Elrond is a scalable, fast ‘smart’ contract network. The platform saw impressive traction this week. Improved mode saw EGLD gaining by approximately 9% within the past 24hr, trading above the $50 zone.
While publishing this post, the altcoin traded at $51.15 (Coinmarketcap data). That’s an impressive performance given the prevailing weary actions in the marketplace. The pertinent question remains, what catalyzes Elrond’s ongoing upswing?
Connection with Nature
The past few years saw decentralized finance (DeFi) products invented, navigated, and refined. Some of the products appear prepared for massive adoption. Jungle DEX is among such blockchains. The team perceived this as not only a product launch but a gateway to raw, real innovation.
The official blog expressed the thrill of Jungle DEX’s introduction. The post referred to it as an AMM network where individuals can trade and list ESDT tokens. Jungle DEX meant a massive step to decentralization as it uses Maiar DEX technology.
That introduced an open community practice. The network capitalized on the DEX governance functionalities to be permissionless and automatic. Meanwhile, each Elrond-based project would have a chance to build a marketplace for its currency. That would help them access new audiences.
The AMM DEX features by the Maiar exchange would ensure a top-notch trading experience for investors. The announcement highlighted a 1% swap chart for the projects. Meanwhile, the min first liquidity would stand at $20,000.
Elrond’s CEO Beniamin Mincu also revealed his zeal in a June 3 tweet. EGLD maintained high development activity following the initiatives on the Elrond blockchain. The metric hovered at 30 during this publication.
EGLD token witnessed surged volume within the past week. That shows investors re-joining the market regardless of the prevailing market conditions.
Though price surges weren’t substantial enough, they confirmed a positive case following a period of massive retracements. However, concerns emerged from the Elrond-based decentralized exchange Maiar DEX.
The platform detected suspicious activities. That led to downtime that lasted over 12 hours. Such developments triggered sharp price declines in Maiar’s Native Coin (MEX) and Elrond token (EGLD).
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