The mainnet now supports EDST and NFTs thanks to Elrond Network’s v1.1.50 release.
The debut of Maiar Exchange’s native fuel and governance token, MEX, strengthens the altcoin ecosystem even further. The price of EGLD is expected to rise by 40% as it recovers from a newly printed demand barrier.
Elrond has made essential upgrades to its mainnet that could accelerate adoption. In fact, the EGLD price appears to mirror this bullishness, having recovered off a significant level and forecasting an ascent.
Examples of Blockchain Technology
The long-awaited Elrond Standard Digital Token (EDST) and Non-Fungible Tokens (NFTs) are now available on the mainnet. Elrond recently said that the new EDSTs would not necessitate the deployment of smart contracts.
Less expensive than Ethereum and other smart contract blockchains, EDSTs will improve network efficiency and transaction times.
In addition, the patch contains NFT frameworks for developers and producers to experiment with.
EDSTs are easier to generate, administer, and transmit than other cryptocurrencies due to their speed and cheap transaction fees.
Maiar, a cryptocurrency exchange based on the Elrond architecture, has launched MEX, a cryptocurrency exchange token.
Any user with EGLD can make a claim on MEX, which is now part of the Maiar Exchange ecosystem.
The MEX cryptocurrency is a huge step forward for the MEX ecosystem, according to the announcement. The community will have complete ownership and control over the first token issued on their mainnet.
Work on the Elrond blockchain increases its value, making it an attractive investment prospect.
Elrond’s Value Rises
On the 12-hour chart, Elrond has rebounded from the 50% Fibonacci extension at $15.39, indicating renewed buyer interest.
The violation of a newly printed demand zone from $153.62 to $177.85 is assisting the stock market surge.
Passing the 40 percent test may justify another effort to break out above the swing highs of $216.79 and $245.77.
If EGLD achieves a decisive close over $190.68, it will provide additional support to the bull movement in general.
If, on the other hand, the EGLD price fails to hold its position above the demand zone and invalidates its lower band at $153.62. The bullish thesis will be proven incorrect, resulting in the initiation of a downtrend.
In such a scenario, Indeed, the price of Elrond might decrease by 14 percent to the $131.46 support level.