Maiar Exchange Tutorial (MEX)- Guide to Elrond's (EGLD) official DEX
Boxmining Description
This tutorial will show you how to create a Maiar wallet, buy EGLD, swap, provide liquidity and farm MEX tokens on Maiar exchange. Elrond went live on mainnet in July 2020, and is now growing fast n...
AI Analysis
Maiar Exchange, which is Elrond's official decentralized exchange (DEX), launched on November 19th and has quickly gained significant traction. In just 10 days post-launch, the network saw over 1 million accounts created, making it seem like a strong contender in the DEX space. This rapid growth is fueled by Elrond's $1.29 billion Maiar DEX liquidity incentive program and the inherent scarcity of EGLD, which has a limited supply of only 20 million tokens.
Here's a breakdown of how to navigate and use Maiar Exchange:
* Elrond and Maiar Exchange Overview:
* Elrond's mainnet went live in July 2020. While it initially struggled to attract developers, its growth has surged, driven significantly by the Maiar Exchange's liquidity incentive program.
* EGLD, Elrond's native token, has a scarce supply of only 20 million, with new tokens minted to reward validators. This limited supply is a key feature.
* Maiar Exchange is considered Elrond's "official DEX" because it was built by the same team behind the Elrond blockchain. The user interface (UI) feels good, and the exchange has been growing at a steady pace.
* The $1.29 billion incentive program has been instrumental in boosting EGLD's price and drawing considerable attention to the platform.
* Step 1: Create a Maiar Web Wallet:
* To start, go to the Maiar Exchange website and click "Connect" in the top right corner, then select "Web Wallet."
* Choose to create a new wallet. You'll be presented with a 24-word seed phrase; it's crucial to write this down on a piece of paper and keep it safe. Absolutely do not take a picture of it, as this risks your funds.
* After confirming your seed phrase, you'll set a strong password.
* Upon creation, a key store file will automatically download. This file is essential for accessing your wallet later, so make sure to save it securely.
* To access your wallet, you'll need to drop this key store file and enter your password.
* Step 2: Buy and Send EGLD to Your Wallet:
* Before you can use Maiar Exchange, you need EGLD in your wallet.
* You can acquire EGLD from a centralized exchange like Binance and withdraw it to your Maiar web wallet address. Copy your wallet address from the top right corner of the Maiar Exchange interface. The process is straightforward, and transactions typically confirm within about a minute.
* Alternatively, you can use the Maiar mobile app (available on Google Play Store or App Store) which connects to the platform. However, the Maiar app requires phone verification, which some might find too centralized for their privacy preferences.
* There's also an Elrond bridge to send USDC from Ethereum to Elrond. Be aware that this option incurs Ethereum gas fees, which can be high, and currently only supports USDC.
* Step 3: Swap Tokens:
* Once you have EGLD, you can swap it for other tokens on the exchange.
* Head to the "Swap" section. A minimum swap amount of 0.1 EGLD is required, which is an important detail to note if you're sending a small amount.
* To prepare for providing liquidity, you'll want to swap half of your EGLD for a desired token, like USDC, to ensure equal value for both tokens.
* You can set the slippage tolerance (e.g., 3% if you're impatient for the transaction to go through).
* Transactions on Maiar Exchange are incredibly fast, often completing in less than 10 seconds, which is impressive.
* Step 4: Provide Liquidity:
* After swapping, go to the "Liquidity" section and select an active pool, such as EGLD-USDT.
* You'll add an equal value of both tokens to the pool. The system usually automatically sets this when you click "Max" for one of the tokens.
* Confirm the addition of liquidity. Just like swapping, this transaction is very quick, taking only a few seconds.
* Upon successful completion, you'll receive LP (Liquidity Provider) tokens, which represent your share in the liquidity pool.
* Step 5: Farm and Earn MEX Tokens:
* With your LP tokens, you can now farm for MEX tokens. Navigate to the "Farm" section.
* Find the farm corresponding to your LP tokens (e.g., the EGLD-USDT farm) and click to stake them.
* Note that you can also stake MEX tokens directly to earn more MEX without providing liquidity, which is a simpler option.
* You'll need to sign two actions in one transaction to stake your LP tokens.
* Once staked, you'll immediately start earning MEX tokens.
* There are some rules for harvesting: you can only harvest every 30 minutes, and there's a minimum harvest value of $10.
* The APRs (Annual Percentage Rates) on these farms can be quite high, especially for early participants, making it a compelling way to earn rewards.
Overall, Maiar Exchange provides a fast and intuitive platform for decentralized finance activities on the Elrond blockchain. Its rapid transaction speeds, user-friendly UI, and substantial incentive programs are strong reasons for its growing popularity.
Transcript
It has been a while since we did a video on Aeron on this channel and Aeron has been getting a lot of traction lately. This is because of their MyExchange was officially launched on 19th of November and in just 10 days after its launch, the mainnet had over 1 million accounts created on it and to me it seems like the network might really emerge to be significant competition to all other DAXers out there. Not to mention their $1.29 billion MyerDAX liquidity incentive program has really helped pu...