Elrond has positioned itself as one of the dark horses in the DeFi industry. Moreover, the team is now exploring broader Web3 opportunities by introducing a new wave of incentives. Metabonding, the community accelerator, rewards builders, contributors, and long-term holders alike.
Checking Off DeFi Milestones
It has been an exciting year for Elrond, especially where decentralized finance is concerned.
The Maiar exchange, a DEX AMM built by the Elrond Core team, continues to thrive as time progresses. Elrond can provide internet-scale DeFi solutions to a global audience, unlike other networks and blockchains. In addition, scalability has proven problematic for networks like Ethereum, creating opportunities for other projects to stake their claim.
The Maiar exchange is has seen strong growth since its launch in November 2021. Its TVL has risen to $1.5 billion, and there are over 200,000 active users. Those numbers are significant for the broader ecosystem. Moreover, the user base continues to grow quickly through exciting incentives and an easy onboarding process for new users through the Maiar application.
The next challenge ahead is figuring out a way to sustain this momentum and increase Elrond’s overall position in the DeFi industry. For Maiar exchange, the ongoing liquidity wave – a distribution of $1.29 billion in MEX tokens over 12 months – will continue to attract attention and liquidity. However, the Elrond team has come up with a new solution that aims to grasp the attention of Web3 startups.
That new concept is known as Metabonding. It is an accelerator for Web3 communities, granting projects exposure to the entire Elrond ecosystem. Additionally, the accelerator can help teams bypass the manual need for community building. Instead, hundreds of thousands of users will be exposed to projects launching through Metabonding. Furthermore, native project tokens will make their way to the Maiar application, with over 800,000 users.
Elrond Provides Opportunities For Web3
The broader scalability of the Elrond network lends itself to exploring bolder and more ambitious initiatives. Anything is possible in a Web3 environment if the infrastructure holds up. The Metabonding accelerator can introduce many developers to what Elrond has to offer. Moreover, the Maiar app will help distribute 10% of any project’s token supply to EGLD and MEX long-term holders over 24 months.
Enhancing the appeal of Elrond’s Web3 push is the launch of Metastaing. It is a decentralized finance product combining liquidity provision, staking, and yield farming. Any user providing liquidity for tokens through Maiar – including those of Web3 projects – can stake farm positions into Metastaking for additional rewards. Another option is to stake project tokens directly without adding liquidity and still achieve a respectable APR.
The importance of Maiar in Elrond’s Web3 push has already attracted the attention of various projects. Nine new projects have been listed on the DEX in the past two weeks, with several new initiatives on the horizon. Additionally, there are several Metabonding listings for users to take advantage of to diversify their portfolios.
Overall, Elrond shows promise to make concepts like DeFi and Web3 more accessible. The new features and initiatives focus on those who bring value to the broader ecosystem and support Elrond for the long term. Even though its Total Value Locked in the DeFi rankings puts it outside the top 10 TVL rankings, one shouldn’t overlook this ecosystem.