The Maiar Exchange has been designed as the economic engine of the Elrond Network ecosystem. A powerful set of DeFi primitives deployed on top of internet-scale blockchain technology will unlock a new era of growth for the digital economy.
In the two months following its launch, the Maiar DEX accrued 1+ Billions of dollars in TVL, accommodated 1.9+ Billions of dollars in trading volume and distributed 2+ Trillion MEX to 230,000+ users. Perhaps more impressive is that these numbers were reached with the initial set of strategic tokens such as MEX/LKMEX, EGLD, USDC and RIDE.
It will now expand this list and move into the next chapter of growth for the Elrond DeFi ecosystem. Starting with January 31, ESDT tokens will be able to list on the Maiar Exchange.
Projects building with Elrond technology will thus have the opportunity to enable access to their token for a broader audience and further incentivise their user base, while furthering the liquidity for their utility tokens for more sustainable development opportunities.
The listing process
Any project is eligible for listing. A simple criteria is to have an ESDT token, either natively minted on the Elrond Network blockchain, or bridged over from another ecosystem.
Important: only the token creator (i.e. holoride for $RIDE) can perform the listing process. In the initial phase, tokens can be paired with EGLD and MEX, and later on with USDC.
1. Register New Token
Add your token to the Elrond Web Tools as described here https://elrond.com/blog/elrond-web-tools-token-branding/. Once the registration process is complete, your token will be usable in the Maiar Exchange for the next steps of the listing process.
2. Create Pair
You will be able to create a liquidity pool for your token with either EGLD or MEX. The USDC option will become available to pools that pass certain initial criteria. New pairs will not be automatically displayed in the Maiar Exchange, but they can be imported by users in the near future.
3. Add liquidity
After creating the pair, you will be able to add initial liquidity and set the initial exchange rate between the two tokens. You can then promote this pair to your community, so they can add liquidity as well.
4. Enable swaps
The swap function is not enabled by default for new pairs. Initially, a minimum of $100k USD equivalent in liquidity is required to activate this function. If the liquidity in a pool drops below this threshold, swaps are disabled. Note that adding and removing liquidity is not restricted in any scenario.
5. Upgrade to Farm, Global Visibility & Unlock USDC pairing
Pairs with more than $1M USD weekly trading volume will be considered to be promoted, receiving their own farm. Liquidity providers will thus be able to stake their LP tokens for additional MEX rewards, which will be allocated from the MEX issuance.
Furthermore, the token owners will be able to create a USDC pair as well, adding new markets for their tokens and more opportunities for their token holders.
The Next Growth Chapter Begins January 31
The first token listings will go live on January 31.
The technical features have been implemented and are in place, with internal testing already underway. In the next few days, a special Battle of Yields event will be organized, where we will all test the listing process, together. The results will be used to finetune this proposal and go live with the best version of it.
The upcoming Elrond <> Ethereum bridge will enable any ERC20 token to be brought on Elrond as an ESDT token, further contributing to the significant number of native Elrond projects that will be listed on the Maiar Exchange.
The powerful MEX token mechanisms will see a significant boost, as MEX will be automatically acquired and burned with every new trade, further scaling the utility of the underlying token of the Maiar DEX.
The Elrond DeFi ecosystem is primed for explosive growth.