Share this article
BTC
$78,712.79
-
4.82%ETH
$1,582.09
-
11.34%USDT
$0.9997
-
0.03%XRP
$1.9517
-
8.36%BNB
$552.77
-
6.31%USDC
$1.0003
-
0.02%SOL
$106.66
-
10.20%DOGE
$0.1499
-
10.22%TRX
$0.2306
-
2.84%ADA
$0.5761
-
10.72%LEO
$8.8792
-
2.16%LINK
$11.30
-
10.25%TON
$2.9517
-
9.06%XLM
$0.2347
-
5.65%AVAX
$16.11
-
9.18%SHIB
$0.0₄1132
-
7.36%SUI
$1.9106
-
12.70%HBAR
$0.1409
-
12.02%OM
$5.8537
-
6.07%BCH
$272.14
-
8.85%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Elrond Launches Onto Mainnet, Reduces Token Supply by 99%
Elrond’s move onto its mainnet will replace 19.98 billion testnet tokens with 20 million mainnet tokens at a rate of 1000:1.
Scalable blockchain Elrond has made the leap onto its mainnet and drastically reduced the token supply in the process.
STORY CONTINUES BELOW
- 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
Paddy Baker
Paddy Baker is a London-based cryptocurrency reporter. He was previously senior journalist at Crypto Briefing. Paddy holds positions in BTC and ETH, as well as smaller amounts of LTC, ZIL, NEO, BNB and BSV.
