xExchange

xExchange is the decentralized trading protocol of the MultiversX ecosystem, formerly MaiarDEX, using constant-product xy=k pricing with no order book, so users trade directly against liquidity pools after connecting a wallet. The underlying adaptive state sharding and WASM virtual machine process transactions across shards in parallel, with cross-shard atomic swaps preventing liquidity fragmentation, and a built-in router splits orders across multi-hop paths when target-pair depth is insufficient to cut slippage. Each swap charges a 0.3% fee distributed by fixed rules: a share flows back to liquidity providers, a share funds MEX buyback and burn, and the remainder goes to users holding energy.

Its incentive system revolves around MEX and xMEX: locking MEX mints xMEX and accumulates energy, and energy level determines farm yield boosts, metastaking boosts, metabonding reward shares, xLaunchpad eligibility and governance voting weight, with farm emissions split 40% base rewards and 60% boosted rewards for energy holders, while energy-removal penalties and 0.05% of swap fees also flow to energy holders. As the core asset-circulation hub of the MultiversX ecosystem, xExchange hosts ESDT token swaps, liquidity mining and ecosystem project launches, binding traders, market makers and token holders through shared revenue and governance rights.