Elrond was up 60% in three days, hitting a high of $ 462 after announcing a new liquidity incentive program, as we can see more in today’s altcoin news.
The popular blockchain network Elrond has risen 60% in three days and has gained even more popularity in recent weeks, which ultimately drove up the price of the native EGLD token. Until November 19thNS However, when the EGLD price was fixed at around $ 300, that changed dramatically last Friday when the token hit a new all-time high of $ 492. One of the main reasons behind the price hike could be due to the $ 1.29 billion liquidity incentive program that Elrond launched a week ago. This initiative aims to advance the imminent introduction of the decentralized Maiar exchange.
According to a press release released today, DEX will use the MEX governance token and utility to transfer funds and $ 282 million of the total will be distributed to exchange users in the first month. The exchange provides liquidity in MEX, USDC and EGLD . Elrond has distributed ownership across approximately 60,000 accounts in the form of claimable MEX tokens, and network founder Beniamin Mincu said:
“By distributing ownership of Maiar DEX to the next billion users, we are laying the foundation for a truly global financial system that is accessible to everyone, anywhere.”
After the first month of distribution, the project will launch other programs aimed at other users of the larger DeFi platform in the ecosystem. Customers can claim MEX tokens according to their activity in relation to other products such as SushiSwap, PancakeSwap and Uniswap. While EGLD’s price increase of 60% in the last few days sounds impressive, its growth since the beginning of the year is estimated at around 1,950%, while it was trading at around 1,950% in January. Elrond, based in Malta, has been involved in other projects and has even announced some developments in its network for the year. It partnered with Offsetra to reduce carbon emissions and became the first carbon-negative blockchain company in Europe.
Elrond has teamed up with Panther Protocol is a scalable solution for building private infrastructures for blockchains. The blockchain company has also announced it will acquire Capital Economic Companies, a Romanian cryptocurrency platform based on crypto and electronic payment solutions.