One key feature of the evolution of Defi into Blockchain technology and its use of Cryptocurrency for transactions is how it has been able to successfully eliminate third parties which are involved in financial transactions. In decentralized finance (DeFi) protocols, staking pools (sometimes called savings) work in a similar manner, however, these pools are project-specific and use native tokens for their protocols. For example, PancakeSwap (a Binance Smart Chain (BSC) protocol) features CAKE (its native token) staking pools. However, it also hosts multiple staking pools for projects available on BSC. A more definitive purpose of these staking pools is to lock liquidity into the protocols, ensuring that there are enough resources in terms of assets to meet the DeFi needs.
However, with diverse innovations springing forth daily in response to keep the human race more evolved with macro-tech, Maiar Dex Innovation has sought an entry-level position, with a dynamic forward-thinking organization as it disrupts the Defi ecosystem with its unique development.
With thrills and humor, Maiar Dex Innovation is excited to introduce a powerful new DeFi product tailored for the metaverse: the Metastaking.
Metastaking is an innovation that is unique to the Maiar DEX and for the first time combines token staking, liquidity providing, and yield farming into a powerful new product. This is simply its hot air balloon sailing across the Defi space. Don’t get it deflated, blow some hot air.
Metastaking is complementary to regular LP staking farms and combines the utility of LP token farming with classical token farming into a new hybrid concept that yields reward for both. They also provide a simple way for token holders to stake them for the long term and earn rewards while doing so, offering an additional income stream for liquidity providers.
THE 3 TIER REWARD POOL TO EGLD/RIDE LIQUIDITY PROVIDERS:
- LP fees from the liquidity pool
- MEX/LKMEX rewards from the regular farm
- RIDE rewards from the RIDE Metastake
The addition of this new income stream will further incentivize adding liquidity, benefiting the long-term health of the RIDE token and any future ones that use the Metastaking product. The rewards calculation will consider the amount of RIDE staked, either directly or as part of the EGLDRIDE LP staked.
Users staking RIDE directly will get the same reward as users staking EGLDRIDE LP farm tokens that contain an equivalent amount of RIDE.
21,750,000 RIDE tokens will be offered as a Metastaking reward over 1 year. The RIDE Metastaking is scheduled to go live in February, pending successful public testing.
In a bid to buy the show and take a spotlight where the world not only sees but seamlessly follows through this premium ecosystem, It’s good to announce that Metastaking is the first DeFi product to combine Staking, Liquidity Providing, and Yield Farming into one powerful product. RIDE will be the first token to pioneer this novel concept, which will soon become a standard for the strongest projects in the Elrond ecosystem. The novel liquidity providing incentives and income streams provided by Metastaking will make the Maiar DEX into perhaps the most compelling DeFi platform that will lead the coming wave of Web3 innovation.