Elrond, a new blockchain network, has been in the news lately. Up until the 19th of November, the price of EGLD was valued at $300, but just a few days later, the token coin soared up to $492, rising up by almost 60%.
Market experts and crypto enthusiasts reason that this price hike can be credited to Elrond’s $1.29 billion liquidity incentive program, which was introduced just last week. The new initiative was designed to supercharge the launch of Maiar – Elrond’s native DEX.
Maiar, also called MEX, will be used by Elrond to transfer the funding of $282 million it earned for users within the first month to enable them to gain liquidity in EGLD, USDC, and MEX.
On the same lines, Elrond distributed ownership of MEX tokens that can be claimed by over 60,000 accounts. This brings into the picture a fully global finance system that can be used by people all over.
Following up on the initial month’s liquidity incentive program, the company already has several other follow-up programs in its books.
In addition to this, Elrond is also Europe’s first carbon-negative company involved in blockchain technology, thanks to its partnership with Offsetra – a company that works on bringing down CO2 emissions. The company also collaborated with Panther Protocol to bring interoperable privacy and better disclosure on the network.
Elrond’s growth can be attributed to its activities that involve people on an incentive basis. The platform provides people the opportunity to liquidate their tokens, which equates to more freedom.