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Highlights
- The Maiar Exchange, which is built on Elrond’s blockchain, is facing issues and services are down
- The Elrond blockchain’s EGLD token is one of the top 50 cryptos and is currently trading in the red
- EGLD’s price decline has come at a time when Bitcoin and many other major cryptos are rising
Unscrupulous elements exploiting the weaknesses of any network have become a grave concern for the crypto world. The latest victim seems to be the Maiar Exchange, a protocol on the Elrond blockchain.
At the time of writing, the Maiar Exchange website read that it was under “scheduled maintenance”. In late-March this year, blockchain project Ronin Network was hacked, which led to a fall in Axie Infinity game’s AXS token. AXS used Ronin’s services. The Elrond (EGLD) token is in the red right now, which is probably because of the issues with the Maiar Exchange.
Maiar Exchange and Elrond
Elrond provides blockchain services to developers. It can be used to deploy decentralised apps (DApps) and smart contracts. It is said to have faster processing speed as compared to Ethereum. Elrond started its mainnet only in mid-2020, but its native token, EGLD is today among the top 50 cryptos.
The Maiar Exchange describes itself as an automated market maker (AMM). It is a liquidity protocol using Elrond’s blockchain to provide decentralised finance (DeFi) services. The Maiar Exchange also has a native token, MEX.
Also read: What’s happening with STEEM crypto price today?
Elrond crypto price
At a time when many of the major cryptos are in the green, the EGLD token is losing value. It has lost nearly 5% over the past 24 hours, in contrast to cryptos like Bitcoin and Solana, which have gained.
One of the reasons behind the decline in the EGLD token could be the tweets related to the Maiar Exchange. The tweets by Elrond mention “suspicious activities” on the Maiar platform. The Elrond project has also stated that they are fixing the issue, describing the event as a “challenge”.
This might have weighed on the EGLD token, the trading volume of which has surged more than 250% over the last 24 hours, with its price trajectory in the red. On a year-to-date (YTD) basis, the EGLD token has suffered heavy losses – having dipped from nearly US$240 on Jan 1 to nearly US$67, as of writing.
Data provided by CoinMarketCap.com
A few months back, Axie Infinity game’s AXS token fell sharply after the news about the attack on the Ronin Network emerged. Linked projects in the cryptoverse may get impacted due a positive or negative movement in any one of them.
Bottom line
The EGLD token is trading in the red, and issues with the Maiar Exchange seem to be the reason. Maiar uses Elrond’s services to provide staking and yield farming to crypto enthusiasts. It is not clear whether someone has exploited the Maiar DEX’s vulnerabilities, or it was just an internal network error. But the EGLD token has come under pressure, extending its losses after having already lost enough value through this year.
Also read: 3 cheap cryptos to keep tabs on in second half of 2022
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