What is Elrond Network?

Elrond Network is a Public focus on scalability, efficiency, security, and interoperability , while remaining decentralized. Elrond Network's goal is a global Blockchain with transaction speeds of up to 10,000 transactions per second, low latency, and virtually negligible transaction fees.

Highlights of Elrond Network

Salient features of Elrond Network include:

  • Highly Decentralized: Using sharding - method 2.0, and , ... to achieve parallel scalability with decentralization.
  • High scalability: Adaptive State Sharding allows to expand multiple nodes participating in the network by performing parallel transactions
  • Blockchain efficiency is increased, security risks are low: Elrond uses Secure . consensus mechanism (SPoS - improvement from consensus mechanism ), both increase efficiency and increase security.
  • Cross-interoperability among high blockchains.

Outstanding parameters

Outstanding parameters of Elrond Network blockchain (December 9, 2021):

  • Number of active nodes: 3,200;
  • Number of wallet addresses: 1,105,944;
  • Platform transaction number: 19,484,827;
  • Block Height: 28,581,801;
  • Staking ratio: 56%;
  • Number of people staking: 92,314;
  • Node Allocation: 1,892 (34349) in Europe, 1,092 in North America, 200 in Asia, 16 in other regions;
  • Number of shards: 3;
  • Staking APR: up to 17.3%;
  • Average transaction fee: $0.02;
  • Number of Fungible tokens on the platform: 528;
  • Marketcap: $5.7 billion;
  • Circulating Supply: 20,190,892 .

Parameters can be tracked in Elrond's explorer at: explorer.elrond.com

History, current situation and roadmap

Elrond has come a long way and has many memorable milestones:

  • Prototype v0.1.0 (July 2018): Elrond tested its prototype on a local network and through Amazon Web Services. In tests, Elrond reached over 1,000 TPS with 250 nodes across 10 shards.
  • private (June 2019): Elrond gave a private with 5 shards. The team says they have reached over 10,000 TPS across these five shards backed by 126 nodes (all running on AWS).
  • Convert from VM to eWASM (September 2019): WASM expands opportunities for developers, in part by providing more support for other smart contract languages.
  • Mainnet Launch (July 2020): Elrond launched mainnet July 30, 2020.

Project investors and partners

Elrond is invested by many large funds in the market: Brilliance Ventures, Woodstock Fund, Maven 11, Master Ventures, DeltaHub Capital, Electric Capital, NGC Ventures, ...

Overview of the Elrond . ecosystem

Overview of the above puzzle pieces Elrond will be introduced and analyzed in the following section, according to the categories in the ecosystem. Although the ecosystem in the picture looks many and many, but most of the applications only partner with Elrond, and have not yet deployed applications on this ecosystem.

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Source: Coin98

DEX

Projects to do about DEX on the Elrond ecosystem include:

  • Maiar : This is the floor The largest and only native platform of the Elrond system that is extremely strongly supported by Elrond, because the project construction team is the Elrond construction team. The exchange has just launched the official mainnet not long ago, with the amount of reached ATH at $2.5 billion after only 2 weeks of launch.

The reason they achieved this impressive number is because the liquidity stimulus package worth 1.29 billion USD in MEX tokens - the exchange's token - was opened and was extremely successful in the media, earning huge amounts of liquidity. cornucopia. However, just now, the exchange had an incident that caused them to temporarily shut down, and dropped to the $2.1 billion mark.

Because this is a puzzle piece main in the Elrond ecosystem, so there can be many uses of the floor This will be integrated more in the near future as launchpad (when the team behind has a strong relationship with the builders in the system, it is very easy for them to develop launchpad). This is a puzzle piece that needs careful attention on the Elrond system.

Comment: Array DEX is the first segment that needs to be perfected in any ecosystem to be ready for the future explosion of other segments. The Elrond system has achieved this requirement in the DEX array, ready for the development of other categories (80016) in the system, when extremely successful launch the most important piece of this ecosystem.

For those of you looking for farming opportunities in the Elrond ecosystem, this is a great opportunity because they are opening farming packages to attract users that are extremely impressive. However, Maiar is currently the only DEX puzzle piece that can make an impression on the ecosystem, making it inevitable that they lead this most important segment in the near future (not only because of the current performance but also because of the team). The team behind is the Elrond construction team).

