How to fight the battle | Battle of Yields | Maiar Exchange

September 30, 2021
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What does Battle of Yields mean, what is its purpose and how to use Maiar Exchange?

Battle of Yields is more about learning than the competition. It is a chance for users because they learn how to use the platform and get acquainted with it using test tokens. After the launch of the Maiar Exchange, there will be only real tokens. Also, the developers of the Elrond team have the opportunity to discover issues and things to improve in the test phase, until the launch of Maiar Exchange or Maiar DEX. 

What is Maiar DEX and why is it important to understand how the platform works? 

It is an AMM meaning Automated Market Maker, in other words, an autonomous trading system that eliminates the need for centralized exchanges. 

What benefits does it have? 

It offers global, almost instantaneous, cheap transactions between a suite of expanding assets. 

Why is it important to understand the platform? 

In order to make the most of the opportunities that it offers. 

Let's go back to BOY. It was launched on September 14 and lasts until September 28, the community testing period, with the possibility of extension. The battle takes place on the test network of the Elrond blockchain and is accessed through the address: Click on Connect and you will connect with the address of the wallet that you’ve created when you signed up for BOY. You can connect with any of the 4 listed methods: Maiar DeFi Wallet, Maiar App, Ledger, and Elrond web wallet to access Maiar DEX, depending on what type of wallet you want to use. For this video tutorial, we will connect with the Elrond Web Wallet

Click on Keystore and Drag & Drop the json file that we downloaded when we created our wallet and we put the password we chose, then we click on Access Wallet.

If you forgot the password, click on Recover Wallet and follow the required steps. We must add each word of the secret phrase. After you have added all of the 24 words, click on Continue and set a new password. A new json file will be generated for us. We need to keep in mind that the old json file and the password associated with it will remain active and can still be used. 

Okay, we’re in the Maiar Exchange. On the main page, ie Home, you can see the current price of the MEX token, the Total Value Locked in the Liquidity Pool, the Market Cap value - ie the total value of the entire amount of MEX available in the market, and the number of pairs that can be traded on the platform. There are only 2 at the moment. If you have registered for Battle of Yields and have not yet claimed your tokens, in the upper right corner there is the Claim MEX button with which we will claim MEX tokens for Battle of Yields. These tokens are ONLY for testing. It is not yet known how MEX tokens will be distributed later in the Maiar Exchange on the mainnet, but it may be a similar process.

On the Swap page, you can exchange a token with another token - EGLD with BUSD (the stable coin of Binance) / BUSD with EGLD or EGLD with MEX / MEX with EGLD. Why do you have to do the Swap? With the help of the Swap, you can form pairs that are going to be added to the Liquidity Pool. We started Battle of Yields with 5 EGLD (test), 2500 BUSD, and 12500 LKMEX. (Locked MEX = Locked MEX that can only be converted to EGLD according to a preset calendar). How do you do the Swap? In the first field, select the token you want to change and the quantity, and in the second field, choose the token you want to receive in exchange for the initial one. The parity will be calculated automatically (the number of tokens received in exchange for the amount of the initial token). In Maiar Exchange mainnet, we will initially have the following assets:

- EGLD (by transfer)

- BUSD (by transfer)

and those who are EGLD holders will have as assets in DEX the following:

- LKMEX - unlocked after 1 year (claimable)

- MEX - unlocked after 30 days (claimable)

- eGLD (by transfer)

- BUSD (by transfer)

In the bottom box, you can see the Slippage which means the maximum limit by which the token price can vary for the transaction to take place. This limit can be set manually between 0 and 50%, but we recommend not choosing a slippage higher than 1%. Thus, you will make sure that the price at which you buy or sell is not at a difference of more than 1%. Slippage is the percentage that we accept as a price fluctuation at the time of the transaction. If it increases or decreases by more than 1%, the transaction will no longer take place.

Below, there is the exchange rate, the minimum amount we will receive in exchange for the initial token, the transaction cost - the fee that the liquidity provider will receive, and the impact that our transaction will have on the entire market. Press Swap, you will be asked to enter the wallet password and sign 2 transactions. After you have done this Swap and you have tokens of several kinds, go to the Liquidity page.

