May 26, 2022
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UTK 2.0 Engage: The Utrust Token Gets Deployed On Elrond As Native ESDT To Kickstart The Web3 Payments Revolution

Utrust is the leading crypto payments service provider powering the new generation of Web3 payments that will be faster, cheaper and more secure, thanks to the highly scalable and efficient underlying Elrond blockchain infrastructure.

We recently announced the upgraded UTK 2.0 tokenomics that supercharge the Utrust token to transform it into a powerful digital currency that is ready for global adoption.

Today we are excited to announce the next important milestone in the Web3 payments revolution: the UTK token is coming to the Elrond Network as an ESDT token.

Accelerating Towards Web3 Payments and Merchant Yield

This important move will enable the token’s economy to expand using the Maiar Exchange and broader Elrond DeFi ecosystem, and make it easily available to 1 million users via the Maiar crypto super-app.

It is a strategic step towards unleashing the full potential of Web3 payments at internet-scale, that also moves us closer to our ambitious Merchant Yield product that will transform payments from a cost into an income stream for millions of merchants worldwide.

Timeline for the UTK 2.0 ESDT transition

The UTK token’s journey towards the Elrond Network will happen over a few days. First we will add UTK to the Ad Astra Portal, enabling ERC20 UTK tokens holders to bridge it to Elrond. We are working with our exchange partners to enable direct UTK withdrawals as ESDT on Elrond, to ease the transition for tokens currently deposited on exchanges.

Next, the UTK token will be listed on the Maiar DEX and will join Metastaking, enabling UTK holders to tap into three income streams resulting from liquidity provider fees, farm rewards and staking rewards, all at the same time.

The schedule is as follows:

  • Tuesday May 31 - UTK Bridge Integration
    ERC20 UTK tokens can be bridged to Elrond
  • Wednesday June 01 - UTK Liquidity Pool & Farm
    Add EGLD/UTK liquidity and stake LP tokens in EGLD/UTK farm
  • Thursday June 02 - UTK Swaps & Farm Rewards
    UTK Trading Starts, Farm Rewards enabled
  • Friday June 03 - Enable UTK Metastaking
    Stake EGLD/UTK Farm Tokens and/or UTK tokens for UTK rewards

The precise time when each of the steps will be live shall be communicated closer to the respective dates.

A new growth chapter for UTK and Web3 payments

Powered by the Elrond technology, Utrust enters a new growth chapter. One with significant ramifications for internet commerce and merchants worldwide.

Elrond and Utrust communities are aligned.

It’s time to bring global payments to the next level of efficiency and performance.

Author Profile Picture
Beniamin Mincu
Co-founder & CEO

Beniamin Mincu, the co-founder & CEO of MultiversX, is a distinguished tech visionary and one of Europe's early blockchain pioneers. With a notable background as Product & Business at Nem Core in 2014, he subsequently founded and led MetaChain Capital as its CEO. Beniamin continues to shape the future of technology and blockchain with his unwavering vision and leadership.

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Author Profile Picture
Beniamin Mincu
Co-founder & CEO
Published on
May 26, 2022
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