xExchange: the decentralized exchange (DEX)

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Sommaire :

Over the past year since its launch, Maiar Exchange has succeeded in establishing itself as a fundamental element, triggering a new phase of growth in the Elrond ecosystem.

Today, as we lay the first building blocks and take our first steps on this new journey we call MultiversX, it is time for Maiar Exchange to also evolve into something more.

It is time for Maiar Exchange to become xExchange.

A new journey, with new challenges and new opportunities. A new design meant to complement an impressive vision. A new commitment to a future ahead.

This blog post is a summary of the xExchange document (Maiar DEX 2.0).

The full version is available here.

What is xExchange in summary?

xExchange provides robust functionalities through the advancements of the MultiversX protocol and its Smart Contract capabilities. Swap assets: swap assets instantly, globally, at low cost, and automatically with incredible ease. Liquidity pools: earn yield from transaction fees and liquidity incentives in the form of LP tokens. Stacking rewards: stake LP pool tokens or MEX to earn more MEX.

Welcome to MEX 2.0

About a year ago and with over 3.2 million swaps, Maiar DEX, the economic engine of the Elrond network (currently MultiversX), began accumulating its first liquidity flows, which then powered efficient and permissionless access to value exchange within our ecosystem.

Perhaps the most important aspect here is the underlying fundamental infrastructure, deployed on a true sharded architecture and running on the fastest virtual machine in space.

It now possesses all the properties that define an Internet economy – fast, secure, scalable, decentralized – and that are of the utmost importance for a basic building block.

This single fact has constituted a significant milestone for the entire industry and a veritable fire of creation for other essential DeFi primitives, layered onto newly created market opportunities. And ultimately, this has laid the foundation for what is to come.

The Maiar DEX transforms into xExchange

Art and science combined, the creation of new DEX economic models around their respective native tokens is currently a significant challenge.

There is an obvious gap between the growth trajectory of all these decentralized exchanges and the value capture mechanisms of their native tokens.

This may be the most important open problem affecting the entire DeFi ecosystem and threatening its long-term sustainability, even survival.

With the introduction of xExchange, we present a new economic structure and foundation that aims to solve this problem at the ecosystem level in a compelling way.

Here’s an overview of how we plan to tackle this difficult problem

xExchange (Maiar DEX 2.0) presents a set of significant improvements and advantages while addressing the most significant limitations of the previous economic model.

Here’s a summary of the main ideas brought by xExchange:

  • The total supply is capped. The proposed emissions, accessible through governance in 5 years, will decrease year by year and be zero in 8 years. This will immediately make MEX three times less inflationary than in Maiar DEX 1.0.
  • LKMEX v2 introduces the powerful concept of energy, building on the v1’s time-locking concept to increase utility. In xExchange, users will simultaneously benefit from numerous new advantages: boosted TAPs in farms and metabonding, 100% metabonding rewards, staking rewards received automatically, direct access to xLaunchpad’s preferential tiers, governance power, 50% energy withdrawal fees, and 0.10% of all trades.
  • LKMEX v2 will change the game from a quantity-based paradigm to a quality-based paradigm: 100 LKMEX with 0 energy have no utility and no power, while an LKMEX with 100 days of energy has more utility and more power.
  • Users who convert all their LKMEX v1 to LKMEX v2 will earn 2x to 10x more Metabonding rewards in the first 3 months and receive an NFT that can be exchanged for a guaranteed launch ticket.
  • LKMEX v2 will bring a robust and reinforcing value accumulation mechanism where even exits from the energy paradigm benefit long-term contributors and holders: when users withdraw energy from their LKMEX, up to 80% of the total amount is redistributed to long-term contributors and holders.
  • The basic principle of LKMEX will be safeguarded by making it non-transferable in general, except in trusted configurations like xExchange services and governance-approved protocols or between two wallets.
LIRE PLUS  Agora: xExchange governance forum for the community

In addition to LKMEX, the new MEX will be the key entry point for the entire exchange ecosystem, serving as both a payment token and an access token, bringing recurring demand from projects and users who want to interact with and access the benefits brought by the exchange. Some specific benefits include:

  • Fully transferable on xExchange (and other exchanges as well)
  • Buyable with on-ramp solutions (Moonpay, Transak, Ramp, etc.)
  • Usable for payments in xPortal SuperApp, xSpotlight NFT marketplaces, xMoney platform, and soon other places within the community.
  • Recharge cards, maximizing utility for users.
  • Usable as liquidity in xExchange pools to earn trading fees and farming rewards.
  • Entry point for all xExchange energy-based services and applications, through which it also brings a generous bonus for those who convert MEX to LKMEX (more details before launch), so that new users and existing users who bring more new energy into the system are rewarded
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Step by step guide: Introduction to MEX 2.0

xExchange Migration Guide

  1. First, go to https://xExchange.com and log in with your wallet.
    • You will be greeted with a pop-up containing some explanations. Read it to familiarize yourself with the changes and new additions, and click “Next.”
  2. If you have LP Tokens in a Farm or in Metastaking (such as EGLD/LKMEX, EGLD/UTK, EGLD/RIDE, etc.), you need to follow these steps:
    • Go to the Farm/Metastake and withdraw the LP token from the Farm/Metastake.
      • Wait for the transaction to complete. Specific to Metastaking: If you had it in Metastaking, also withdraw the Tokens now by clicking on “Unbond.” There is no 9-10 day unstaking period, unstaking will be instant.
    • Then go to the Liquidity tab. If you withdrew it from a regular farm: Break your LP token (it should already be broken if you withdrew it from Metastaking). Now, add your liquidity back with EGLD and your token of choice.
    • Go to Farms and stake your LP token (liquidity pool) again (and also add it to Metastaking if you want to). That’s it!
  3. If you had LKMEX tokens in Metabonding, go to the Metabonding tab and click “Unstake” to release your tokens.
  4. If you had LKMEX or MEX tokens in the LKMEX/MEX farm only, go to the dashboard by clicking on the xExchange logo at the top left. There, you will see an option at the bottom to remove tokens from the farm that no longer exists.
  5. If you had normal tokens in Metastaking (i.e. BHAT or ZPAY tokens), you don’t need to do anything.

Guide to LP/Farm migration, LKMEX conversion, and Energy Multiplier

Complete guide in English on LKMEX conversion, multipliers, metabonding, and stacking strategy

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