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The MAX IV 3 GeV electron storage ring in Lund, Sweden, is the first of a new generation of light sources to make use of the multibend-achromat lattice (MBA) to achieve ultralow emitance and hence ultrahigh brightness and transverse coherence. The conceptual basis of the MAX IV 3 GeV ring project combines a robust lattice design with a number of innovative engineering choices: compact, multifunctional magnet blocks, narrow low-conductance NEG-coated copper vacuum chambers and a 100 MHz radio-frequency system with passively operated third-harmonic cavities for bunch lengthening. In this paper, commissioning and first-year operational results of the MAX IV 3 GeV ring are presented, highlighting those aspects that are believed to be most relevant for future MBA-based storage rings. The commissioning experience of the MAX IV 3 GeV ring offers in this way an opportunity for validation of concepts that are likely to be essential ingredients of future diffraction-limited light sources., (open access.)