The Elrond project launched the main blockchain along with a new DeFi app, staking system and other features. Before launch, the ERD price rose 350%.
The launch of the mainnet follows a successful testnet with over 1,500 nodes in 29 countries and 50 shards capable of processing 260,000 transactions per second. The rollout of the mainnet changes the economic model for issuing ERDs, cutting the supply from 20 billion to 20 million coins. Over the next ten years, the level of emissions will gradually decline, starting at 10% in the first year.
Approximately 40,000 users are already on the waiting list to test a mobile and web application called Maiar, which will be integrated into DeFi protocols. The application will have wallet, staking and lending functions.
Elrond’s developers claim that the blockchain has high throughput, security and low latency. It is positioned as an alternative to the existing global economic infrastructure, and claims to be the first project, which uses the technology of adaptive and sharding algorithm “secure evidence stake» (Secure Proof-of-Stake , SPoS) to achieve high-speed transaction processing and security.
The ERD price has been on the rise for a month as the launch date for the main network approached. Since the beginning of July, the ERD has risen 350%, reaching an all-time high at the beginning of the week when its price was $ 0.029. ERD’s market cap is currently $ 314 million and the coin price has dropped to $ 0.023, according to CoinMarketCap .
The interest of the Elrond project in the DeFi industry is not surprising – it has grown rapidly in recent months. Recently, the volume of cryptoassets blocked in DeFi applications reached $ 3 billion, and in less than a week it exceeded $ 4 billion.