Elrond is a high throughput blockchain that can scale over 100,000 transactions every second at low latency and negligible costs. The firm confirmed that it is unleashing a $1 billion liquidity incentive program that will help in supercharging the launch of its Maiar DEX decentralized finance (DeFi) platform.
For the records, this might be the biggest DeFi incentive program that has ever been created so far. It represents a major step toward pushing decentralized finance adoption beyond the current boundaries of the cryptocurrency space. Above all that, it hopes to push the rate of DeFi adoption into the mainstream.
In general, the incentives will have a MEX denomination, the Maiar DEX governance, and utility token. Therefore, $1.29 billion worth of MEX tokens will get distributed to the Maiar DEX users. Specifically, it is meant for the users that offer liquidity in EGLD, MEX, and USTC tokens. Moreover, out of the $1.29 billion, $282 million is scheduled to go out in the first month.
Interestingly, the program launched on November 19. This is the same date as the official launch of the wholly community-owned decentralized finance platform that has distributed ownership to over 60,000 accounts in the form of the claimable MEX tokens.
Beniamin Mincu, the CEO of Elrond Network, said:
“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 notable perk here is that all of the smart contracts developed for the Maiar DEX have already undergone extensive auditing and official validation by Runtime Verification. This platform has been stress-tested in several incentivized public events that have validated all its performances and capability to scale even when subjected to the harshest conditions.
Moreover, all of that combined with the majorly intuitive Maiar App that lets first-time users get secure crypto wallets in less than one minute using only a phone number, together with some compelling and easy-to-use UX of the Maiar Exchange, and it sets a powerful new standard that is designed to power decentralized finance adoption.
After the first month, plans to speed up adoption will continue with a functional follow-up incentive program that is aimed at the users of the biggest DeFi platforms existing in the ecosystem. The users can also claim MEX tokens proportional to all their activity that features products like PancakeSwap, Uniswap, and SushiSwap.
