What Is Elrond (EGLD)? All About EGLD Token

Elrond Network recently launched a DeFi Liquidity Program up to $1.29b billion USD. This is the largest support package in the current market, surpassing Binance’s support package at $1 billion USD.

So what is Elrond Network, how does it work, let’s find out in this article.

What is Elrond?

Elrond is a blockchain platform that can process transactions at high speeds and provides security for the network by utilizing Proof-of Stake (PoS) mechanism. Elrond claims their network can support up to 100,000 transactions per second while maintaining permissionless, low transaction fees and easy to access for everyone.

The network is designed to solve the scalability issue and compete against other blockchains such as Ethereum, Zilliqa or Polkadot.

How does Elrond work?

Elrond offers many advanced features in common with other blockchain platforms such as smart contracts, transaction settlement or launchpad. However, the network has these main features which separate from other platforms.

Adaptive State Sharding

Sharding in the Elrond network was designed from the ground up to address the complexity of combining network sharding, transaction sharding and state sharding. The result is a cohesive protocol design, which not only achieves full sharding, but attains the following goals as well:

• Scalability without affecting availability, which requires that increasing or decreasing the number of shards should only affect a negligibly small vicinity of nodes without causing downtimes, or minimizing them while updating states.
• Fast dispatching and instant traceability, which require that computing the destination shard of a transaction must be deterministic and also trivial to calculate, eliminating the need for communication rounds.
• Efficiency and adaptability, which require that the shards should be as balanced as possible at any given time.

Secure Proof of Stake

Elrond’s approach for consensus is called Secure Proof of Stake (SPoS). It innovates in the manner in which validator nodes are selected for consensus out of a shard and also in the steps taken by the validators to complete the consensus process as efficiently as possible.

The SPoS also offers a high-security level by randomly sampling the consensus group and randomly selecting nodes to other shards to prevent collusion.

The Elrond WASM VM

Elrond built a fast and secure virtual machine to play a central role in modern blockchain networks which called Elrond VM. The virtual machine offers fast and secure platform to execute smart contracts in any programming language while maintaining these features:

• Statelessness.
• Out-of-process e execution.
• Fast execution engine.
• Asynchronous calls between contracts.

What is EGLD token?

EGLD is the native token of the Elrond Network. The token plays a key role in powering and maintaining the whole network. It can be used for transaction fees, rewards for network contributors and running smart contracts.

Furthermore, holders of EGLD can receive rewards with newly minted EGL and have the ability to vote on proposals of the network.

Detailed Information about EGLD Token

EGLD Token Metrics

• Ticker: EGLD
• Blockchain: Elrond Network
• Token Standard: BEP-2
• Contract: Updating
• Token type: Utility Token
• Total Supply: 20,397,843 EGLD
• Circulating Supply: 20,351,054 EGLD

EGLD Token Allocation

EGLD tokens are distributed as follows:

EGLD Token Sale 

EGLD was offered at IEO for $0.65 USD per token and $0.5 USD per token at the Private Sale.

EGLD Token Release Schedule

How to buy EGLD Token

You can buy EGLD on these listed centralized exchanges: Binance, Kucoin, Binance,…

Alternatively, you can use Coin98 Exchange to swap other tokens for EGLD.

Learn more: How to use Coin98 Exchange

How to get EGLD Token

Users can stake EGLD tokens to earn passive income with Elrond Web Wallet. Detailed about the staking guide can be found here.

How to store EGLD Token

You can store the EGLD token on Coin98 Wallet with these steps:

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search EGLD Token.

Step 3: Click on the correct result, copy the wallet address and send EGLD to this address.

Roadmaps and Updates

In Q1 2022: Elrond Network will develop these areas:

• Onchain Governance.
• Staking Phase 4.

Team, Investors, and Partners

Team

Elrond is built by a team of entrepreneurs, along with 13 engineers and researchers who have worked at various tech companies, such as Microsoft, Google, Intel, and NTT DATA, and have experience working with blockchain platforms. 

Detailed information about other members of the Elrond network can be found here.

Investors & Partners

Elrond is funded by highly respected and reputed venture capitals such as Binance, AU21 Capital, NGC Partners and Maven 11 Capital. They have raised a total of $1.9M in a seed round from July 2019.

Since mainnet, Elrond has partnered with a wide range of projects in different categories to accelerate the development of the network.

Notable partners include: Binance, FTX, Bitfinex, eToroX.

Is EGLD a good investment?

This article has provided some of the main ideas related to the EGLD token and its implications. Still, it is important to note that there are a few key points that investors should take into account before making investment decisions:

In November 19, 2021. Elrond announced a huge $1.29 billion USD liquidity incentive program. This is the largest DeFi incentive program to date and represents a strong step toward the development of DeFi on the Elrond network. With this massive incentive program, Elrond intends to create one of the strongest and fastest liquidity bootstrapping mechanisms in the market.

The Elrond network has been mainnet for quite some time with one of the largest incentive programs. However, the total value locked on the network is still under the radar with only $873 million usd fund locked.

Statistics show that Elrond has not really developed like other leading blockchain platforms like Avalanche or Solana. They need to speed up their development process.

Similar Projects

There are many blockchain platforms in the market. This analysis from Coin98 Analytics will give you an overview of similar projects to Elrond including advantages and disadvantages of each platform.

Conclusion

I hope you have gained all of the important information about EGLD including its features and highlights throughout this topic.

If you have any questions about ELGD or want to know more about EGLD, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.