This is why the Elrond (EGLD) price is skyrocketing

Elrond has been making significant progress in recent days. The EGLD token has risen by more than 70% in the past few days. In this article you can read the reason for the huge price increase.

Why is the EGLD price rising?

Just 4 days ago, the Elrond price was below $300. Today the price is already at $533. That means that the price of the EGLD token has increased by more than 60% in 4 days.

EGLD 4-hour chart – Source: Tradingview

One of the main reasons behind the price hike is the $1.29 billion liquidity stimulus program that Elrond launched Friday. The initiative is aimed at the upcoming launch of the platform’s decentralized exchange, dubbed Maia.supercharge“.

According to the press release, the DEX will use its utility and governance token, called MEX, to transfer the funding. $282 million of the total amount will be distributed in the first month to those trading platform users who provide liquidity in EGLD, MEX and USDC.

Elrond has already distributed the funds to more than 60,000 accounts in the form of MEX tokens.

After the first month of distribution, the project plans to continue follow-up programs “targeted at the users of the largest DeFi platforms in the ecosystem.” Those customers can claim MEX tokens in proportion to their activity with products such as Uniswap, Pancake Swap or Sushi Swap.

Elrond rises by 2,000 percent in 1 year

While the 70% price increase over the past week may sound impressive, the token’s performance on the annual chart is even more impressive. The Elrond price was still around $24 on January 1, 2021. That means that the price has risen by more than 2,000% in 11 months.

Elrond got involved in many projects and announced various developments on his network throughout the year. In August, it partnered with Offsetra (a company focused on reducing carbon emissions) to become the first carbon-negative blockchain company in Europe.

In October, Elrond began collaborating with the Panther Protocol. This is a solution for building scalable private infrastructure for the internet of blockchains. The partnership aimed to bring interoperable privacy and selective disclosure mechanisms to the Elrond network.

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