The majority of us started the crypto space journey firstly from a centralized maiar exchange like Binance, Coinbase or Kraken. You probably know the process you need to go through in order to buy a token or to trade on these platforms but let’s see the advantages of decentralized maiar exchange and why more and more people decide to migrate to them. The best approach would be to do a comparison between CEX (Centralized Exchange) and DEX (Decentralized Exchange).

With the launch of the Maiar Exchange, many have been asking about how to approach it, how much $EGLD to use, what are the best/easiest strategies? This article will explore its functionality and offer what I think is an easy, low effort way to capitalize on this new opportunity on the Elrond Network.

I’ll start with an overview of what the Maiar Exchange is and then go through a tutorial for using the platform. Finally I’ll discuss some thoughts on simple strategies and provide links for further study for those who would like to learn more. I may go over what I personally will be doing in another article but this should hopefully be a nice guide, or at least a decent introduction for anyone who describes themselves as completely clueless.

If you don’t need an Overview, feel free to skip to the Tutorial and likewise to the Strategies if that is what you need to see.

The first thing to note is that there is a new token in the Elrond ecosystem, $MEX. $MEX is the rewards token for the Maiar Exchange. This token will be distributed as rewards for staking LP tokens after providing liquidity to the liquidity pools. If you had to read that twice and still don't understand, not to worry. We will go over everything you need to know and soon you'll be farming like a pro.

You may have heard people talking about $MEX, even seen them flaunt their tokens and are now wondering where to buy them? The answer to that is, right now. With the opening of the Maiar Exchange the only way to acquire them at present is to swap $EGLD for them on exchange and then farm to earn them. There is no other way to buy them at this time by design, so that they can integrate the value of the tokens with $EGLD and distribute them fairly to the community while they bootstrap their platform. There was also a distribution prior to launch based on the amount of $EGLD they were holding earlier this year. I myself am the proud owner of 15 whole $MEX tokens... ha, not enough to make it worth the minor fee to claim. Do you think you may have tokens? You can find out and claim them on the platform. Connect your wallet and see if you have any to claim. I am not aware how long this opportunity to claim these tokens will last.