The launch of Maiar, the network’s initial app, will be a significant milestone in Elrond’s progress over the next year.
The native asset ELGD could go down by 212 percent, as concluded in a report on Elrond’s blockchain network. By comparing the token’s price to comparable intelligent contract networks, the Picolo Research analysis concludes that EGLD may have more opportunities to grow. Especially given the attractive APY offered for staking.
Independent Review
Picolo Research is a non-profit organization that researches cryptocurrencies and tokenized initiatives. Its most recent study paper sheds light on Elrond. It is a scalable decentralized application network that debuted its mainnet in late 2020. Two separate frameworks for valuing the EGLD token swapped 1:100 for the initial ERD token last year. These are included in a generally positive assessment of the ecosystem’s health.
According to Picolo Research, the EGLD’s actual value is far higher. It goes around $68, but the token’s current selling value is roughly $27. Additionally, the paper compares this valuation to other cryptocurrency networks using the same criteria. This concludes that EGLD has the most upside potential of any asset. One factor contributing to this decision is the excellent APY offering for staking EGLD. It is nearly double that of Ethereum at 29 percent. The report states that the reward options are substantially more significant for other blockchains. With solid demand for staking assets, Picolo’s research predicts the adequate circulating supply to shrink dramatically. It results in a supply shock.
Maiar’s Launch
A pivotal moment in Elrond’s progress over the next year will be the launch of Maiar. Maiar is the network’s first app and thus a litmus test for everything that follows. Maiar will function as a general-purpose wallet and staking application, complete with a fiat onramp, providing the Elrond ecosystem’s gateway. Elrond’s capacity to lower entry barriers into the cryptosphere will determine if it becomes the main blockchain capable of onboarding the masses.
At this point, the indicators are encouraging; more than 180,000 users have registered for early access to the app, which launches at the end of January. Elrond also compares favorably to its counterparts when community growth and engagement obtains measurements using industry-standard criteria. It is second only to Cardano regarding community interaction among the eight layer-1 networks analyzed in the paper, despite founded more recently than Algorand, Hashgraph, and Polkadot.
Elrond also dominates other benchmarks, like account creation and transaction count, which are critical indicators of layer-1 acceptance. Elrond – less than 150 days old – is comfortably ahead of Hedera Hashgraph, Polkadot, and NEAR with 1.2 million transactions far from over 80,000 accounts. Blockchain adoption is about onboarding the following billion people, not about vying for market share with the current 100 million. Nonetheless, the results contained in Picolo Research’s recent analysis will provide comfort to Elrond’s team and the growing community as anticipation for the Maiar launch grows.
