Elrond has launched its mainnet on July 30, along with a new DeFi app, staking and a raft of new features followed by a successful testnet with more than 1,500 nodes in 29 countries, and 50 shards, running with a peak of more than 260,000 transactions per second.
Its ERD token has been on fire this month in anticipation to the long-awaited launch.
Elrond aims to achieve global scalability for money moving markets.
The launch drastically reduces the token supply from 20 billion to 20 million, altering the token economic model.
Over the next 10 years, the issuance rate will gradually decrease from around 10% in the first year, until no more tokens are issued.
An estimated 40,000 users have already signed up for the waiting list for the new mobile and web app called “Maiar”. It will be integrated into DeFi protocols with a wallet, staking and lending features.
Users can sign up with just a mobile phone number while offering optimum security features such as nominating “guardians” to manage multi-signature wallets.
Elrond is a high-bandwidth, high security, and low latency blockchain network touted as an alternative to the existing global economic infrastructure.
Elrond claims to be the first project to employ adaptive state sharding and secure proof-of-stake (SPoS) technologies to achieve both speed and security.
It is built upon regular sharding technology, or horizontal scaling, to encompass three types of sharding:
- state/storage — in what it calls “adaptive state” to achieve extremely high throughput.
Elrond’s native token, ERD, has skyrocketed this month as the mainnet launch nears. ERD has a current market capitalization of $340 million.
Once the token supply is cut by a factor of 10, prices may continue to gain momentum, especially when staking incentives are rolled out.
Crypto exchanges such as Bitfinex have already pledged support for staking services, and Crypto.com is already offering 6% interest on short-term deposits.