Elrond announces $1.29bn liquidity incentive program

Blockchain platform Elrond has announced its largest DeFI incentive program worth $1bn.

Elrond said the incentive program, created to boost the launch of Maiar DEX platform, represents a strong step towards pushing DeFi adoption into the mainstream.

According to the company, the incentives will be denominated in MEX, the Maiar DEX utility and governance token.

The program is set up to start on November 19, at the same time as the official launch date of the fully community-owned DeFi platform that has already distributed ownership to more than 60,000 accounts in the form of claimable MEX tokens.

Global financial system accessible to everyone, everywhere

The smart contracts built for the Maiar DEX have undergone rigorous auditing and formal verification by Runtime Verification.

The platform has been stress-tested in a series of incentivised public events that have validated its performance and capability to scale even under the harshest conditions.

Beniamin Mincu, Elrond Network CEO said that by distributing Maiar DEX ownership to the next billion users, the company laid the foundation for a “truly global financial system that is accessible to everyone, everywhere”.

Beyond the first month, the plans to accelerate adoption will continue with a follow-up incentive program aimed at the users of the largest DeFi platforms in the ecosystem, who will also be able to claim MEX tokens proportional to their activity involving products such as Uniswap, Pancake Swap or Sushi Swap.