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- After positioning itself as a leader in the DeFi sector, Elrond, a blockchain protocol, is now all set to step into the world of Web3.
- Elrond’s team has now introduced a new concept called Metabonding. It is an accelerator for Web3 communities. The project provides exposure to the entire system of the Elrond ecosystem.
- Elrond’s Web3 push is bound to increase with the metastaing launch. Metastaing is a decentralized finance product that combines liquidity provision, staking, and yield farming.
Elrond, a blockchain protocol, has already created a space for itself in the DeFi sector. With the introduction of incentives, the team is expanding itself as it explores the Web3 world.
Elrond DeFi Achievement:
It has been an exciting year for Elrond in the DeFi field. The Maiar exchange, a DEX AMM built by the Elrond Core team, matures day by day. Unlike other blockchains, Elrond caters to a worldwide audience by providing internet-scale DeFi solutions. Besides, networks such as Ethereum are facing scalability issues, creating opportunities for other projects.
Since its inception in November 2021, the Mariar exchange has experienced steep growth. Its TVL climbed to $1.5 billion, with a user-base of 200 000 active users. These numbers matter in the broader aspect. Meanwhile, the user base is continuously growing through an easy boarding process for new users through the Maiar application and exciting incentives.
Now, Elrond’s priority is to sustain this momentum and increase the status of Elrond in the DeFi sector. The current liquidity wave- a distribution of $1.29 billion in MEX tokens over 12 months- for Mariar exchange is enough to keep the liquidity and attention coming.
Elrond’s team has now developed a new concept called Metabonding, an accelerator for Web3 communities. Metabonding provides projects exposure to the entire Elrond ecosystem.
In addition, the accelerator also eliminates the manual need for community building.
Metabonding will also help introduce the project to hundreds of thousands of users. Moreover, native project tokens will also be exposed to the Maiar application with more than 800,000 users.
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Elrond Offers Web3 Opportunities:
Elrond’s network scalability is its biggest asset, which allows it to explore more novel initiatives. With a good infrastructure, anything is possible in a Web3 environment. The Metabounding accelerator can add many more developers than what Elrond has to offer. Furthermore, the Maiar app will assist in distributing 10% of any project’s token supply to EGLD and MEX long-term holders over 24 months.
The metastasizing launch will further accelerate Elrond’s Web3 push. Metastaing is a decentralized finance product that combines liquidity provision, staking, and yield farming. In order to earn additional rewards, any liquidity provider for tokens through Maiar, which also includes Web3 projects, can stake farm positions into Metastaking. The users also have another option to stake project tokens directly without adding liquidity and still manage to achieve a decent APR.
Due to the importance of Maiar in Elrond’s Web3 push, various projects are already attracted towards it. At least nine new projects have been listed on the DEX in the last two weeks. Besides, many Metabonding listings are also present for users who want to diversify their platform.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
