Dear friends, I am going to start a series of blogs, in which I want to proudly talk about the ecosystem blockchain of Elrond and its advantages over others.
First I want to share with you the new exchange from Elrond Maiar Exchange, or MEX for short, this new exchange platform of the Romanian company Elrond Network, was launched on 19 November 2021 and presents a lot of opportunities for crypto investors. Those who know the Elrond world know that Maiar Wallet is a crypto wallet and a secure platform for payments or money transfer, Maiar is the first Romanian electronic wallet. This e-wallet is based on the Elrond blockchain. The big change is that Maiar is not only a simple wallet but an exchange with special functionalities.
The Maiar Exchange platform opens a new, significantly more efficient way to change peer-to-peer (P2P) value. Anyone will be able to trade digital assets and assets, instantly and at negligible costs. This is the beginning of a new era for digital finance, said Benjamin Mincu, CEO of Elrond Network.
Maiar has global coverage, except for countries with a crypto ban this e-wallet works on any phone, be it Android or iOS.
After this short introduction let's talk about what is MEX and how you can you use Mex to make money .
MEX is a DEX, meaning it is a decentralized platform that will allow crypto trading at very low costs
MEX cryptocurrency is the basic currency of the exchange.604 million MEX coins (out of a total of one billion) were distributed to users between April and July, for 12 weeks, to those who owned the EGLD cryptocurrency as follows:
Week 1: 201,600,000 MEX Week 2: 151,200,000 MEX Week 3: 100,800,000 MEX Week 4: 50,400,000 MEX Week 5: 25,200,000 MEX Week 6: 20,160,000 MEX Week 7: 15,120,000 MEX Week 8: 10,080,000 MEX Week 9-12: 7,560,000 MEX The platform offers the possibility to have cryptocurrencies at staking ensuring them a passive income. The platform is entirely on the Elrond blockchain, which means that the exchange will benefit from the technology facilities like Very high speed , Maximum Security
Swapping means that you will be able to exchange one cryptocurrency for another. This mechanism is very simple. The moment you switch to EGLD in MEX, this conversion takes place inside the application in a Liquidity Pool and no other participants are involved, so the speed is extremely high.
What cryptocurrencies are available in MEX Since the launch of Maiar Exchange, 3-currency transactions (EGLD, MEX, BUSD, wUSDC) are available, and more currencies will be added.
What are Liquidity Pool Liquidity pools are reserves of tokens available to users with whom they can swap. These tokens are also made available by certain users (a kind of Staking), and they will receive a percentage of the transaction fee, so a passive income. Users have the right to withdraw their coins from the liquidity pool at any time .
Liquidity providers are incentivized for their contribution with rewards. When they make a deposit, they receive a new token representing their stake, called a liquidity pool token or LP token.
The share of trading fees paid by users who use the pool to swap tokens is distributed automatically to all liquidity providers, proportional to their stake size. There is a 0.3% fee for swapping tokens. The Maiar DEX economics model will be as follows: 0.3% will be the basic fee, from which 0.25% goes to the liquidity providers, and for the remaining 0.05% the contract will buy MEX from the EGLD/MEX pool and burn it.
Swapping fees are immediately deposited into liquidity reserves. This increases the value of liquidity tokens, functioning as a payout to all liquidity providers proportional to their share of the pool.
On Maiar DEX, LP tokens can also be staked in a staking pool specific to each liquidity pool so that even more rewards are earned in the form of MEX tokens , a liquidity provider will earn rewards from 2 streams: the fees from the LP and MEX for staking the LP token in a staking pool.
Keep in mind that the LP token is very important. In order to withdraw the stake in the liquidity pool, you need to provide the LP token.
Lets talk also about Farming
Farming is an incentive for users to store their coins in liquidity pools they generate yield for liquidity providers that stake the LP tokens. They are meant to incentivize long-term liquidity by providing an additional revenue stream for providers. The rewards for farms are usually provided in MEX tokens, but special farms with dual token rewards can exist. They can "block" their cryptocurrencies for a while and will benefit from commissions in MEX, a kind of interest
Liquidity providers can use farms by staking the LP tokens obtained from providing liquidity in a pool. After doing this, MEX rewards will periodically become available for harvesting. The rewards can be locked for 1 year for 2x APR.
in the next blog I will talk in detail how to farm MEX ,I will explain in detail the whole procedure it will be like a short tutorial