HOW MUCH DO YOU KNOW ABOUT ELROND NETWORK AND ITS PRODUCTS AND SERVICES SUCH AS MAIAR EXCHANGE (MAIAR DEX)?
INTRODUCTION: The Crypto Space In General
Can someone in the crypto space say that blockchain technology and cryptocurrencies haven't changed the different narratives in the world today? I don't think so.
Which aspect of the world sector can one say he/she hasn't seen blockchain at work, or cryptocurrencies at work; talk about health, finance, sports, betting and so on, one will surely see what blockchain is already doing.
A good example of what the crypto space offers is in the area of Decentralized finance (DeFi), which has opened up many ways in which users in the crypto space can be so much more, such as earning passive income via staking, lending and borrowing and so on.
Thus owing to one of the things that come with DeFi such as Decentralized Exchanges (DEX) a lot of blockchain networks or platforms are building theirs, each with their own unique services, features and functions and one of such blockchain networks is THE ELROND NETWORK, on which MAIAR EXCHANGE is being developed on.
But before going to what Maiar Exchange is aimed at becoming, it is very important to know what Elrond stands for, what it offers, the attributes within it and so on.
WHAT TO KNOW ABOUT THE ELROND NETWORK
Just like many other blockchain networks like Algorand, Solana etc, which have their own blockchain on which their applications are built on, and also on which other projects are built on, Elrond has its own blockchain.
The Elrond Network is built by a team of high-class professionals to be a distributed transactional computation protocol that depends on a sharded state architecture and a secure Proof-of-Stake (PoS) consensus mechanism. And one of the prominent factors which make Elrond Network different from the aforementioned blockchain networks is that Elrond runs on average computers while other blockchain networks require custom hardware and high energy consumption.
Thus, through leveraging sharding which is a method of parallelizing data as well as transactions processing, Elrond Network's performance will scale up with the number of computers joining the network, thus reaching as far as 100.000 transactions per second (TPS) while growing increasingly decentralized; this is another outstanding uniqueness of Elrond Network.
Also, another unique feature is the fact that the Elrond Network is the first of its kind to present a viable idea and solution where all the three aspects of sharding (that is state, network and transactions) is been implemented at once.
Furthermore, in addition to scaling through sharding, and with PoS consensus, Elrond offers large throughput and fast execution while mitigating potential attack vectors and/or entities.
Facts Worth Knowing About The Elrond Network
The Performance is outstanding, that is, Elrond offers 15,000 TPS currently, 6s block time, $0.001 transaction cost, with capabilities to scale beyond 100,000.
Elrond team also built the Maiar money app which has advanced security, social recovery and embedded DeFi features.
Elrond Network have live state staking, smart contracts, smart accounts, tokens, sharding and other impressive features and also, more importantly, has zero downtime, and no security incidents.
Elrond Network is currently building its own Decentralized Exchange known as Maiar Exchange (currently in testnet).
THE MAIAR EXCHANGE
With this brief on Elrond Network and the knowledge of what the platform offers already at the back of our minds, then it's worthwhile knowing the next big development on their blockchain network, the Maiar Exchange.
Just as the name goes, it is an exchange that will be launched into the crypto soon, but unique in all aspects, there is staking, liquidity, farming and so much more hence the reason it is currently battle-tested through an event known as Battle of Yields to make sure the best version free from bugs and issues is offered to the public.
The Maiar Exchange in broader terms is a DEX AMM running on the Elrond Network which is also built by the same team that has built the Elrond blockchain, thus being called or regarded as the "official" DEX, through this way, laying the pathway for other DEX-es to be built on Elrond.
As already stated, the Maiar Decentralized Exchange (DEX) is the AMM with more improvements on some of the features to build a product that can leverage all features of the Elrond network through this way offering global, inexpensive and near-instant transactions.
N/B: Automated Market Maker or AMM can be said to be a bot that’s always ready to display users a price between two tokens or assets.
Furthermore, like most DEX in the crypto space, they all have their own token, and in the case of Maiar Exchange, MEX is the token powering it. MEX is required for the governance of the Maiar decentralized exchange platform while also acting as fuel for the perpetual decision-making process that will maintain the Maiar DEX ahead of the curve in terms of listing policies, innovation, operational model, and other actions aimed at creating a sustainable value cycle for its stakeholders and users.
The Need for Maiar Exchange
In addition to AMM, the Maiar DEX or Maiar Exchange will enable seamless p2p exchange (actually a peer-to-contract: P2C) of native Elrond tokens without the need of maintaining an order book.
The Elrond ecosystem currently has 200+ partners, therefore with the launch of the Maiar Exchange, the ESDT version of these partners tokens can be deployed in liquidity pools, hence expanding access for their community. The bigger and positive side of this is, it will lead to more adoption and utilization of the Maiar Exchange hence more volume while generating more transactions on the Elrond blockchain, and increasing demand for EGLD in the process.
Features To Know Within Maiar DEX
Swaps: In Maiar DEX, users can swap or trade several tokens for an automated computed amount from the second token.
Liquidity: When it comes to liquidity on the Maiar DEX, liquidity tokens can also be staked in a staking pool specific to each liquidity pool so that more rewards are earned by users in the form of MEX tokens.
That is to say, a liquidity provider will earn rewards from 2 ways: the fees from the Liquidity and MEX for staking the LP token in a staking pool.
Farms: Farms in Maiar DEX generate yield for liquidity providers that stake the LP tokens. The rewards for farms are provided in MEX tokens, but special farms with dual token rewards also exist.
MEX (LKMEX): Users can earn double APR on MEX farms if they choose to lock their rewards and when doing so, they will earn LKMEX token rewards. LKMEX (Locked MEX) tokens also have the same value as MEX, but a with different utility, in this case, staking LKMEX in the MEX staking farm for rewards etc.
The Maiar Exchange And Its Battle Testing Event (Battle of Yields)
One might ask what is battle testing all about?
According to the team, the main aim and objective of the Battle of Yields event is to make sure that they bring to the users the best version of the Maiar Exchange. This goal means a lot and can lead to changes or adjustments to the timeline and rules in order to achieve optimal results at the end.
Thus, the Battle of Yields is a rewarded "DEX stress-testing event", where all users such as security researchers, DeFi experts, and eager participants can share in a prize pool of $100,000, that will be awarded for the following;
a. Security findings,
b. Tool development,
c. Guides,
d. Documentation,
e. Strategies.
CONCLUSION
The Elrond Network is a sharded smart contracts execution platform with a PoS consensus mechanism. The Mainnet is live for a long time now and the team has done serious works in improving it to make it better and stronger. Elrond scales via adaptive state sharding, consensus via secure Proof-of-Stake.
Owing to the need to grow more while being in line with what the crypto space offers, the team started working on their exchange, which is a Decentralized Exchange (Dex) known as Maiar Exchange.
Maiar Exchange is currently in testnet and battle-tested, which is seen as the most robust and sophisticated way to validate empirically that the Maiar DEX is ready for launching.
IMPORTANT LINKS AND REFERENCES
Battle of Yields: https://elrond.com/blog/battle-of-yields-announcement/
Maiar DEX Testnet: https://testnet.maiar.exchange/
About Maiar: https://docs.maiar.exchange/
About Elrond: https://docs.elrond.com/welcome/welcome-to-elrond/
Twitter: https://twitter.com/MaiarExchange
Telegram: https://t.me/MaiarExchange
Facebook: https://www.facebook.com/ElrondNetwork/
Herotag: @iheoma