Nowadays, the essential element of a blockchain is use. This is measured using several indicators such as volumes, available and blocked liquidity within the protocol and the number of users. This list is not exhaustive. To do this, the Elrond cryptocurrency and its decentralized exchange (DEX) brings a new yield solution for their users. This is a new product called “ Metastaking ” built and designed for Metaverse and Decentralized Finance. This is enough to increase the growing use of this blockchain, which is taking up more and more space within the ecosystem.
Let’s present the innovation of the Elrond cryptocurrency via the DEX Maiar, the Metastaking. A new product that combines staking, liquidity and yield farming resulting from a partnership between Holoride and Elrond and which meets the needs of the metaverse world.
Beniamin Mincu CEO of Elrond announces the launch of metastaking innovation .
Metastaking
Metastaking is a unique innovation owned by DEX Mair. This product is complementary to liquidity pools and other staking products . It is a hybrid solution that combines classic farming with staking and brings passive income to investors.
Cryptocurrency users and holders can easily deposit their tokens in escrow in order to earn rewards. Elrond continues its march forward and expands its incentive program . This powerful innovation within the Maiar DEX opens up a third revenue stream for users who want to provide liquidity. This will always be highlighted in the wording of the token in question. In addition to the running costs of liquidity pools and farming .
Holoride announces the launch of RIDE Metastaking available on the Maiar exchange
Holoride
The Holoride project aims to give its user an experience during their journeys using extended reality (XR). Overall, the project’s focus takes everyday commutes and transforms them into hyper-immersive experiences through the combination of navigation and vehicle data.
For this new product, 21,750,000 RIDE tokens will be distributed as a reward for users over one year.
Technically
Users who have RIDE tokens benefit from a simple mechanism within decentralized finance to generate passive income.
Going a step further, liquidity providers based on the EGLD/RIDE pair who are already operating products around the MEX token can stake more inside the RIDE Metastake. In this way, they continue to receive MEX rewards and earn additional RIDEs.
In this way, an EGLD/RIDE liquidity provider will be able to have three types of rewards:
- Liquidity Pool Fee
- MEX/LKMEX Farming Reward
- Passive income via Metastaking RIDE
The calculation of all rewards will take into account the amount of RIDE deposited in staking . This will have the effect of increasing the total value locked within the protocol with a new, more powerful incentive scheme.
In order to secure users as much as possible and avoid fluctuating ratios, a “safe price” will be used. It will be updated regularly to support the EGLD/RIDE pool for reward calculation. Good news for investors who wish to reduce the risk of impermanent loss.
Conclusion
RIDE becomes the first token to benefit from this new concept of Metastaking . This product will become a standard in the Elrond infrastructure to meet the needs of decentralized finance.
The Elrond cryptocurrency continues its march forward. A bold partnership with Holoride to innovate within the decentralized finance and metaverse sectors at the same time. A good proof that the development of this type of product has only just begun.
This new incentive program helps increase revenue for users via metastaking on Maiar’s DEX environment. The DeFi platform is growing rapidly and tends to be the number one platform for Web3 adoption.
