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$1.29 Billion Liquidity Incentive Program Reportedly Launched by Elrond

According to the latest reports, Elrond has announced the launch of its decentralized exchange. The name of the particular decentralized exchange (DEX) is Maiar. The exchange has reportedly been launched by Elrond on November 19, 2021.

The officials have announced that the exchange has been launched alongside a liquidity incentive program. In the announcement, the firm has revealed that the liquidity incentive program is going to be worth $1.29 billion.

Elrond is one of the major and most popular blockchain projects. The officials have revealed that it is going to be one of the largest liquidity incentive programs they will have launched. The executives have revealed that the incentive program will exist in the form of MEX, which is the native token for the DEX.

The executives have also revealed that they will begin with the distribution of the incentive funds from the month of November 2021.

In the press release, the executives at Elrond have also shared all the necessary details and information surrounding the incentive program. They have revealed that with the help of the incentive program, they want to supercharge the adoption level of their exchange.

The funds would ensure that more and more investors and the cryptocurrency community move towards Maiar. The MEX token will be acting as the governance token for the DEX. MEX tokens will also be used for the transferring of funds.

The executives have also revealed that they have allocated the $282 million figure for the users of the DEX. These funds will be distributed among them in the month of November. However, these funds will be allotted to the users who are responsible for providing liquidity to the DEX. The crypto assets that the users will be providing liquidity include USDC, MEX, and EGLD.

In the press release, the Elrond team has announced that the MEX tokens will be distributed among several users to their accounts. These funds will be distributed to the accounts of over 60,000 that they will be able to claim in the form of MEX tokens.

Beniamin Mincu, the CEO at Elrond Network also talked about the milestone they have achieved with the launch of the DEX. The firm has announced that in the long run, they are aiming to target a billion users at the least. With the launch of Maiar, they have achieved a new milestone, which is launching a financial system that will be spread out globally.

The development team behind Elrond has revealed that the smart contracts they have built for the DEX will be extremely beneficial for the users. These contracts have been launched after walking them through several formal verification processes and audits.