Decentralized finance, or DeFi, is taking the world by storm, and with good reason; the need for banks, with their fees and red tape, is becoming lesser by the month thanks to DeFi products. Those using DeFi products don’t need proof of income for services, they don’t need to apply for loans, and they don’t need to keep their currency locked in an account in order to earn passive income. Elrond (CCC:EGLD-USD), with its newest decentralized exchange (DEX) launch, is bringing those services front and center to its users. Not to mention, the EGLD crypto is rocketing as a result.
What is the Maiar DEX, and how does it stand to improve the Elrond blockchain?
Here’s everything you need to know.
EGLD Crypto Sees Massive Price Gaps Thanks to Maiar Rollout
- Elrond and the EGLD crypto seek to put DeFi products into the hands of everybody. And, Elrond promises to do so with transaction speeds faster than what other networks offer.
- Its web of fintech projects allow users to circumvent traditional banking.
- Elrond powers its transactions through blockchain sharding, similar to how Ethereum (CCC:ETH-USD) scales its own transactions. Combining its sharding capabilities with its smart contracts, it promises to deliver 15,000 transactions per second at fees of just a fraction of a cent.
- Elrond and the EGLD crypto are seriously making waves this week in the blockchain space, thanks to the launch of the Maiar DEX on its network.
- Indeed, the DEX launched just three days ago. However, it is already celebrating over $1 billion in total value locked (TVL) on the exchange. This is a major milestone; a high TVL means plenty of users are staking their crypto on the platform and shows good overall health of the exchange.
- It also is celebrating reaching a market capitalization of $2 billion in the days since launching.
- Obviously the exchange has grown very large, very quickly. This is thanks to the Maiar exchange’s many offerings. In addition to simple conveniences like a robust news feed and herotags — the network’s version of usernames — it also includes many important and crucial features, such as social payments. As a DEX, it does not hold crypto in custody, and it has several measures to up the security of transactions on the platform.
- As Maiar proves to be a runaway success for the network, the EGLD crypto is a major beneficiary. Indeed, the crypto is up 11% this afternoon, adding onto a 50% gain on the last week.
- Trading volume is also on the rise in response to the launch’s success. Volume is increasing over 60% in the last 24 hours.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.