Elrond: Decoding The Reason Behind EGLD’s Breakout Effort

Elrond, a fast, scalable smart contract blockchain network has seen a strong breakout in the past few days.
Elrond: Decoding The Reason Behind EGLD's Breakout Effort

In fact, the price of EGLD has increased by 14.9% from $46.8 on June 30 to $53.81 at the present time. Indeed, this is an impressive increase in the midst of very difficult market conditions at the moment.

Elrond: Decoding The Reason Behind EGLD's Breakout Effort
EGLD daily chart. Source: CoinCu

So the question right now is what really triggered this rally?

Connect with nature

In just a few short years, DeFi products have been invented, discovered, and refined. Some of them are ready for mass adoption. One such blockchain is the Jungle DEX. The team sees this as “not just a product launch, but an open door to real, raw innovation.”

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An official blog post stated:

“We are thrilled to introduce Jungle DEX: an AMM platform where any ESDT tokens can be listed and traded. Powered by technology derived from the Maiar DEX, the Jungle DEX is a major step toward decentralization.”

This new development introduced a new open community listing process. The network aims to become fully automated and permissionless with DEX governance features. Every project based on the Elrond ecosystem will have the opportunity to create a market for its token while helping them reach a new audience.

Elrond: Decoding The Reason Behind EGLD's Breakout Effort

Maiar exchange AMM DEX elements will give users a premium trading experience. The announcement mentions a 1% swap fee for projects. Meanwhile, the minimum initial liquidity will be $20,000. Beniamin Mincu, CEO of Elrond also shared his enthusiasm in a June 3 tweet.

With such initiatives, organized on the Elrond network, the development activity of EGLD has maintained its high position. At press time, the index stands at 30.

Elrond: Decoding The Reason Behind EGLD's Breakout Effort
Source: Santiment

ELGD’s trading volume increased last week, indicating that investors/traders have returned to the network despite market conditions.

Elrond: Decoding The Reason Behind EGLD's Breakout Effort
Source: Santiment

Reaching further

Although the price increase is not significant, it highlights a positive scenario. Especially after witnessing a major correction after Maiar Exchange (Maiar Dex), a decentralized exchange deployed on the Elrond network, detected a “series of suspicious activity”, leading to a downtime of more than 12 hours.

Immediately following this incident, both the Elrond token (EGLD) and Maiar’s Native token (MEX) plummeted.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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