- Having positioned itself as a leader in the DeFi space, blockchain protocol Elrond is now ready to enter the world of Web3.
- The team at Elrond has now introduced a new concept called Metabonding. It is a gas pedal for the Web3 community. The project provides opportunities for the entire Elrond ecosystem.
- Elrond’s Web3 push is bound to increase with the launch of metastaing. Metastaing is a decentralized financial product that combines liquidity provision, pledging and income farming.
Blockchain protocol Elrond has created a space for itself in the DeFi space. With the introduction of incentives, the team is expanding itself as it explores the Web3 world.
Elrond DeFi Accomplishments.
It has been an exciting year for Elrond in the DeFi space. The Maiar exchange is a DEX AMM built by the Elrond Core team that is maturing by the day. Unlike other blockchains, Elrond caters to a global audience by providing internet-scale DeFi solutions. In addition, networks such as Ether are facing scalability issues, creating opportunities for other projects.
Since its inception in November 2021, the Mariar exchange has experienced dramatic growth. Its TVL has climbed to $1.5 billion and it has 200,000 active users. These numbers are significant in a broader way. At the same time, the user base continues to grow through the Maiar app and exciting incentives that provide an easy boarding process for new users.
Now, Elrond's priority is to maintain this momentum and increase Elrond's position in the DeFi space. The current wave of liquidity – $1.29 billion in MEX tokens distributed in 12 months – is enough for the Mariar exchange to maintain liquidity and attention.
The team at Elrond has now developed a new concept called Metabonding, which is a gas pedal for the Web3 community. Metabonding gives projects access to the entire Elrond ecosystem.
In addition, the gas pedal eliminates the need for manual labor for community building.
Metabonding will also help introduce the project to hundreds of thousands of users. In addition, the native project tokens will also be exposed to the Maiar app, which has over 800,000 users.
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Elrond offers Web3 opportunities to.
Elrond's network scalability is its greatest asset, which allows it to explore more novel initiatives. With a good infrastructure, anything is possible in a Web3 environment. The Metabounding gas pedal can add more developers than Elrond offers. In addition, the Maiar application will assist in allocating 10% of any project token supply to EGLD and MEX long-term holders within 24 months.
The transfer release will further accelerate Elrond's Web3 push. Metastaing is a decentralized financial product that combines liquidity provisioning, pledging and income farming. For an added bonus, any liquidity provider offering tokens through Maiar (which also includes the Web3 project) can put farm positions into Metastaking. Users also have the option to pledge project tokens directly without adding liquidity and still achieve a decent APR.
Maiar has attracted a variety of projects due to its importance in Elrond's Web3 push. In the last two weeks, at least 9 new projects have been listed on DEX. There are also a number of Metabonding listings for those who wish to diversify their platform.
Steve Anderson is an Australian cryptocurrency enthusiast. He has over 5 years of experience in management and trading. Steve has worked as a cryptocurrency trader and he enjoys learning about decentralization and understanding the true potential of the blockchain.
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