Maiar Exchange (MEX) enhanced the Elrond Ecosystem
Elrond was my 2020 wildcard!
Elrond Network is a highly scalable, fast and secure blockchain platform for Dapps and block-chain solutions which I discovered in 2020. I was impressed by the Adaptive State Sharding Mechanism designed to bring a 1000-fold cumulative improvement in throughput and invested a small amount in the Elrond.
Maiar Wallet was launched on the 31st of January 2021 bringing a modern layout, unique herotags for the users, vault, wallet and stickers. The launch of the wallet pushed eGLD to a new ATH and many noticed the potential of the project. Maiar has an unique referral system that gives $10 cashback when buying $200 worth of Elrond and transactions fees as low as 0.001 eGLD. Happy to have such a gem in my portfolio!
When eGLD staking was introduced through the Maiar Wallet, I added my stash to earn extra. In 3 months of staking, from the 9th of August to the 9th of November, I earned 0.447 EGLD at 12.5% APR.
The Elrond Ecosystem marked a new milestone when the Maiar Exchange (MEX) was launched. The eGLD holders where able to claim $MEX, a token with a complex distribution process. Daily snapshots recorded the amount of staked eGLD, tokens staked as validators, delegated to staking providers and held in Maiar or Ledger. Holding eGLD on exchanges was not included in snapshot and was not eligible for rewards.
I logged to MEX after launch and I received 241,890 $MEX for staking eGLD, and claimed them when the time was due. Once claimed they went straight into my Maiar Wallet, where they waited for the Maiar Exchange to go live at full power.
The distribution was influenced by multipliers, as holders earned at normal rate while those staking earned at 1.5 multiplier. The launch of MEX and the $MEX token is another achievement for Elrond Network, and the stage unlocking will prevent massive dumps that may affect negatively the exchange and the token value. The 241,890 $MEX were showing in my wallet as LKMEX, the locked version of the token.
The tokens started to unlock this December, with 10% of the total. The next share is scheduled for December 2022, then 15% each month until May 2023. This slow unlocking system make sure holders will not sell the $MEX immediately after distribution.
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