Elrond startup – DeFi farming

Elrond in less than a nutshell

Elrond (yes, the one you call EGLD cause you’re here just for trading and stuck with it now), is a Layer 1 blockchain, specialized in secure, speed, scalability, and open for dApps developments.

EGLD is the native token, most liquidity is on Binance, price predictions claims it might 2x till 5x this year; I’m doubted, however have no opinion about it and don’t hold it myself, according to the time of writing.

The only DEX right now is Maiar, their native token is MEX, yields looks fine however if you lock the rewards for a year they’re getting much higher rates.

Maiar exchange – farming tab

How to start farming with EGLD on Maiar

We are going to farm EGLD-MEX on Maiar DEX, for MEX rewards. Of course there are other options, like farming EGLD against USDC, or the RIDE token, and some native DEX tokens, however I think that’s the better choice here.

  1. We need to get ourselves some nice bunch of EGLD tokens – enjoy trading in Binance.
  2. Create an Elrond web wallet. Click Create Wallet here, follow the trivial steps and make sure you –
    – Save the seed phrase in a safe place.
    – Place the downloaded JSON file available for further usage.
  3. Withdraw the EGLD tokens from Binance into your Elrond Web Wallet.
  4. Go again to Maiar DEX and connect your Elrond web wallet.
  5. On Maiar, swap half of the EGLD tokens into MEX tokens.
  6. Add 50%-50% EGLD-MEX liquidity.
  7. Stake the LP into EGLD-MEX farm.

That’s it, now you’re getting 13% if you don’t vest your rewards, and 202% if you agree to vest it (lock rewards for 1 year, then each month get ±16% of the rewards.)

Add liquidity for EGLD-MEX pool

Categorized as DeFi

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