1/ Here's a short update on the Maiar DEX.

It’s been a few super long and intense days, but we're now close to solving the issue. πŸ› οΈ

Where are we, what's happening?
2/ First things first.

All funds are safe.

We've just discovered a tricky bug on the virtual liquidity calculations, creating a mismatch between actual liquidity in the farming pools and calculated liquidity, and hence an mistach of respective APRs.
3/ Most important fact to underscore is that in the grand scheme of things, the only way to ensure you're alive, and can continue to push for improving things, is having the utmost emphasis and respect for security.
4/ This is especially true when product complexity is off the scale, as w/ the Maiar DEX.

It's why we're treating issues with utmost attention and care.

Why we've taken very prompt safety precautions.

Why we've isolated the issue, and are proceeding with testing the solution.
5/ Security is of primary importance, so what's the next step?

We intend to heavily test a solution during the next few hours, and will offer a new update in 8-10h.

If the solution works, and heavy testing confirms it, the Maiar DEX will resume tomorrow.
6/ In the meantime, a new Maiar DEX version w/ fix implemented will be deployed on the testnet in the next ~3h, to be heavily tested during the day, internally and with the community.

With testing validating proper functioning, the Maiar DEX will be ready to go live again.
7/ Many people have discovered DeFi and farming for the first time via the Maiar DEX.

We understand the security and functionality of it is of greatest importance for the Elrond ecosystem, and are pushing hard to find the optimal solution.

Thank you for your continuous support!

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More from @beniaminmincu

6 Dec
1/ Some great news.

The Maiar DEX solution is now ready, and in review.πŸ› οΈ

It's been a few hardcore days, but it's going to get a lot better.

Here's a short update on the current status, and important improvements for the next steps.
2/ First, the bug fix solution is ready, and there are 3 threads for validation and heavy testing:

1 - internal peer review for the solution
2 - external peer review for the solution
3 - empirical validation via 1 day Battle of Yields competition
3/ Calling all Farmers: Battle of Yields begins today at 18:00 UTC πŸ‘¨β€πŸŒΎπŸšœ

All participating addresses that interact with the testnet exchange according to the instructions will share MEX rewards from a $15,000 USD prize pool.

Join the event at t.me/MaiarExchangeA…
Read 8 tweets
1 Dec
1/ Today the Maiar DEX is going to the next level.

The first Maiar improvement proposal with an upgraded economics model is going live at ~20:30 UTC.

The RIDE token is preparing for listing next week.

Here are the most important things to know.
2/ Context for today’s Maiar improvement proposal shared in Elrond town hall:


Full economics model upgrade here:
maiar.exchange/mex-economics-…
3/ The Maiar DEX has reached a remarkable point.

With the launch, we have achieved unparalleled bootstrapping.

Both in scale, and speed of growth.

The next step will focus on ensuring long term alignment and sustained growth.
Read 16 tweets
19 Nov
1/ TODAY IS THE DAY.

The Maiar DEX is going live πŸŒ•

A state of the art DEX built on a sharded architecture, w/ 100% community ownership.

Unveiling Elrond Superwave, a $1.29 Billion USD liquidity mining incentive program for 1y, w/ $282M for first month.
elrond.com/blog/elrond-su…
2/ The Maiar DEX opens an opportunity unlike any other.

It will be the prime liquidity gateway for the entire Elrond ecosystem.

Owning a piece of it, is like owning a piece of the very foundation of the new web.
3/ The Maiar DEX brings the largest DeFi incentive program to date, pushing DeFi adoption beyond current boundaries.

$1.29 billion dollars worth of MEX tokens - of which $282M in the first month - will be shared w/ users who provide liquidity in $EGLD, MEX, LKMEX & wrapped USDC.
Read 8 tweets
19 Nov
1/ Today is a grand day for Elrond, and the Maiar DEX. πŸŒ•

Last days have been insane, hyper focused on putting all the pieces together for the launch.

We are now almost ready.

Here's the plan.
2/ To have the full DEX launch we need:

1. Maiar DEX to be ready
2. USDC bridge to be enabled
3. USDC/EGLD pair opened + swaps to be enabled
4. Grand official launch, w/ EGLD/MEX swaps + MEX rewards turned on
3/ So where are we?

Everything related to the Maiar DEX is fully ready.

Awaiting the official kickoff.
Read 7 tweets
3 Aug
1/ Everything mankind has achieved was through building.

Cities. Roads. Hospitals. Engines. Power plants. Industries. Institutions. The internet.

Financial systems enabling them to operate and grow.
2/ Everything mankind is yet to achieve will be through building.

New energy. Biotech. Starships. AI. A better world.

Connected by a h/ bandwidth, l/ latency, transparent financial system, accessible to anyone, enabling exchange of value globally, instantly, inexpensively.
3/ With all essential components in place, it’s time for the @ElrondNetwork ecosystem to scale. Bigger, cheaper, faster.

It’s time for builders to pick up the tools and shape the future of finance, governance, industry, gaming, art, commerce.

It's time to build.
Read 4 tweets
24 Jul
1/ The Maiar DEX is coming.

The latest version has just been released on the devnet.

*Once live, this will be the biggest launch in the Elrond ecosystem since the release of @getMaiar.*
2/ Funding, liquidity, swaps, yield.

Scalable, accessible, and inexpensive.

Setting a new set of economic forces in motion.
3/ Building something users love is hard. Deeply caring for users is hard.

The Maiar DEX brings a delightful experience wrapped in robust security.

This takes time and a great amount of effort.

But in the end the only thing that matters is the thing that lasts.
Read 20 tweets

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