The following is NOT financial advice and it is NOT a comprehensive description of Elrond’s blockchain technology as well as the Maiar Wallet. The following text strictly reflects my personal views and experiences derived from how I process and analyse things.
On 31.01.2021, the Maiar app or the Maiar Wallet was successfully launched in the Apple as well as the Googleplay Store. Within a few days, a large number of people downloaded the wallet on their mobile phones.
The wallet is really easy to use, almost self-explanatory, you enter your phone number in the beginning, no KYC is required and off you go. However, before you can receive eGLD as a deposit or buy eGLD directly, it is mandatory to save your 24 word seed phrase in writing (my personal favourite) or via file. The option of Apple iCloud or Google Drive is also offered. Whether you save your seed, which secures you access to your wallet in case you lose your access, in a cloud is up to you.
The direct purchase of eGLD is handled via MoonPay. This requires an account with MoonPay. Other payment options are sure to follow soon.
You can create a herotag — this means that instead of your long wallet address, you can simply use your own chosen name for sending and receiving eGLD, BNB as well as ETH (further tokens will be available in the future according to information from Elrond). The respective addresses for eGLD, BNB as well as ETH can be found in the settings under Privacy, if they want to be used otherwise.
Four windows are integrated into the Maiar wallet in a nice way. The first one shows the current own stock of eGLD. If you drag your thumb downwards, the value updates according to the real-time rate. Clicking on the window opens a view of all tokens received or sent.
The second window shows the opportunity, i.e. the possibility of Elrond or eGLD. This window shows how many eGLD are currently in circulation. Currently 17.1 million eGLD are in circulation, i.e. not yet the full number available. Of these, 56.87% are in circulation and 43.13% are freely available (although a large number of these are certainly on the waiting list for delegation or staking).
If you click on the window, a message appears saying that there is a limited supply of eGLD for staking and receiving rewards (i.e. interest). With each new user joining, there will be less eGLD available. Seize your opportunity and stake eGLD early.
The third window shows the potential of eGLD and is meant to show the scarcity of eGLD depending on the number of users. The graph is a model of what could happen if multiple users were to use the Maiar Wallet and buy this eGLD, increasing demand. The Elrond team has considered several statistical models (among others stock-to-flow) of what could happen to the price of eGLD in a specific case.
For newcomers to crypto, this curve may therefore seem confusing and they compare the current price value with the number of users. But this curve is not a real representation, but reflects the possible potential. And here Elrond relies on adaptation.
Clicking on the window brings up a notice that Holder’s Party is an eGLD joke about user growth. EGLD is scarce. The more users join Elrond and hold eGLD, the fewer eGLD tokens will be available. With less available, a price effect could kick in. Get your eGLD early, be a holder, join the part
In the fourth window you can set a weekly saving target. This can also be set to every fortnight or monthly payments. You can also set a reminder function.
The Maiar Wallet has been on the market for a week and there will certainly be numerous updates to follow to provide even more clarity in its operation and also in the windows, graphs and ideas behind it.
Under the “?” button, you can also search for terms or send a message directly to Elrond. The support team usually responds within a very short time to questions, requests, suggestions and criticism, which are very welcome.
For more information about Elrond and Maiar please visit the following links:
