Elrond’s Mainnet Token Swap is Ready, ERD is moving to EGLD
After the successful Elrond mainnet launch, the team is now ready to start the mainnet token swap from ERD to eGLD. This is an important step for the future of Elrond’s ecosystem, which has already been breaking down adoption barriers through the release of their mobile wallet Maiar. As it puts in place a new economic model, with a design for long term sustainability, adoption, and growth.
It is also the natural step forward for enabling native mainnet services such as staking, delegation, and DeFi protocols.
Elrond aims for global adoption with EGLD
Bitcoin and Ethereum are complex to explain to people who have never heard of cryptocurrency. With eGold, Elrond has taken a token name that is universally appealing and understandable from day one. To keep it short, everyone knows that gold is a valuable asset. Furthermore, eGLD’s tokenomics will enforce scarcity and drive demand.
- The initial eGLD genesis supply is 20 Million.
- New issuance of eGLD will happen for 10 years with a fixed cap. Meaning, there is a theoretical total supply of 31.4M
- The theoretical total supply will probably never be reached!
Sorry, come again? The platform has staking incentives for validators to secure the Elrond network. At first, these rewards will use the new issuance of eGLD tokens. However, as adoption grows staking reward payments will be offset with paid transaction fees. As a result, the tokenomics design makes eGLD even more scarce. It also provides an in-built incentive for everyone in the ecosystem to drive the global adoption of Elrond.
- The token swap will start on September 3rd, it will happen automatically via Binance. Alternatively, you will be able to use the Elrond swap bridge.
Looking to the future… Time of writing, the market has reacted positively to the upcoming token swap with the price of ERD jumping immediately by over 20%. Recently, Elrond announced various fiat on/off ramps for eGLD powered by Mercuryo and Changelly which will make it even easier to buy, or enter the game begin, as CEO Beniamin Mincu likes to say.
Let the massive multiplayer financial game begin.CEO Beniamin Mincu
Given the token’s economic model, as more and more people access Maiar and enter the ecosystem, it all translates into direct pressure on eGLD for the price to go up. Expect movement!