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Is Elrond(EGLD) Price Rise On The Market Charts Short-lived?

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Highlights

    Elrond forays into the emerging world of De-Fi results in massive growth in the metrics of the network.

    Traders pin hawk’s eye over the network’s growth potential in the space.

 The Elrond network has been growing consistently at a constant pace, outperforming several others in the industry. Elrond’s foray into the De-Fi space has imparted leaps and bounds of growth to the metrics of the network. Which has left enthusiasts in the community spellbound.

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Consecutively, makers of the network have set a $1.29 billion liquidity incentive program to empower the rise of the network. The network is witnessing an overwhelming response, following the incentive program. Meanwhile, traders have pinned hawk’s eye on the token.

Elrond’s Impeccable Uphill Trek!

 Elrond is in the buzz across public platforms, with the network entering the world of De-Fi. The Maiar DEX launch has made way for the network’s rise. According to sources, the network has processed 1M+ transactions in a day. As the protocol nears the 1 Million accounts milestone.

The network has seen the successful launch of Maiar DEX, the Elrond-Ethereum bridge going live. And the optimization of storage in recent times. Sources also suggest that The platform has fathomed $200 million in TVL in just one day. With the DEX going live, the platform is handling over 15,000 simultaneous connections without any issues. While dealing with the protocol efficiently.

The network has seen over a billion dollars in TVL, with a market cap of about 1.8 billion. The makers have set a $1.29 billion liquidity incentive program to propel the growth of the network’s metrics. The incentives will be given to users who will be providing liquidity in EGLD, MEX, and USDC tokens. The recent surge in metrics is owing to the De-Fi users that logged in to the Maiar Exchange platform.

Is Elrond (EGLD) Price Inching Towards The Moon? 

 The digital asset at press time is trading at $453.74, with healthy gains of 15.1%. While the market cap is at about $8,843,227,075. The intraday trade volumes are at $991,616,202. EGLD is currently rising with a bullish stance, the token has hit its ATH of $453.26 a couple of hours prior to press time. The price of Elrond has risen over 40% since the past week.

Collectively, the bullish momentum of Elrond has been praise-worthy. The protocol’s move towards De-Fi will be extremely beneficial for the platform, and to the consumers as well. With the current momentum in place, we can expect the $500 price tag to be nearing in the near future.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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