Initiate Launch Sequence: The Maiar DEX Community Testing begins

Beniamin Mincu
·
Aug 12, 2021
·
5 min read

The Maiar Exchange is a new and powerful economic engine for the Elrond ecosystem. Its ability to enable global, inexpensive, automated, near-instant value transfers, across many currencies, opens a new chapter for the Elrond ecosystem. Another step closer to becoming the backbone of a high bandwidth, low latency, transparent financial system, that is accessible by anyone, anywhere.

Elrond Perspective

Elrond has come a long way. But this all started with a public testnet, where the Elrond community provided invaluable feedback along with intense, real-world testing sprints.

The Battle of Nodes incentivized a series of events that took testing and intensity to the next level. BoN enabled in-depth observation of the Elrond protocol, operating at a truly global scale, validating the robustness of the Elrond network design against sophisticated attempts to break and hack it.

This exercise concluded with the launch of the Elrond mainnet. For more than 1 year the Elrond network ran uninterrupted, with zero downtime, and no security issues. It has grown beyond 700,000 accounts, 3,200 distributed validator nodes, processed more than 7 million transactions, and is secured by more than $1.5 billion dollars worth of stake. This in itself is a remarkable milestone for the Elrond ecosystem.

By all relevant metrics, the Elrond blockchain is the first in a generation of high-speed networks that can process high volumes of transactions, is scalable to beyond 100,000 TPS, is meaningfully decentralized, and utilizes a sharded proof of stake architecture. It has live smart contracts, native ESDT tokens, and numerous other innovations such as smart accounts, improved NFT and SFT standards, and others.

Enter The Maiar DEX Chaos Testing Launch

It is now time to repeat that sequence for the Maiar DEX launch process.

The first step begins today, opening the community testing phase. This phase will be referred to as the Chaos testing phase, attempting to inject episodic entropy doses into the Maiar DEX in order to test resiliency and fortify robustness.

This is a major milestone for the entire DEX team and the security teams we’ve collaborated with. The effort has been immense. Building the architecture, designing the flows, validating features, testing performance, and reiterating countless times has brought us close to a release candidate.

We are now opening the gates to the Elrond community, to help test, validate, and improve the Maiar DEX, in preparation for the battle of yields phase and official launch.

What is the Maiar DEX a true DeFi game changer?

1. What is the Maiar Exchange, really?

It's a DEX AMM running on the Elrond Network. It is built by the same team that has built the Elrond protocol. You could call it the "official" DEX. There can be any number of DEX-es built on Elrond, but the team wanted to build the first one, because it is special.

2. What's special about the Maiar Exchange?

Well, a number of things:

State Sharding - The Elrond blockchain is the first live blockchain with state sharding. Other chains with similar architectures, such as Ethereum 2.0, are still in development or are yet to enable state sharding. Anyone who wants to understand sharded DeFi should pay attention to Elrond DeFi.
NFT LP Tokens: trade, collateralize - Providing liquidity on the Maiar Exchange gives you LP tokens, like any other AMM DEX. Uniquely in the space, the Maiar Exchage LP tokens are tradeable. This means you can provide liquidity, then sell your position, or take a loan against it (use LP tokens as collateral). Awesome and a DeFi first, because of Elrond's unique ESDT (Elrond Standard Digital Token) architecture.
Maiar App: onboarding, 2FA - You can use the Maiar app to login and sign transactions on the Maiar Exchange. As secure as a Ledger hardware wallet, as convenient as Face ID + tapping on the screen.
Plus, Maiar is super easy to use - it automatically and securely creates a wallet in seconds, using just a phone number (not shared, only a hash of it is used one time for wallet creation). ~500k users use Maiar, and it was just launched in February ~ 6 months ago.

3. Why is the Maiar Exchange important?

The Elrond ecosystem has 200+ partners. Once the Maiar Exchange launches, their tokens will be able to have liquidity. This means their community will be able to trade their tokens. This will generate adoption for the Maiar Exchange, volume, and generate more transactions on the Elrond blockchain, increasing demand for EGLD in the process.

4. When will Maiar Exchange launch?

Once the Chaos testing phase and Battle of Yields phases end.

5. What is MEX?

MEX is the token powering the Maiar Exchange. Governance + fee collection.


How to get started with the Maiar DEX testing

Here’s what you need to know before you begin.

  1. Your mainnet funds are safe and not used at all in the testing process. If you log in with your existing Maiar App, for example, you will see the same address as on the mainnet. The difference is that this is a completely different blockchain, so there is no connection to your mainnet holdings. If this topic is not clear to you and you want to have peace of mind, we understand - this stuff is hard. Simply create a new wallet.
  2. The Maiar Exchange test platform uses the public devnet blockchain. This means that xEGLD, MEX, BUSD, and other tokens, have no real value there.
  3. Some of the values displayed - such as MEX price or APR for farms - are not an indication of the real live platform values - this is just a test.
  4. The platform can be slow, unresponsive, or even break. This is exactly what we want to test, so every time you manage to break it, you’ll have done a great job! Please also let us know what happened, so we can fix it.
  5. There is no real MEX to be claimed, remember, this is a test.

Time to start testing.

Step 1: Login and claim your test EGLD

  1. Go to https://devnet-wallet.elrond.com
  2. Log in with your Maiar App, or Web wallet
  3. Click on the Faucet button and request test xEGLD
  4. Go to https://devnet.maiar.exchange
  5. Login using the same Maiar or Web Wallet as in Step 2

Step 2: Start testing the liquidity flows and provide feedback

  1. Swap some xEGLD for MEX & BUSD
  2. Add liquidity in the EGLD/MEX and EGLD/BUSD pools
  3. Stake your LP tokens in the EGLD/MEX and EGLD/BUSD farms, respectively
  4. Stake MEX tokens
  5. Harvest or reinvest rewards
  6. Withdraw LP tokens from farms
  7. Reclaim added liquidity
  8. Tell us what you think: https://forms.gle/4bj8LdksgUctaucp6

Tip: use smaller amounts of xEGLD and other tokens, so you don’t burn through all your test tokens - you will only be able to get more after 1 day.


Closing thoughts

With this major launch a new phase begins for Elrond. Now is the time to get involved, start testing, and provide valuable feedback. We expect this Chaos testing phase to take at least 1 week. Once 3 days have passed without any new issues being discovered, validating the robustness and stability of the Maiar DEX, we will be ready for the final and most intense testing phase where a hacking prize will be awarded for discovering Maiar DEX critical issues and even breaking the architecture apart.

Let the Chaos testing phase begin!


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Written by
Beniamin Mincu
CEO, Elrond Network