Elornd’s price is up more than 19% today, making it the biggest gainer on Crypto.com. Elrond has a market cap of $9.3 billion and a 24-hour trading volume of $1.2 billion, so he has the market’s attention today. Let’s take a closer look at Elrond and its token EGLD to see what the fuss is all about.
What Exactly Is Elrond?
Elrond, which will be launched in September 2020, bills itself as “The Internet Scale Blockchain.” It is a blockchain-based platform that is highly scalable, fast, and secure, and is intended for the development of dApps and enterprise use.
Elrond is a BEP-20 token that can be found on the Binance Smart Chain. It can be traded on a variety of exchanges, including Binance, KuCoin, Crypto.com, and many others.
Elrond’s scalability potential via Adaptive State Sharding is one of its most intriguing features. When compared to previous blockchains, this new technology provides a 1000x increase in throughput.
Furthermore, the Elrond blockchain is extremely developer friendly, as it incorporates the WASM VM engine and supports multiple smart contract languages.
Why is the price of Elrond increasing?
The most recent Elrond news is an announcement on Twitter about an integration with Maiar DEX, which processes over 1 million transactions per day. Furthermore, the team is nearing the 1M account milestone, proving that Elrond is the real deal.
Elrond’s recent price increase is largely due to recent milestones and a partnership with a decentralized exchange, which reinforces investors’ confidence in the project.
Tokenomics and Elrond Price
With a current market cap of $9.3 billion, Elrond is on the verge of surpassing the $10 billion mark, a feat only a few cryptocurrencies have achieved.
There are 22.7 million Elrond tokens in total, with 19.7 million in circulation. Elrond is the 23rd largest cryptocurrency on the market at the time of writing.
With Ethereum gas fees on the rise, scalable blockchains such as Elrond are desperately needed to allow the crypto ecosystem to continue its exponential growth. Other scalability tokens, such as Loopring and Celer Network, have seen dramatic price increases as a result of increased demand for such projects.
Elrond is a great long-term bet for 2022, as scalability projects could be the next big thing in crypto.