The MultiversX team has been pushing aggressively towards their goals, with recent Maiar DEX announcements regarding metastaking & metabonding, there seems to be some confusion surrounding these innovations. This article aims to simplify the reader’s understanding as to what the Elrond team is trying to achieve.
Ethos:
The first point to highlight is that MultiversX in its very nature is web 3 at its best. Growing to over 1.3m users (at the time of writing) with completely organic marketing doesn’t happen by accident. As a result of taking this approach, most of the investors that have been attracted to MultiversX at this point have done their due diligence, researched the fundamentals, have realized the potential, and are loyal to the journey in the long run; this is in stark contrast to the short-term gratification mindset which still plagues much of the crypto space today.
Metastaking:
Currently, through the Maiar Exchange, LP tokens can be used to provide liquidity, and this is incentivized by the prospect of farming a single token + fee rewards for every swap. Metastaking is a novel DeFi concept that will allow for community tokens to also be staked/compounded after being farmed, providing a triple incentive to liquidity providers with the mouth-watering promise of accumulating three rewards at the same time. This is extremely powerful and is only made possible through the brilliance of the MultiversX blockchain architecture.
Metabonding:
Metabonding is perhaps the most exciting feature announced for the Maiar Exchange so far, in essence, the term describes a new bond which is created between projects building on MultiversX and the long-term Elrond holders that are being rewarded with these ESDT tokens for their overall contribution to the MultiversX network through staking/adding liquidity to the Maiar Exchange. This benefits both parties as offering out tokens in such a way gives thousands of users instant “skin in the game” meaning that projects can be given exposure to a loyal community early on, with interest sparking immediately. Users will be able to earn these tokens by staking LKMEX in a dedicated metabonding pool. We have seen an iteration of this feature already with a pool that allowed users to stake LKMEX in exchange for Ride tokens, although the full rollout will also reward $EGLD stakers with snapshots taken.
The token issuance for metabonding will consist of:
- 10% of the community projects total supply distributed
- 5% distributed to LKMEX stakers
- 5% distributed to $EGLD stakers
- Users who stake LKMEX & EGLD will benefit most
To ensure that only active users are eligible for these tokens, there will be a claim button for $EGLD stakers on the Maiar Exchange, none of the tokens will be airdropped.
Conclusion:
In conclusion, the metabonding and metastaking features are a reflection of the integrity of the MultiversX team. Their community-first approach has shone through since day one and those that have contributed and believed in MultiversX success are now benefiting most from their evolution. The Maiar Exchange and the Elrond network are still in their infancy, and we have no reason to assume that this community’s first ethos that the team has stuck by since day one will change. With many more features/releases on the horizon, we can only assume that the Elrond community will be among the most satisfied in the crypto space.
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