$1.72M Staked Amid Community Testing for Maiar, Elrond Network’s New Decentralised Exchange
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The Elrond Network will put to test its new decentralised exchange: Maiar, which will also work as an Automated Market Maker.
Elrond network is ready to launch the Maiar Decentralised Exchange (DEX), which recently begun the Chaos testing phase, opening the doors for the Elrond community to test, validate and improve the network’s resiliency and robustness.
Already 1.72 Million Staked into Maiar
Maiar has seen 1.72 million EGLD staked, and over 59,000 people have joined. Elrond also announced its partnership with DEXTools to bring Maiar DEX into the DEXTool terminal, allowing traders to access real-time information, strategies, insight, and opportunities on the Elrond Network.
The integration of DEXTools will allow DEXT traders to keep track of token pairs on the platform, follow specific trader wallets, and get insights from markets delivered via Telegram or email.
“By launching on the high throughput, low latency inexpensive Elrond blockchain, the Maiar Exchange is on track to redefine the DeFi experience in terms of performance, cost, and efficiency. Instruments such as the ones provided by DEXTools can further equip traders with powerful insights that will allow them to be at the forefront of the Elrond DeFi advancement.” said Beniamin Mincu, Elrond CEO.
About the Maiar DEX
Maiar is the first official decentralized exchange of the Elrond network that works as an AMM (Automated Market Maker), allowing users to swap tokens directly without permission by using liquidity pools instead of the traditional order book. This is the first DEX AMM that runs on a state sharding blockchain, outpacing other networks like Ethereum, which are still working to enable state sharding.
Maiar is also Elrond’s non-custodial digital wallet, which recently announced full integration of BTC, offering a working blockchain wallet to any mobile user in a matter of seconds.
The platform will reward users with LP (liquidity provider) tokens when they inject liquidity to the pools. Interestingly enough, the protocol will allow users to trade their LP tokens, so after providing liquidity, users can sell their positions or take a loan against them using the tokens as collateral. A portion of the DEXT token supply will be bridged to the Elrond Ecosystem as ESDT tokens.
It’s worth noting that Elrond recently became the first Carbon Negative Blockchain in Europe. According to a press release shared with CryptoPotato, the protocol revealed that it has compensated for more CO2 than what the network is using.