Lending

Projects to do about  There are currently no applications on the Elrond ecosystem that have been put into operation. They only announce cooperation with partners on other platforms, but none of the apps actually go live on Elrond yet:

  • Oin Finance: A lending protocol in the form of a debt protocol, which generates from the collateral are the .
  • Equalizer: A flashloan application that extends to the Elrond ecosystem.
  • ProDefi: Traditional lending app but lending and borrowing crypto assets.
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Comment: In general, the lending array on the ecosystem is still very rudimentary and there is no native puzzle piece, so it is not possible to further analyze this array on Elrond. Because there are no lending applications, the capital utilization on the ecosystem is still relatively low, because it is not possible to create investment leverage for a more continuous and stronger cash flow.

Stablecoins

NS stablecoins on the Elrond ecosystem include: 

  • : This is the type most used on the Elrond system, because the only liquidity schemes or bridges on the system are using the This is for app development and user acquisition. Currently, there are 550 million VND on Elrond.
  • In addition, other stablecoins have not been included in the Elrond ecosystem.

Comment: Stablecoins are an important array in each system, reflecting the level of development of the system. When money flows into the ecosystem, stablecoins will be the first place where the money flows. Elrond's $550 million level is not large, reflecting the amount of money pouring into the ecosystem is not at a high level, and there are not many applications to attract money flow from other systems. As the yield increases in the system, stablecoins will continue to pour into the Elrond ecosystem.

The infrastructure

Infrastructure projects on the Elrond ecosystem include:

  • : NS Announced partnerships with Elrond include: Protocols, , Razor, DIA,…
  • Arda: A tool application for charting, explorer, and compound farm on Elrond system.
  • Bridge - Elrond: Application to bridge between Elrond and Ethereum, but this application still has quite high requirements to use the application: at least 2,500 USDC volume can use the bridge, the fee is 50 USD (70778). Therefore, the number of users and cash flow into the bridge is currently extremely low. The only token that can be transferred between the two systems is USDC.
  • Block Explorers on systems like Elrond Explorer, Elrondscan, etc.
  • Maiar Wallet: Wallet to store assets and interact with dapps in the Elrond ecosystem.

Comment: The existing infrastructure pieces on Elrond are still incomplete and there is a lack of bridges to effectively move money in and out of the system. A single bridge from Ethereum Going up to Elrond is definitely not enough to stimulate the development system, next time need cash flow from systems like SmartChain, , , Fantom… to Elrond.

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General comments and projections on the Elrond . ecosystem

Identify

The necessary elements of the Elrond ecosystem in the near future are:

  • Bridge to more ecosystems for easy money flow into the ecosystem.
  • Basic applications to improve include lending (money market and debt protocol).

In addition, a number of factors have been well done by Elrond to stimulate the development of the system, such as launching a liquidity stimulus package on Maiar DEX worth $1.29 billion to attract users, thereby gaining a large number of users and TVL is huge.

In general, the basic elements of the system have begun to appear, take shape but are not yet complete, it is necessary to wait for other important pieces to appear before they can grow strongly in the near future. However, that does not mean that this ecosystem has no opportunities, but the opportunity in farming on the system is huge, with liquidity mining on Maiar DEX is being actively implemented.

The programming language for developing Dapps on Elrond is and WASM - programming languages that are relatively familiar to web3 developers (but not to web2 developers). Therefore, it is possible to attract developers from other platforms to increase the number of dapps that are meager on the Elrond ecosystem.

Projections

Mincu - CEO of Elrond Network said that Elrond currently has bridges that are about to be put into operation with other chains SmartChain, , , Fantom and , and many applications coming to Elrond in the coming months, including lending and synthetic assets. From there, the number of users will be able to bring cash flow into the ecosystem easily from other systems, as well as many applications on Elrond will create demand for money flow.

Going forward, in addition to adding infrastructure, they will need to continue to add key pieces in the ecosystem. The opportunity for you may lie there, when new projects launch and bring liquidity mining, retroactive or early contributors programs.

summary

 provided you with detailed information about the Elrond Network project. Let's learn and evaluate the project to make the best investment decisions, good luck!

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