Elrond rapidly broke into the top 10 DeFi-projects

The new project quickly broke into the top 10 of the rating in terms of blocked value (TVL) and it only took him a week to do it.

Elrond rapidly broke into the top 10 DeFi-projects

According to DeFi Llama, Elrond first-level smart contract platform, using a WASM virtual machine, is now the 10th largest DeFi ecosystem with TVL at the level of $2,06 billion.

Elrond's main network was launched in July 2020 of the year. Previously, the project was in no hurry to attract developers, but now shows rapid growth against the background of a large-scale liquidity mining program on the decentralized exchange Maiar. 19 November Maiar announced a liquidity mining program for the amount of $1,29 billion, out of which $282 millions will be distributed in the first month.

The reward will be paid in a Maiar management token called MEX, the rate of which has grown to $0,001345. During the year will be distributed 5,44 trillion MEX and now the cost of the initiative is $7,32 billion, which could become the largest liquidity mining program in the history of DeFi (subject to the stability of the token exchange rate).

Elrond Network CEO Benjamin Mincu noted, that the initial distribution of MEX tokens to EGLD holders helped to increase the pace of use of the project:

«60 000 EGLD holders were able to become holders of MEX tokens before the launch of the site. Maiar has had an impressive number of users since day one and continues to grow."

As competition between tier one projects grows, they are increasingly turning to large-scale incentive programs, to attract users and funds.

According to Minku, Elrond now has functioning cross-chain bridges with Ethereum, BSC, Polygon, Avalanche, Fantom and Tron. In the coming months, the project will have many interesting innovations., including lending and synthetic assets.

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