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- Metabonding to build super charged web3 Community
- Staking of EGLD and LKMEX to own part of the Elrond ecosystem
Beniamin Mincu, founder at Elrond Network pointed to how the blockchains are upgrading the financial system.
“Web 1.0 = Read; Web 2.0 = Write; Web3 = Own. Owning is not alone but it is owning the network with the community together. As more ownership brings in more value. WAGMI.”
Elrond Network believes that the most valuable for any Web3 startup is the bond with their community. And, therefore, they are introducing Metabonding, to build a super charged web3 community.
Elrond Network expressed: In Web3, we own together. The best startups are those with the strongest bond to their community. With the introduction of Metabonding, the ultimate community bootstrapping product for Web3 startups, users can Stake EGLD and LKMEX, and own part of the Elrond ecosystem.
For clarity, Bootstrapping describes a situation in which an entrepreneur starts a company with little capital, relying on money other than outside investments. An individual is said to be bootstrapping when they attempt to found and build a company from personal finances or the operating revenues of the new company.
For those who are new: EGLD is the native token of the Elrond Network. Maiar Exchange is the DEX AMM running on the Elrond Network. The team which built the Elrond Network built the Maiar Exchange.
Maiar (MEX) is a cryptocurrency, which operates on the Ethereum platform. MEX powers the Maiar Exchange. It is used for the governance of the decentralized exchange platform. It is used for perpetual decision making in the governance process. A sustainable value cycle is created for stake holders by maintaining Maiar DEX ahead in the curve in terms of innovation, listing policies, operational model, and other kinds of governance actions. MEX is also a value capture mechanism and incentive vehicle which permits economical advancements while scaling with its adoption.
MEX token, which is locked is known as LKMEX. The LKMEX, which are deposited are located on special smart contracts. LKMEX tokens have the same value as MEX; however, they provide for a different utility.
The utility for LKMEX is to stake MEX in the MEX Staking Farm for rewards. And, for adding liquidity to the MEX pools.
The deposited LKMEX are locked in a special smart contract which deposits the equivalent amount of unlocked MEX on the user’s behalf. The unlocked MEX comes from a dedicated MEX Liquidity Reserve.
At the time of writing, the price of Elrond was trending at $194.54. The price change over the past 24 hours was in the green with a price increase by 3.69%. EGLD has a market dominance of 0.21% and market rank of #38. The market cap was trending at $4,180,451,026.01.
