Elrond Surges 60% In 3 Days After News On Liquidity Incentive Program

Elrond surges 60% in three days, topping $462 after the announcement of the new liquidity incentive program as we can see more in today’s altcoin news today.

The popular blockchain network Elrond surges 60% in three days and it even saw bigger traction over the past few weeks which ended up propelling the price of the native EGLD token. Leading up to November 19th when the EGLD price was set around $300 but last Friday this changed dramatically with the token charting a new all-time high of $492. one of the main reasons behind the price expansion could have been the liquidity incentive program worth $1.29 billion which Elrond introduced a week ago. The initiative aims to supercharge the upcoming launch of the native decentralized exchange Maiar.

egldEGLD 24-hour Price Chart (Source: Coingecko)

According to the press release released today, the DEX Will use its utility and governance token MEX to transfer the funding and $282 million of the total amount will be distributed during the first month to those users of the trading platform who provide liquidity in MEX, USDC, and EGLD. Elrond already distributed ownership to about 60,000 accounts in the form of claimable MEX tokens and the founder of the network Beniamin Mincu said:

“By distributing Maiar DEX ownership to the next billion users, we lay the foundation for a truly global financial system that is accessible to everyone, everywhere.”

After the first month of distribution, the project will launch other programs that are aimed at other users of the bigger DeFi platforms in the ecosystem. The customers can claim MEX tokens proportionally to their activity involving other products like SushiSwap, PancakeSwap, and Uniswap. While EGLD’s price increase for the past few days of 60% could sound impressive, its growth on a year-to-date basis is set at around 1,950% while back in January it was trading at $24. The Maltese-based Elrond got involved in other projects and even announced a few developments on its network over the year. It cooperated with Offsetra which is based on reducing CO2 emissions and became the first carbon-negative blockchain company in Europe.

egld priceEGLD price, 1 year. Source TradingView

Elrond partnered with Panther Protocol which is a solution-building scalable private infrastructure for blockchains and the collaboration is aimed to bring interoperability privacy and selective disclosure mechanism to the network. The blockchain company also announced it will purchase Capital Financial Services which is a Romanian electronic money platform that is based on e-payment solutions and e-money.

Source: Elrond Surges 60% In 3 Days After News On Liquidity Incentive Program

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