Saturday, June 10, 2023

DeFi and Cross-chain Fueled Elrond’s Rally


The release of the Maiar wallet and the integration of DeFi with the Binance Smart Chain is just a couple of the recent developments that have fueled Elrond’s 700 percent increase in value to $216.

The price of Elrond (EGLD) has surged by more than 700 percent since the beginning of February. New collaborations and protocol enhancements increase investor trust in the project. Elrond is a blockchain system that intends to provide high transaction speeds for usage with decentralized applications, enterprise use cases, and the emerging internet economy. This uses sharding.

The release of the Maiar wallet has a range of user-friendly features such as the ability to make social payments through herotags. Consequently, Bitcoin had its most recent price increase. Additionally, the upgrade allows EGLD to wager its tokens in order to gain incentives.

According to the team, the Maiar wallet functions on a blockchain channel of the internet-scale network. It provides consumers with more streamlined payment channels. Users will be able to make payments and transmit money through an interface. Also, it is comparable to that of sending direct messages to phone contacts. The wallet will also provide high-end security as well as a gaming experience.

EGLD’s New High

According to data from Cointelegraph Markets and TradingView, EGLD climbed from $60.55 on February 1 to a new high of $216.98 on February 9. Therefore, it indicates a significant increase in value.

The upward trend in the price of Elrond became visible in December 2020. Just as Bitcoin was about to break beyond $24,000 for the first time, an eToro listing drew additional attention to EGLD and other cryptocurrencies.

After the Elrond Network team revealed on January 25 that it would be interoperable with the Binance Smart Chain, the price of the cryptocurrency continued to rise. This upgrade enables cross-chain participation in the DeFi opportunities available on multiple networks, as opposed to previous versions.

Elrond’s Allaiances

Elrond’s introduction to DeFi immediately followed a significant increase in tweet traffic. It hit an all-time high on February 8 when the Maiar wallet reached 100,000 users and processed more than 2 million transactions on the Elrond network.

Aside from the integration with Binance Chain, Elrond has also formed a number of strategic alliances. These are alliances with major players in the cryptocurrency field. In particular, a relationship with Razor Network (RAZOR), a decentralized oracle provider, has introduced scalable data streams. Also, EGLD has recently been listed on Coinbase custody.

While the price of EGLD has increased by 738 percent since the beginning of 2020. The project’s admission into DeFi and the formation of new partnerships have laid a solid foundation for future growth. Moreover, the increased interest in cryptocurrencies enhances the use case for Elrond. At the same time, it also increases its chances of experiencing significant price gain in the near future.


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