Elrond, a popular blockchain network, has recently gained a lot of attention. The price of its native token, $EGLD, just skyrocketed. In just four days, it increased by 80%. On November 19th, the price was around $300. Now, the price is around $530.
Therefore, in this article, you will discover why Elrond Network is having such successful growth:
The main reason for such a rise in the price of $EGLD is the news that has come from Elrond Network. It came from the announcement of a USD 1.29 billion liquidity incentive program.
Last week in $EGLD ⬇️
🌕 @MaiarExchange official launch
🌊 $1,29 Billion USD MEX Incentive Program
↔️ Elrond – Ethereum Bridge v1 USDC
📊 $1,9 Billion USD TVL on Maiar DEX
⚡️ $2.5 Billion USD $MEX marketcap
🛠 Weekly #elrondtech pic.twitter.com/E0ZyMdA8V4
— Elrond ⚡️ (@ElrondNetwork) November 22, 2021
Furthermore, the team is nearing the 1 million account milestone. It demonstrates that Elrond is the real deal. Therefore, $EGLD recent price increase is primarily due to recent milestones and cooperation with a decentralized exchange. That confirms the investor’s trust in the project.
The Maiar DEX launch has ignited a new growth chapter for @ElrondNetwork DeFi, which is reflected in all the key mainnet metrics:
1M+ TXs processed in a day, as we near the 1M accounts milestone.
Internet-scale DeFi is here.
Weekly #elrondtech 🛠️ pic.twitter.com/dAKepWeE5q
— Adrian Dobrita (@AdrianDobrita) November 21, 2021
According to the Elrond team, the launch of the Maiar DEX could be the “biggest Defi incentive program to date.” Also, $MEX is the Maiar DEX native token and governance token. It will be used to transfer the funding. In the first month, $282 million will be distributed to DEX users that provide liquidity in $EGLD, $MEX, and $USDC. The program started with the official launch of the DEX on November 19th.
Maiar DEX – step 3 is now live.
EGLD/USDC swaps + farm are enabled.
The final step, EGLD/MEX swaps + rewards is coming live in ~30-60 min.https://t.co/vicSHJi66O https://t.co/0FF0wUzp6N
— Beniamin Mincu 🔥 (@beniaminmincu) November 19, 2021
Another significant improvement in Elrond Network was the launch of the Elrond-Ethereum bridge. In this bridge, users can transfer USDC tokens between both chains with a minimum of 2500 USDC with a 50 USDC fee per swap.
Source: Elrond Bridge
About Elrond Network
Elrond is seeking to become the backbone of the internet economy that is permissionless, borderless, and globally accessible. Therefore, the platform can handle up to 10,000 transactions per second (TPS) with a 5-second latency and a minimal cost.. Elrond accomplishes this by introducing two significant innovations:
- Unique Adaptive State Sharding mechanism
- Secure Proof of Stake (PoS) algorithm
Both innovations enable linear scaling while also providing a quick, efficient, and secure consensus process.
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