under the harshest conditions.
Furthermore, all this combined with the highly intuitive Maiar App that enables first-time users to get a secure crypto wallet in under 1 minute using just a phone number, along with the compelling and easy to use UX of the Maiar Exchange, sets a truly powerful new standard geared to drive DeFi adoption.
Succeeding the first month, plans to accelerate adoption will continue with a follow-up incentive program aimed at the users of the largest DeFi platforms in the ecosystem. These users will also be able to claim MEX tokens proportional to their activity involving products such as Uniswap, Pancake Swap, or Sushi Swap.