Knowledge

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 6

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.

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.”

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 7

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.

Source: Santiment

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

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

1 hour ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

2 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

2 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

3 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

3 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

3 hours ago

This website uses cookies.