Buy MultiversX
EGLD
About EGLD
Native token of the MultiversX blockchain, multi-faceted EGLD can be used for staking, governance and transacting smart contracts. It’s how validation gets rewarded. EGLD runs the network.
MultiversX aims to incentivize a distributed network of computers to run a smart contract platform, fostering an ecosystem of decentralized applications (dApps) key to decentralized finance (DeFi). DeFi-focused protocols continue to attract investors and captivate the financial landscape.
MultiversX employs two unique features.
One is Adaptive State Sharding. This is the process of splitting the MultiversX infrastructure to support more transactions/applications.
Another is Secure Proof-of-Stake (SPoS). This is the consensus mechanism devised to synchronize separate network components to a common ledger.
MultiversX having smart contract compatibility owes to the Arwen Virtual Machine. (A quick search of “Arwen Virtual Machine” leads here.)
Sharding is a term you may have come across; it involves breaking up a blockchain into multiple pieces or shards, increasing transaction speed. Transactions, divided between different clusters of validator nodes, processing shards in parallel, weird, wild, who knew?
MultiversX’s adaptive stake sharding takes this idea to the next level by dividing transactions, validators, and even the record of transactions between shards.
More history: In June 2019, the project raised $1.9 million from a group of early-stage private investors. Later that same month, MultiversX held an Initial Exchange Offering (IEO). That raised $3.25 million in exchange for one-fourth of its total token supply.
At the time, MultiversX distributed its native token, ERD; after the project launched its main net (in July 2020), MultiversX switched to EGLD, enabling investors to swap ERD for EGLD. Momentum has been sparked by the launch of the Maiar exchange. It’s a DeFi protocol built on the MultiversX network, allowing users to supply/swap liquidity.
The final component MultiversX needs to complete to reach main net maturity is the Maiar wallet, its user-friendly front end. MultiversX envisions having billions of users by 2040.
The current price of EGLD
As of early November 2021, EGLD was about $274. It reached its all-time high of about $300 in September of 2021. Since October of 2020, EGLD has risen more than 4,000%.
How the price of EGLD is determined
EGLD supply is limited; the maximum supply can never exceed 31,415,926 EGLD, but this number will decrease as more transactions are processed.
The original MultiversX token, ERD, had a maximum supply of 20 billion.
MultiversX’s revamped economic model was meant to make EGLD scarce, while maintaining the financial incentives required to run a PoS chain, according to analysts writing a piece on Medium.
Investors may seek to buy EGLD and add it to their portfolio should they believe the market will favor scalable application platforms.
What the bulls are saying
MultiversX continues to integrate and continues to make partnerships. MultiversX's “ecosystem is expanding just as fast as Solana.”-Altcoin Daily host Aaron Arnold.
According to data from Cointelegraph Markets Pro, market conditions for EGLD have been favorable for some time.
”It’s often said that there is no single crypto project that can do it all. This may be true, but there is one that comes close, MultiversX. It has combined the scarcity of Bitcoin, the programmability of Ethereum and the speed of next-generation cryptos, like Solana (SOL) to create a network unlike any other.” - Blogger-analyst Sales Wallet on Medium.
What the bears are saying
The EGLD price was rising in fall of 2021 because of the overall rebound of the markets but "this is likely a dead cat bounce," BanklessTimes said, pointing to the possibility of coming bearish trend.
While things seem to be heading in favor of the bulls, a breakdown of support levels likely will invalidate the bull thesis and indicate weakness among buyers, opening the path for further downswings, said Finans & Biz.
While things seem to be going well, a technical breakdown will indicate a weakness among buyers, FXStreet said in September 2021.
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This content is correct as of January 2023.
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