Elrond Network Introduces Metastake

Elrond is excited to introduce a powerful new DeFi product tailored for the metaverse: the Metastaking.

Metastaking is an innovation that is unique to the Maiar DEX and for the first time combines token staking, liquidity providing, and yield farming into a powerful new product.

Metastaking is complementary to regular LP staking farms and compound the utility of LP token farming with classical token farming into a new hybrid concept that yields reward for both.

They provide a simple way for token holders to stake them for the long term and earn rewards while doing so.

More importantly, they offer an additional income stream for liquidity providers, who now earn a third type of reward – denominated in the staked token – for providing liquidity, in addition to LP fees and the regular LP staking farm.

The first Metastaking will be dedicated to the holoride RIDE token. Metaverse pioneers will be able to stake both RIDE and EGLDRIDELP Farm tokens and earn RIDE rewards.

Long-term holoride supporters get a simple and powerful staking mechanism for their RIDE holdings, with an option to compound rewards for further benefits.

Better yet, EGLDRIDE liquidity providers, who already farm MEX/LKMEX rewards in the regular Farms, can further stake their Farm tokens into the RIDE Metastake, and earn additional RIDE rewards, on top of their existing rewards and without interrupting them.

An EGLD/RIDE liquidity provider will thus earn three different types of rewards at the same time:

• LP fees from the liquidity pool
• MEX/LKMEX rewards from the regular farm
• RIDE rewards from the RIDE Metastake

The addition of this new income stream will further incentivize adding liquidity, benefiting the long-term health of the RIDE token, and any future ones to use the Metastaking product.

The rewards calculation will consider the amount of RIDE staked, either directly or as part of the EGLDRIDE LP staked.

Users staking RIDE directly will get the same reward as user staking EGLDRIDE LP farm tokens that contain an equivalent amount of RIDE. Otherwise said, rewards are the same per RIDE tokens, regardless of how they are staked. To account for the fluctuation of ratios in LP tokens, a “safe price” is periodically sampled from the EGLD-RIDE pool and used for rewards calculation.

21,750,000 RIDE tokens will be offered as a Metastaking reward over 1 year. The RIDE Metastaking is scheduled to go live in February, pending successful public testing.

Metastaking is the first DeFi product to combine Staking, Liquidity Providing and Yield Farming into one powerful product. RIDE will be the first token to pioneer this novel concept, which will soon become a standard for the strongest projects in the Elrond ecosystem.

The novel liquidity providing incentives and income streams provided by Metastaking will make the Maiar DEX into perhaps the most compelling DeFi platform that will lead the coming wave of Web3 innovation.

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