Before we go into details on this page, let's talk a little about what liquidity pool means. Liquidity Pools are an essential part of AMMs, borrow land protocols, yield farming, synthetic assets, on-chain insurance, blockchain gaming, and the list goes on. A liquidity Pool is a pool of funds locked into a Smart Contract and is used to facilitate decentralized trading, lending, and many other functions that we will explore later.

Users who add liquidity are called liquidity providers. They add equal amounts of 2 tokens to a pool to create a market. In exchange for providing the funds, they receive rewards in the form of rewards for pool transactions in proportion to the amount they reported to the entire amount in the pool. That is, if we have 1% of the amount of liquidity, we will receive 1% of the fees generated from the transactions in the pool.

Initially, in My Liquidity, you will have nothing. You can add liquidity in the form of token pairs: EGLD-MEX or EGLD-BUSD. To do this, click Add Liquidity. Select the pair and quantity and press Add Liquidity. You will be asked again to enter the wallet password, and this time to sign 4 transactions. Following the addition of liquidity, you will receive LP tokens = liquidity pool tokens that you can see in My Liquidity.

You can see that you have a certain amount of LP tokens. This LP token consists of the total amount of added tokens that you can see unfolded if you click on the arrow on the right, and in Active Pools, the pools that are active in the platform. Currently the 2 pairs - EGLD-MEX and EGLD-BUSD. If you click on the arrows on the right, you can see in detail the total amount of liquidity and the separate amounts of the 2 tokens and there are 2 shortcut buttons for adding liquidity or Swap in each pool.

In liquidity, you get LP tokens, and in Farm MEX or Locked MEX if you check the option to block tokens for a year and get a double reward.


Okay, you've reached the Farms page where you can put Stake Liquidity pool tokens, MEX, or LKMEX to get more MEX. In the farm, block LP tokens that you have from liquidity, simple MEX or LKMEX and get MEX or Locked MEX as we explained above.

Here there are 3 farms: 1 for MEX and 1 for each LP token available in the platform. Yield farming is the process of staking tokens to generate rewards in the form of other tokens. In short, yield farming encourages these LP providers/investors to participate or block the tokens they have in a liquidity pool based on a Smart Contract.

On the first farm, you can put MEX at stake. Under the MEX symbol, there is the entire quantity blocked in the respective farm, on the right the APR and APY - you can click and see in detail what each one means. Next, there is the amount of MEX you have at stake and the amount of MEX acquired. There’s a button that helps you to automatically reinvest the acquired MEX, then a button to claim the acquired MEX - that is Harvest all - and a Stake button to add MEX tokens. On the far right, there’s an arrow which on click will show in detail the amount of MEX blocked and the amount of MEX acquired. To deposit tokens in a farm, you will press the STAKE button, choose the token you want to add, fill in the quantity, check or not the box with which you choose to block the reward received to double the amount received, and press Stake. Fill in the password and that's it.

The next farm is for the LP the EGLD-MEX pair token and there are the same details as above, only that you cannot automatically reinvest the acquired MEX, because in the EGLD-MEX farm you can only put a pair, and the farm produces unlocked MEX and/or LKMEX. With the Harvest all button you can claim the produced MEX and the Stake button you add LP tokens. The third farm is for LP the EGLD-BUSD token which has the same options as the EGLD-MEX farm.

In the case of the EGLD-MEX farm, tokens obtained by pressing the Harvest button will appear in Liquidity, which can be added to the Liquidity Pool along with EGLD or can be changed to other tokens on the Swap page. If in the Farm you checked the double reward box, you will get Locked MEX (LKMEX) which you won’t be able to exchange in other tokens for a year but you’ll be able to add in the Liquidity Pool in pair with EGLD or in the MEX farm.

In all 3 farms, there is also a Withdraw button and you can withdraw LP tokens or MEX from farming. After pressing Withdraw, a window will open in which you’ll be asked how much you want to withdraw. Later, they will appear in Liquidity, and to withdraw them from liquidity you’ll have to press the blue arrow to see the details of the LP tokens in My Liquidity and press the last button below - Remove. When you press Remove, a window will open in which you’ll be asked the amount you want to withdraw from the liquidity. Once you have taken them out of liquidity, the tokens will become available in Swap where you’ll be able to convert them.

We hope that our article will help you better understand how this AMM works and how you can optimize farming in Battle of Yields and in the future in Maiar Exchange.

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