Crypto

Elrond invests $ 1.3 billion to develop its DeFi ecosystem

Decentralized Finance (DeFi)

November 19, 2021 – 16:01

There is no secret in the field of DeFi. Its development implies the implementation of incentive formulas for the attention of liquidity providers and other users. A need long understood by the multiple networks that try their luck there and their blockchains, all presented as more innovative than the others. And with this little train of delay that characterizes it, the Elrond project does things again in a big way with the surprise announcement of a 1.3 billion dollar envelope destined to boost the launch of its Maiar DEX.

The list of networks whose self-stimulation strategy involves signing a check for the attention of their users continues to grow. A competition in which it was until now the Binance Smart Chain (BSC) that occupied the first step of the podium, with a check for $ 1 billion signed by the Binance platform to support its development. All this in order to generously irrigate the still arid lands of networks in search of projects, as well as liquidity providers and motivated users.

And since we don’t catch flies with vinegar, nothing beats a few billion units of native cryptocurrency to motivate troops that have yet to be recruited. That is why the Elrond project (EGLD) has just announced to everyone’s surprise the requisition of $ 1.3 billion in MEX tokens. This is to accompany with great fanfare the long-awaited launch of their decentralized platform called Maiar DEX effective today. But whose contribution of liquidity has already been open for 2 days. With $ 113 million already locked in its new TVL.

$ 1.3 billion for Elrond’s DeFi

The Elrond project is one of those who know how to keep waiting. But who hits hard once he gets into the race. This in order to offer visibility to your blockchain and motivation to your investors. With an EGLD cryptocurrency with very attractive returns of 4500% in YTD. And a MEX token airdrop for your native wallet users. The latter closely related to his Maiar DEX. But also with a strong incentive vocation, to attract this fledgling ecosystem to this horde of DeFi enthusiasts and their crazy returns. And as a declared objective to be able to offer agricultural yields of several thousand percent during the first weeks of its start-up.

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A proven recipe for a long time in other more established networks. But a strategy that does not automatically perpetuate a project, due to the opportunistic instability of these liquidity providers, which are sometimes more volatile than the cryptocurrencies themselves. This does not detract from the record Elrond just set in the field with the largest sum ever allocated to this type of incentive. With an additional jackpot of $ 282 million in the form of MEX tokens, distributed during the first month and to the first contributors to the liquidity of the protocol in EGLD, MEX and USDC.

An “overfeeding” that is not one that causes indigestion. With the goal of eventually distributing the entire ownership of Maiar DEX “to the next billion users” expected by its initiators. Or a gradual and programmed decentralization to “lay the foundations of a truly global financial system, accessible to everyone and from anywhere.” ”

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