Elrond (EGLD) Is Breaking All-Time Highs, Here Are Three Reasons Why
Elrond (EGLD) rallied past $300, before pulling back a little. Some of the reasons behind EGLD’s rally are an expanding ecosystem and the full launch of Elrond’s DeFi capabilities.
DeFi protocols are seeing a sustained upward move, and the momentum appears to be picking up again now that the NFT sector has cooled off over the past two weeks.
Elrond (EGLD), a scalable and secure blockchain platform designed for distributed apps and enterprise-level businesses, has been in a strong uprise since beginning of August.
According to data from TradingView, since hitting a low of $52.00 on June 22, the price of EGLD has soared 437% higher to a new all-time high of $302.14 on September. 14.
While there might be several reasons behind the rally, here are three: 1) the full release of the protocol’s Maiar exchange, 2) the altcoin’s listing on KuCoin, and 3) a string of partnerships and integrations that expand the Elrond ecosystem.
Maiar exchange launch
Elrond recently launched the Maiar exchange, a DeFi protocol built on the Elrond network that allows users to trade and provide liquidity in various pools.
On September 9, Elrond announced that U.S. citizens could begin purchasing EGLD tokens directly through the Maiar app, thanks to integration with Moonpay, giving the project access to the world’s largest retail economy.
To attract new users and display Elrond’s capabilities, Maiar also launched a $100,000 “Battle of the Yields” contest on September 14, giving users an opportunity to win EGLD based on their trading volumes.
Listing on KuCoin exchange
EGLD was listed on the KuCoin exchange, the fifth-largest exchange by 24-hour trading volume.
New exchange listings are often followed by strong rallies for the token, especially when paired with perpetual futures markets or a top-five exchange by trading volume.
The token’s addition to KuCoin and the launch of Maiar Exchange have brought a new level of exposure to EGLD. Subsequently, its 24-hour trading volume increased from a daily average of $83 million to $740 million on Sept. 11.
Partnerships and Integrations
Another factor backing Elrond’s rally is the growth of its ecosystem. Recent partnerships include adding AI-generated media content through a partnership with Humans, a platform integrating data and technology to generate AI models, and an agreement with NewsCrypto, which allows users to learn more about Elrond through the platform’s “crypto academy.” Elrond also has a new integration with Copper, a major digital custody provider.
The network has also partnered with companies focused on gaming, DeFi and cross-chain transfers between Ethereum, Polkadot and the Binance Smart Chain.
