Binance Launches Maverick Protocol on Launchpool, a Next-Gen DEX
Global crypto exchange Binance has unveiled its 34th project on its incubator platform, Binance Launchpool. The project is the Maverick Protocol (MAV), a decentralized exchange (DEX) that bolsters capital efficiency for liquidity providers through a flexible Liquidity Providing (LP) strategy.
According to the announcement, Binance users can anticipate the launch of the platform’s webpage within the next four hours. Following the launch, users will be allowed to stake their BNB and TUSD in separate pools to farm MAV tokens. The farming period will span 25 days, commencing on June 14, 2023, at 00:00 UTC.
The future listing of MAV on Binance hinges on liquidity requirements being met. When listed, trading will commence with MAV/BTC, MAV/USDT, and MAV/TUSD trading pairs. However, the exact date and timing will be disclosed later. Interestingly, users will benefit from zero maker fees on the MAV/TUSD trading pair until an undetermined future date.
Details regarding the Maverick Launchpool have also been disclosed. The total token supply for the Maverick Protocol (MAV) amounts to 2 billion MAV tokens. The Launchpool token rewards represent 1.5% of the total supply, equating to 30 million MAV. Additionally, the initial circulating supply comprises 12.5% of the total token supply, translating to 250 million MAV.
Staking comes without an upper limit, but it requires users to complete a Know Your Customer (KYC) process. The reward allocation for staking BNB and TUSD tokens is split with 24 million MAV (80%) and 6 million MAV (20%) respectively. The farming period will run until July 8, 2023, at 23:59 UTC.
To give users further insights into their potential earnings, snapshots of user balances and total pool balances will be taken multiple times each hour. This will facilitate hourly average balance calculations and reward determinations, which will be updated each hour. Users will have the option to accumulate and claim these rewards to their spot accounts at any point.
There are restrictions on token staking, however, with tokens only allowed to be staked in one pool at a time. Also, funds can be unstaked at any point without delay, and the unstaked funds can be immediately allocated to other available pools.
After each farming period, tokens staked in each pool, and any unclaimed rewards will be automatically transferred to each user’s spot accounts. Moreover, Binance’s BNB Vault will support the MAV Launchpool, enabling users who have staked their BNB in the BNB Vault to automatically participate in the MAV Launchpool. Such participation will still avail users of the standard benefits of holding BNB.
About Maverick Protocol
The Maverick Protocol is a key player in the DeFi (Decentralized Finance) sector, delivering crucial infrastructure solutions aimed at improving the efficiency of the industry. Maverick is live on both Ethereum and zkSync Era, two leading blockchain platforms.
After two years of rigorous development, the protocol launched its groundbreaking Dynamic Distribution Automated Market Maker (AMM) on Ethereum on March 8th. The launch was an immediate success, and Maverick quickly soared to become one of the top five decentralized crypto exchanges (DEX) on Ethereum based on trading volume.
Continuing its rapid growth trajectory, Maverick extended its high capital efficiency engine to the zkSync Era, promptly becoming the highest-ranked DEX on that chain in terms of trading volume as reported by DeFiLlama.
Maverick’s initial launch ushered in unprecedented levels of capital efficiency, rapidly establishing its dominance in the Liquid Staking Token market-making sector. Despite these accomplishments, the Maverick team shows no signs of slowing down in its mission to advance efficiency within DeFi.
In May, Maverick unveiled Phase 2, which provides token projects with a new set of tools, namely Boosted Positions. This innovation allows projects to incentivize liquidity in individual liquidity positions rather than across an entire pool, leading to increased efficiency in liquidity incentivization. The Boosted Positions feature has since attracted top-tier DeFi token projects such as Lido, Frax, Rocket Pool, Liquity, and Swell, among others.
Most recently, Maverick has marked another significant milestone with the launch of its native utility token, MAV. Designed primarily for staking, voting, and boosting, MAV promises to enhance the overall efficiency of the industry while fostering further development and sustainability.
MAV token holders can stake their tokens in a Voting Escrow (ve) contract to receive veMAV, which determines their voting power within the protocol. This governance model is designed to reward long-term commitment to the ecosystem and protect against transient governance.
The Maverick community has proven its commitment to self-governance, with recent initiatives like the Maverick Warrior Program receiving wide support, evidenced by over 20,000 votes across six proposals. With the token launch, community members will be able to stake their MAV tokens to earn veMAV and have their say in governance proposals.
It is important to note that the opportunity to participate in the Launchpool is subject to eligibility based on the user’s country or region of residence. Several countries, including the United States, New Zealand, North Korea, Iran, and others, currently face restrictions.