xExchange crypto exchange, previously known as the Maiar Exchange, is a Romanian-based decentralized protocol created on the MultiversX (previously Elrond) blockchain, allowing users to transact, farm, and provide liquidity for certain digital assets. It provides a non-custodial service and necessitates the use of a web-supported digital wallet such as the Maiar DeFi wallet to access its features.
Being a decentralized platform, there are no KYC verification requirements. All you have to do is connect your wallet and you are good to go. Furthermore, there are no restrictions on users from any country although it would be a good idea to check your country’s laws and regulations surrounding cryptocurrency trading and blockchain-related technology. Some countries have restrictions on these activities preventing their citizens from engaging in crypto trading.
Markets
As of writing, there are over 20 xExchange trading pairs available for swapping on the platform. However, since it provides users with the option of swapping, there is no xExchange spot trading option, nor are there provisions for derivatives, futures, and margin trading. All trades are carried out by swapping one cryptocurrency for another. The major markets available for swaps are USDC and WEGLD.
xExchange fees for swapping are flat for all swaps. It charges a 0.3% xExchange crypto fee for token swapping, with 0.25% of that being distributed to liquidity providers in proportion to their contribution to the reserves. The other 0.05% is used to purchase MEX from the EGLD/MEX pool and burn it as a payment for the smart contract fees.
The MEX token is the native utility and governance token of the xExchange crypto exchange. It can be used to get discounts on swaps and for governance activities. Through this process, holders of the token use these tokens to vote on the direction of the project. Holders of MEX tokens can also transfer them between their wallets on the platform for free, making it a cost-effective way to send money to your friends and family. There's also a time-locked equivalent of MEX called xMEX.
Other Services
The xExchange crypto exchange features a token bridge that allows for ERC-20 USDC to be converted into its MultiversX equivalent. If you want to bridge USDC from Ethereum to MultiversX, it will cost a xExchange crypto price of 50 USDC per transaction and a minimum of 2,500 USDC has to be sent.
Farms on xExchange cryptocurrency exchange are designed to reward liquidity providers who stake LP tokens with a revenue stream. This is meant to motivate them to provide long-term liquidity. Usually, these rewards come in the form of MEX tokens, though there may be some farms that offer two kinds of rewards. It provides an intriguing choice for users of their farming services: the ability to lock your rewards for a whole year and receive double the APR. As of writing this, there are four farms with APR varying from 18% up to 44%, or if you opt to secure your tokens, 109% all the way up to 121%.
Furthermore, people who use the platform can provide liquidity for eight different pools, all of which are paired with EGLD. Although the options are limited due to each pool needing EGLD, a lot of the fee rewards go up to double digits.
Besides, the platform provides users with the option of Metastaking, which allows users to stake their LP tokens and other tokens to earn more of their staked assets.
Lastly, there's Metabonding which allows the connection of projects to the MultiversX community. The already connected projects include Sense4FIT, QoWatt, Utrust, ZoidPay, Aerovek, BHNetwork, Effort Economy, and Isengard.
About the Company
Beniamin Mincu is the founder and CEO of MultiversX and xExchange crypto exchange. He has been involved in many other projects, such as Metachain Capital, where he was its founder and CEO. His background includes being a Business Lead, Marketing Lead, Community Lead, and Tech Entrepreneur.
There's also Lucian Todea who serves as co-founder and Chief Operating Officer while Lucian Mincu is another co-founder and Chief Information Officer of xExchange.
On the 5th of June 2022, xExchange cryptocurrency exchange suffered a system breach where a hacker stole about $113 million worth of EGLD using three wallets to drain the funds from the exchange. Beniamin explained later that the platform was able to recover some of the stolen funds, and those that they could not recover would be covered by the Elrond foundation. This hack caused the price of EGLD to plummet from $72 to $5. After shutting down the platform, it resumed operations two days later.
