The Maiar exchange and MEX token: Snapshots and Claiming

Beniamin Mincu
·
Apr 19, 2021
·
3 min read
https://maiar.exchange

The MEX token is coming. This will be the native fuel and governance token of the Maiar exchange. Every EGLD holder will be able to claim this new token, and be part of the Maiar exchange ecosystem.

The distribution of MEX is a complex process, and we will detail all aspects below.

The short version is this:

  • The best action to get more MEX is to have EGLD staked
  • Weekly average EGLD staked & holdings considered based on daily snapshots
  • Daily random snapshots begin April 19

Here are the answers to the most important questions:

1. Who is eligible to claim MEX?

All Elrond addresses that stake or hold EGLD will be eligible to claim MEX. Exceptions to this rule apply to exchange addresses, and a few other cases mentioned below.

Eligible EGLD holdings:

• Staked as Validators (also queue) 1.5x
• Delegated to Staking Providers 1.5x
• Delegated in legacy Active Delegation 1.5x
• Delegation Legacy Waiting List 1.25x
• Held in Maiar w/ 5+ referrals 1.25x
• Held in Web Wallet, Ledger 1x
• Unbonding 1x

NOT eligible EGLD:

• EGLD on exchanges
• tokens managed by the Elrond Foundation: Protocol treasury
• tokens that are locked for vesting
• ERC20 & BEP20 EGLD
• old ERC20 & BEP2 ERD

Note for TrustWallet users: your EGLD balance is theoretically eligible, but the claim mechanism is not available via the TrustWallet app. The optimum strategy would be to move the EGLD to Maiar or a Web Wallet, and stake it for additional MEX.

2. What is a snapshot and how will it be done?

By “snapshot” we mean a record of all the available EGLD balances, in all the eligible Elrond addresses, at a specific point in time. Snapshots will occur on a daily basis, with one complete snapshot cycle average happening every week.

The first snapshot cycle will begin on Monday, April 19th, finalizing on Sunday, the 25th. The daily average EGLD holdings over this week will be considered for MEX distribution calculations.

The first snapshot cycle will bring the highest MEX reward, with several snapshots cycles done in the weeks that follow.

3. How will MEX be claimed?

The https://maiar.exchange platform will offer a dedicated interface for this. EGLD holders will be able to sign in directly with Maiar, Ledger and the Web Wallet.

  1. Log into Maiar Exchange
  2. See claimable MEX amount
  3. Click claim - done

Once they are in, they will be able to issue a claim transaction, which requires ~0.0005 EGLD as transaction fee.

4. When can MEX be claimed?

MEX will be the first token on the Elrond Network. Its availability on our mainnet is pending a mainnet upgrade. The token will be available right after the successful mainnet upgrade.

The Maiar Exchange platform will not launch before MEX is available, or otherwise said, MEX will be available at the launch of the Maiar Exchange.

Tentative timeline: June

5. How will the MEX bonuses work?

Staking EGLD gets you more MEX. The different states of EGLD in a wallet will receive a different multiplier.

  • EGLD holders (available balance): weekly distribution based on daily random snapshots  - 1x multiplier
  • EGLD holders (available balance) using Maiar AND with at least 1 EGLD AND with at least 5 Maiar referrals: weekly distribution based on daily random snapshots - 1.25x multiplier
  • EGLD stakers (staked or delegated balance): weekly distribution based on daily random snapshots  - 1.5x multiplier

A few examples:

1. Address 1 is in a web wallet (not on Maiar)

  • 100 EGLD staked
  • 20 EGLD free balance

MEX bonus: 100 * 1.5x + 20 * 1x

2. Address 2 is a Maiar wallet with 5+ referrals

  • 100 EGLD staked
  • 20 EGLD free balance

MEX bonus: 100 * 1.5x + 20 * 1.25x

3. Address 3 is a Maiar wallet with less than 5 referrals

  • 100 EGLD delegated in Legacy Waiting List
  • 20 EGLD free balance

MEX bonus: 100 * 1.25x + 20 * 1x

6. How can I check how much MEX I can claim?

As soon as the snapshot data is processed, you will be able to verify the MEX amounts you are eligible for. A link will be provided in the next few days.

7. What about UNI, CAKE, SUSHI snapshots?

The snapshots will be done based on balances held on a date in the past and before 9th of April (the exact date will be announced later).

Tokens will tentatively become claimable 1-2 months after the launch of the Maiar Exchange.

Conclusion

The launch of the MEX token is a major step forward for our ecosystem. The first token on our mainnet will be 100% community owned and governed. An updated version of the distribution process and economics will be presented over the next few days.

The bootstrapping of the first Elrond token is an extraordinary moment, so we are thrilled to share this with the Elrond community all over the world.


For more information, please visit us:


#technical

Written by
Beniamin Mincu
CEO, Elrond Network