Elrond Launches Onto Mainnet, Reduces Token Supply by 99%

Scalable blockchain Elrond has made the leap onto its mainnet and drastically reduced the token supply in the process.

• As part of the transition, Elrond said total token supply had been drastically reduced from 20 billion to just 20 million.
• Rather than burning tokens, Elrond is using an exchange swap where 1,000 testnet ERD tokens translate into just one token on mainnet – called Elrond Gold (eGLD).
• ERD tokens are currently trading at $0.02, according to CoinGecko, up 1,200% year to date.
• The redenomination means new eGLD tokens will be worth $24.80 each.
• At the present market cap, the move onto mainnet means $473 million worth of tokens have been redenominated.
• Starting in 2018, Elrond describes itself as an interoperable blockchain network that uses sharding to scale to up to 250,000 transactions per second.
• It raised $3.2 million by selling 25% of the token supply in an exchange offering on Binance Launchpad in 2019.

See also: Elrond Will Pay You $60,000 to Break Its Blockchain