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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.