Elrond Up 60% in a Week Amid Liquidity Incentive Program Announcement

November 24, 2021, 9:20 AM AEST - 4 days ago

Elrond Gold is inarguably one of the best performers in crypto this year, especially in the past few months, the EGLD token has seen tremendous growth amid the company’s latest announcements with Maiar DEX.

The big price rally began on November 19 after the announcement of a US$1.29 billion liquidity incentive, launched by Maiar Exchange – Elrond’s native decentralised exchange. EGLD pumped from US$300 all the way to record a new all-time high of $545.64.

CoinGecko

Elrond Gold the New King of DeFi

Elrond is set to make its mark in DeFi with one of the largest incentive programs to date. The Maiar DEX will use its utility and governance token – MEX – to transfer funding to users of the exchange who provide liquidity in EGLD, MEX and USDC.

By distributing Maiar DEX ownership to the next billion users, we [are laying] the foundation for a truly global financial system that is accessible to everyone, everywhere.

Beniamin Mincu, founder and CEO, Elrond Gold  

Maiar DEX is a fully community-owned DeFi platform that has already distributed ownership to more than 60,000 accounts in the form of claimable MEX tokens.

In the first month of distribution the exchange will distribute US$282 million. The project will then have follow-up programs “aimed at the users of the largest DeFi platforms in the ecosystem”, according to Elrond CEO Beniamin Mincu. Customers could “claim MEX tokens proportionally to their activity involving products such as Uniswap, PancakeSwap or SushiSwap”.

Can Maiar DEX Drive DeFi Adoption and Bring Crypto to the Mainstream?

Maiar DEX has also released a highly intuitive, well-designed and extremely easy-to-use app that allows you to get a secure crypto wallet instantly with just a phone number. Perhaps this will be the product that will drive DeFi adoption and bring crypto to the mainstream?

Elrond Gold is incredibly fast: the PoS (proof-of-stake) network uses an adaptive state sharding technology that helps to improve speeds by slicing blocks into smaller pieces, or “shards”. The high throughput blockchain can scale beyond 100,000 transactions per second.

In February, Crypto News Australia reported on Elrond’s CEO tweeting at Elon Musk, explaining the technology of Elrond’s blockchain and how it could improve transactions for self-driving Teslas.

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