Maiar Dex is a new decentralized exchange platform that uses the MEX token as its primary source of power. Those who own a MEX token have some influential power over the website.
Maiar Dex is built on the MultiversX ecosystem and prides itself in having low trading fees, being highly secure, and operating at a fast pace. Not only can Maiar Dex users deposit their crypto onto the platform, but they can also farm, swap, and trade for MEX.
In exchange for depositing their crypto, Maiar Dex provides customers with rewards and voting power. One of the most interesting aspects of this website is that it is 100% community owned and run.
In this guide, we’ll go over how this new platform works and where you can purchase MEX from. We’ll also cover aspects of the Maiar Dex price and how it fluctuates.
How Maiar Dex (Mex) Works
Maiar DEX is a mobile app where users can trade crypto. It is built on the MultiversX blockchain. DEX means ‘decentralized exchange’, and this label is used to describe a decentralized marketplace where users can trade their crypto assets on a peer-to-peer basis.
Maiar Dex is one of the leading decentralized exchanges on the MultiversX network. The number of exchange marketplaces is certain to grow, as the MultiversX blockchain is very responsive and fast.
The speed at which MultiversX can operate allows Maiar Dex to provide its customers with high-speed crypto exchanges. MultiversX is also highly scalable, which allows Maiar Dex to support many transactions.
The MEX is the platform’s native token and can be used for staking. Staking provides liquidity for the site in return for rewards. The liquidity pools are given depth thanks to the site’s Automatic Market Maker (AMM). This also allows users to farm their MEX tokens on the platform.
MEX operates on a ‘mint and burn’ token mechanism. This makes MEX a ‘temporary inflationary token’. Mint and burn is essentially the process of burning – or destroying – coins whenever the value of the coin goes down. This will increase the value of the remaining coins. New coins can also be minted as necessary to create a sustainable value cycle.
What Maiar Dex (Mex) is Used for (Use Cases)
The main use cases for MEX on Maiar Dex are as follows:
Trading
The primary function of Maiar Dex is to allow users to swap coin types, which can be done under the Swap tab. In this section, you can select what coins you’d like to trade as well as what type you’d like to receive. There’s also a feature that allows you to control slippage levels.
The site only supports limited coin types. Its list consists of the USD coin, MultiversX eGold (EGLD), Holoride (RIDE), Aerovek (AERO), and, of course, the MEX token itself.
Every time you trade, you will be charged 0.30% in transaction fees. 0.05% of this fee goes towards buying MEX tokens back (to carry out the ‘mint and burn’ token mechanism to keep the Maiar Dex price steady), while the remaining 0.25% goes to those who provide liquidity.
Farming
Maiar Dex has an Exchange Farming section that allows you to lock down your MEX tokens and earn interest from them. The APR for staking MEX is 15.44%/59.77% (locked reward).
Whenever you lock down your MEX, you will start to grow LKMEX. However, you will not be able to obtain your LKMEX physically until one year has passed since you locked in your original deposit. Each month, you will gain another LKMEX.
LKMEX is basically your reward from Maiar Dex for using their farming facilities. LKMEX has the same value as MEX. Once you have earned LKMEX, you can lock this down as well to gain additional rewards.
Voting power
Being a decentralized exchange platform, giving voting power to the site users is extremely valuable for the progress of Maiar Dex. Otherwise, there would be no progress whatsoever.
By joining the decision-making process, liquidity providers will be able to vote on such things as Maiar exchange tax prices, the operational model, MEX tokenomics, and listing policies.
Liquidity
On the Maiar Dex platform, you’ll find a tab titled ‘Liquidity’. Here you can exchange liquidity for LP tokens. After you take them out, the LP tokens will grow in value over time.
Where to Buy Maiar Dex (Mex)
The best place to buy Maiar Dex (MEX) would be the Maiar Dex platform. The only other place you can buy Maiar currently is BitMart. At the moment, BitMart only has a 0.90% volume of the total MEX that is currently in circulating supply. The rest of the 99.10% can be found on Maiar Dex. To get the best Maiar Dex price, definitely go on the Maiar Exchange.
