According to online news sources, the blockchain platform Elrond has reportedly announced that it is moving into the Metaverse. On February 1, 2022, the company launched a new decentralized finance (DeFi) product called Metastake. This powerful new product has been tailored specifically for the Metaverse. As per the company announcement, the Metastake innovation will be unique to the decentralized exchange, Maiar. It will also be one of the first products that will combine yield farming, token sharing, and liquidity providing in a single package.
Elrond aims to combine the utility of basic token farming with LP token farming into a whole new concept through Metastaking. Metastaking will yield rewards for both classic and LP token farming. Besides this, Metastaking will also provide token holders a simple way to stake their tokens for the long term. They will be able to earn rewards for doing this as well. Metastaking will provide the liquidity providers with an additional income stream. They will be able to earn a third type of reward in the form of a staked token, besides the LP fees and the LP staking farm.
The blockchain platform has stated that the first Metastaking would be for the holoride RIDE token. The pioneers of the Metaverse will be able to stake both EGLDRIDELP and RIDE Farm tokens while simultaneously earning RIDE rewards. The long-term holoride supporters will get a powerful and simple staking mechanism for staking their RIDE holding. They will also get options for compounding their rewards for better benefits.