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Last updated: Aug 16, 2023
Maiar Exchange is the first DEX with AMM features on the Elrond blockchain. It was launched in November 2021 by the Elrond development team and is essentially the flagship DEX on the network, incorporating the blockchain developers' view of how DEXes should be structured.
Maiar DEX is a classic Automated Market Maker (AMM). The AMM relies on a mathematical formula to value assets. Instead of using a book of orders like in a traditional exchange, assets are valued according to a pricing algorithm. Maiar DEX uses the standard AMM industry model with a constant product of "x*y=k". Users can exchange a certain number of tokens for an automatically calculated amount of another asset.
The liquidity on the exchange is provided by supplying assets to pools. Liquidity providers are rewarded for their contributions. When they make a deposit, they receive a new token representing their share, which is called a liquidity pool token or LP token.
The share of trading commissions paid by users who use the pool to exchange tokens is automatically distributed among all liquidity providers in proportion to the size of their share. Token exchange fees of 0.3% are charged for exchanging tokens. The economic model for Maiar DEX is as follows: 0.3% is the base fee, of which 0.25% goes to liquidity providers, and for the remaining 0.05% the contract buys back MEX from the EGLD/MEX pool and burns it.
On Maiar DEX, LP tokens can also be staked, so you can get even more rewards in the form of MEX tokens. In this way, the liquidity provider will receive rewards from two streams: commission from LP and MEX for placing an LP token in the staking pool.
Users also are able to place LP tokens in a farming pool. Rewards in MEX will then become periodically available for harvest. Rewards can be locked for one year for 2x APR.
To use Maiar Exchange, a wallet, such as Maiar DeFi wallet, Maiar App, or Elrond Web Wallet needs to be connected to the Maiar Exchange app.
If you want to exchange tokens, navigate to the Swap tab. At the time of writing, tokens can only be exchanged in pair with the EGLD token. Maiar fee for the token exchange equals 0.3%.
A user wishing to act as a liquidity provider should go to the Liquidity tab, and then select a suitable pool from the existing ones, or create their own. Only the token owner's account can initiate the listing process. In this way, the token owner controls the selected pair and the initial price. Read more about creating a new pool here.
The LP tokens received for depositing assets to the pool can be sent to farming via the Farms tab. Farms represent pools for farming LP tokens. They display the price of a native MEX token, its capitalization, and the total amount of locked funds in real-time.
If you navigate to the Staking tab, you will see the APR for staking the protocol’s native token. See the “Maiar Staking” section for more info.
Maiar Exchange also has an Analytics tab where the user can view the platform's statistics, such as total liquidity, trading volume, the current price of tokens listed on the platform, and pool yields.
The last tab on the platform is Metabonding. It is a launchpad where new projects in the Elrond ecosystem distribute tokens to Maiar users. A significant amount, in the range of 10%, of the projects’ token offerings on Metabonding is split in two halves: one goes to EGLD stakers and delegates, and the other half goes to LKMEX stakers.
The native Maiar Exchange token is MEX, whose primary function is to drive liquidity to the exchange. There is currently no hard cap on the supply of MEX tokens, making it an inflationary token, but 0.05% of LP fees are used to buy MEX and burn them.
MEX is a governance token. In the first year after launch, the MEX supply will be 8,045,920,000,000 MEX tokens.Token holders can vote to change the distribution of MEX to pools, distribution schedule, burning, the size of MEX awards, etc.
Maiar Exchange has a native MEX token staking. Users depositing tokens into staking, receive rewards in MEX tokens. However, they can also choose to receive all rewards in LKMEX tokens (Locked MEX) with a higher APR.
LKMEX tokens have the same value and functionality as MEX.
Each month (every 30 epochs) a new Locked MEX (LKMEX) is created that will start to be unlocked after one year or 365 epochs. The first 17% are unlocked after 365 epochs, another 17% are unlocked every 30 epochs after that, except for the last two of the 30 epochs when 16% will be unlocked.
If you try to withdraw tokens from staking within 48-72 hours, you will be charged a 1% withdrawal fee.
Maiar Exchange was developed by the Elrond blockchain team. Elrond team consists of 24 technology and business professionals, with each member having both technical and entrepreneurial experience.
The CEO of the project is Beniamin Mincu, who got his start with blockchain as part of the core NEM team, where he held on for 1.5 years. He led the marketing, business development, and community departments aimed at turning NEM into a global blockchain product.
The Elrond CIO Lucian Mincu is an engineer with eight years of experience designing complex infrastructure and networking solutions for clients such as the German government. Elrond's COO is Lucian Todea, a successful entrepreneur with over fifteen years of experience investing in the technology sector and actively working both with startups and in the blockchain space.
There has not been any information published about the Maiar audit yet.
The Elrond ecosystem has more than 200 partners, which can be found on its official webpage.
The most important goal for the project is to develop the Maiar Exchange ecosystem and, as a result, increase the number of supported pairs on the exchange.
In the coming months, the plan is to put the management of the exchange in the hands of the community and native MEX token holders. In addition, the Elrond team is working on integrating the exchange into the Maiar Wallet app, which can be found in the App Store and Google Market. The wallet already has over 400,000 users.
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Last updated: Aug 16, 2023
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