Being a relatively new currency, MEX is not yet available on any major crypto exchange sites. This includes the likes of Coinbase and Binance. Perhaps as the Maiar exchange grows in popularity, the MEX token will become better available in alternative crypto exchange sites.
FAQs About Maiar Dex (Mex) Metaverse
How long has Maiar Dex (Mex) existed?
Maiar Dex started in November of 2021, and gradually revealed and launched its services over the course of the month.
On November 7th, the first lot of Maiar Dex users were allowed to claim their first batch of MEX tokens. On the 16th of November, these users could use their acquired MEX tokens to gain liquidity. On the 19th of November, users were permitted to farm their MEX tokens.
What’s controversial about Maiar Dex (Mex)?
The Mair Dex MEX token hasn’t even been out for a year yet. At this time, there hasn’t been much controversy surrounding the platform or its flagship coin. Given that you need 12 months before you can claim LKMEX, none of the current MEX token investors have even had a chance to reap the rewards of their MEX farming.
The only activity that users have been able to carry out is on the Maiar exchange, which appears to be going smoothly so far.
One of the major problems that users have been having with the Maiar exchange is being locked out of the platform unexpectedly. A few users have found themselves randomly logged out of their crypto wallet and unable to regain entry. Normally, this can be resolved by refreshing the wallet. However, other times it has not been as easy to fix.
A few faults are to be expected with new websites and Maiar exchange luckily hasn’t had any other problems with the running of the website. The MEX token has remained safe and secure since the site launched a year ago.
How many Maiar Dex (Mex) tokens are there?
The current MEX circulating supply is at 6,101,590,934,861.
The total supply volume of MEX tokens is 8,045,920,000,000.
Can Maiar Dex (Mex) be Mined?
Maiar can be mined in the sense that you can leave it in the Exchange Farming section of the Maiar platform and steadily accrue additional MEX tokens over time. Exchange farming benefits the ecosystem and keeps the Maiar Dex price from dropping.
What is the Market Cap of Maiar Dex (Mex)
The current live market cap of the Maiar DEX (MEX) token is $320.5M.
As of October 2022, the Maiar Dex price has steadily been increasing and is currently valued at $0.00005252. Today, the overnight trading volume of MEX was at $160,259 USD.
Of course, the crypto market is volatile, and these figures are subject to change dramatically. However, as long as people provide liquidity to Maiar’s decentralized exchange, the value should continue to increase.
Biggest Competitors of Maiar Dex (Mex)
Each crypto platform that is based on the MultiversX blockchain is battling against one another for crypto dominance. Luckily for Maiar Dex, they are one of the first platforms to set up shop on this particular blockchain, so currently aren’t engaged in any fierce rivalry.
It is currently in the lead in terms of decentralized finance platforms on the MultiversX blockchain.
You could count Proteo, Arda, FixxFi, and AshSwap as its biggest competitors.
What Are the Future Plans of Maiar Dex (Mex)
Given that the future of the website lies entirely within the hands of its users, what lies ahead of Maiar Dex and its governance token remains unclear. The trading volume will hopefully increase, as will the value of its native token, however, the roadmap of its next moves remains uncertain.
This is what a decentralized exchange platform should be all about.
Pros/Cons of Maiar Dex (Mex)
- Fees and the Maiar Dex price remain at an affordable level.
- The native token is controlled by the platform’s users.
- The value capture mechanism allows the Maiar Dex price to remain steady.
- Maiar Dex operates at a fast speed.
Cons
- There is a limited amount of crypto currently available on the site. However, this is to be expected from a new website.
- Sometimes users are locked out of the Maiar Dex platform.
https://www.reddit.com/r/Elrond/comments/qya7bf/maiar_app_has_locked_me_out_of_the_dex_clearing/
https://www.reddit.com/r/elrondnetwork/comments/vxluuw/mex_token_of_maiar_dex_explained_by_bhero/
https://chaindebrief.com/elrond-part-3-defi-opportunities-on-elrond/
https://www.reddit.com/r/maiar_exchange/comments/pmi0a6/locked_mex_lkmex_explained_by_lucian_todea/
https://coinmarketcap.com/currencies/maiar/
https://chaindebrief.com/elrond-part-3-defi-opportunities-on-elrond/
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