Maiar Decentralized Exchange Review

Maiar claims to be a fast, secure, scalable, and inexpensive decentralized exchange. It is endowed with Automated Market Making (AMM) features and runs on the Elrond network. It features all crucial DeFi products like yield farms, swaps, and liquidity pools.

Maiar background

The DEX was launched in November 2021 and is created by the team behind the Elrond platform. Beniamin Mincu, Lucian Mincu, and Lucian Todea are the cofounders of the company. Other team members include Felix Crisan, Radu Chis, Adrian Dobrita, Julian Pascalau, and others. 

The exchange platform was created to leverage the performance of the Elrond chain and to provide inexpensive and quick global transactions.

Maiar overview

The DEX provides a seamless experience wherein users can swap Elrond tokens without having to use an order book. It features the AMM (Automated Market Maker) app that enables users to earn by providing liquidity. With the feature, your assets are priced based on a pricing algorithm.

Pros & cons

Pros

• Low transaction fees
• Quick processes

Cons

• Supports mainly Elrond-based tokens
• Lack of info on security measures

Funding methods:	USD, Stable coins, and Elrond tokens
Cryptocurrencies supported:	USDC, EGLD, CRU, ISET, AERO, and EFFORT
Countries:	N/A

Interesting features of Maiar

Some of the outstanding features of this network are listed below:

• It uses state sharding, which makes this the first platform to use the feature.
• You can trade the LP tokens of the exchange and sell or take a loan on the tokens due to the unique ESDT architecture.
• The dedicated app helps in easy access to the exchange. It provides secure and convenient access where you can create a wallet instantly.
• MEX is the native token. It is needed for many purposes like governance of the platform and as fuel for the decision-making process.

What wallets does it support?

The Maiar DeFi wallet, Maiar app, Ledger, and Elrond Web wallet are the wallets the DEX supports. Here are instructions on how to connect your wallet to the exchange.

• For the DeFi Maiar wallet, you need to choose a suitable web extension notification and make or import various wallets. You can connect to different networks like testnet, devnet, and mainnet. It is possible to swap between many wallets, sign messages, transfer funds, etc. without logging in again. 
• For the Maiar app, you can scan QR code and link to the Maiar wallet, and use the app for all exchange activities.
• For the Ledger wallet, you will require to confirm actions you have initiated on the DEX from your device.
• For connecting to the Elrond web wallet, you can enter using the .JSON file and a password to enter for each action you perform.

How does Maiar work?

To use the platform, you need to link your wallet to the exchange. This can be done via the dedicated app, wallet, the ledger hardware wallet, or the Elrond web wallet. Traders can swap between crypto-assets in a secure way using low slippage and minimal fees. You can earn from the transaction fees and incentives provided for liquidity. It is easy to integrate the network into your app and with the governance MEX token, you get to vote on the future of the DEX.

What can you buy with Maiar?

The service supports all Elrond-based crypto assets. It also allows users to swap their Ethereum based tokens to ESDT tokens and earn MEX. Pairing is allowed mainly with EGLD and MEX and subsequently with USDC. EGLD and MEX are the popular assets you can purchase on this DEX.

Are there any risks with Maiar?

Although the vendor mentions a safe and secure platform, there are no details on the security measures present. Other than the mention of regular audits, we could not find info on the security methods used.

Maiar fees

For the token swap, the platform charges a 0.3% fee. From the fee, 0.25% is split among the liquidity providers in proportion to their contribution to the liquidity reserves. The remaining 0.05% is used for buying MEX from the EGLD/MEX pool. We could not find info on withdrawal fees.

Deposit methods

You can use USDC or MEX tokens to earn more of the tokens. There are no fees mentioned for the process.

Should you buy it?

The decentralized exchange offers a new but promising platform that has many beneficial features. Some of the upsides of this platform include: low transaction fees, a diverse range of features, and vendor transparency.

Final word for Maiar

Maiar is a decentralized exchange with an AMM feature working on the Elrond network. With unique features like state sharding and the use of the LP tokens as collateral, the service provides many benefits to users. An easy-to-use interface and the presence of a dedicated app are other upsides of the platform. However, lack of security methods info is a drawback that cannot be ignored.