Elrond’s Native Token Drops 7% as Maiar DEX Goes Dark

  • The main DEX deployed on the Elrond Network has been taken offline amid an investigation of “suspicious activity”
  • Both the token belonging to the DEX as well as Elrond’s native token have tumbled but remain steady

The native token belonging to smart contracts platform Elrond Network shed more than 7% of its value Sunday as Maiar, the decentralized exchange deployed on Elrond, was placed into maintenance.

Founder and CEO of Elrond, Beniamin Mincu, tweeted Sunday his team was investigating “suspicious activity” on Maiar and would provide an update “soon.”

Blockworks has confirmed that Maiar has gone offline by way of a “scheduled maintenance” with an accompanying message on its site claiming “operations will resume shortly.” The exchange has remained offline for more than two hours.

Both the Elrond token (ELGD) and the native token of the Maiar DEX (MEX) are down on the day with MEX having recovered from a considerable drop in price where it shed 90% of its value late Sunday evening.

ELGD remains down from around $75 seen at 21:00 UTC to $72.30.

Launched late last year, Maiar coincided with a liquidity incentive program totaling $1.29 billion in MEX tokens in a bid to curry activity on the new exchange. Smart contracts built for Maiar and deployed on Elrond were touted at the time of the launch as having undergone “rigorous auditing and formal verification.”

Blockworks attempted to contact the team at Elrond but did not receive a reply by press time.

This story is developing and will be updated accordingly.

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  • Sebastian Sinclair


    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior news reporter for Blockworks operating in South East Asia. He has experience covering the crypto market as well as certain developments affecting the industry including regulation, business and M&As. He currently holds no cryptocurrencies. Contact Sebastian via email at [email protected]