Elrond has changed its name and has rebranded its DEX and other dApps in the ecosystem.
Elrond is an L1 blockchain with a booming NFT ecosystem, which recently changed its name to MultiversX and published a new roadmap.
Index of contents
What is Elrond?
Elrond was one of the first blockchains they integrated with the XP.NETWORK NFT bridge.
The rebrand to MultiversX and the new products.
In addition to changing the name and design, the team unveiled several new products at the X Day event in Paris in November 2022:
NFT collections on MultiversX.
As for the integration with the XP.NETWORK bridge, it works the same as before:
Conclusion
What is Elrond?
Elrond (now MultiversX) is an L1 blockchain that supports an entire ecosystem of dApps, games, and NFTs. It ranks among the 30 largest blockchains on DeFiLlama with around $100 million in DeFi TVL, dominated by xExchange (formerly Maiar Exchange). However, this number is misleading because NFTs and other non-DeFi assets add quite a bit to the value locked in the network.
From the beginning, Elrond has been extremely fast, economical, and scalable. It takes only 6 seconds to complete a transaction, and the maximum TPS is around 100,000 thanks to the use of sharding. Transaction fees can be as low as 0.002 USD.
As of January 2023, the network has over 67 million transactions completed, with 2 million EGLD wallets created. The blockchain is protected by 3,200 validators, so it is also very decentralized.
For NFT projects, Elrond is particularly attractive, because there is no need to write and implement a separate smart contract for each collection. Instead, the native ESDT token standard supports fungible and non-fungible tokens (only with added metadata). NFT creation becomes a breeze.
Elrond was one of the first blockchains they integrated with the XP.NETWORK NFT bridge.
They have also helped multiple games and NFT collections expand to and from MultiversX: for example, expanding Age of Zalmoxis to Polygon to be available on OpenSea; uniting Genesis HokiZuki Apes with MultiversX from Polygon; and the migration of Hog Homies from Ethereum to Elrond. We also helped bring together Drifters, which quickly became one of the best-selling metaverse projects in Elrond.
The rebrand to MultiversX and the new products.
With its incredible scalability, security, and low fees, Elrond is the perfect blockchain for metaverse projects. It offers developers a great user experience (think ESDT tokens), and also coincides with Web3's sustainability push as it is a 100% carbon-neutral blockchain. There is also the possibility of accepting fiat payments thanks to a special xMoney Fiat tool and a partnership with Visa and MasterCard.
At some point, the team decided to focus on this market, hence the rebranding. It was first announced on Twitter on November 4, 2022, with CEO Beniamin Mincu writing that the vision of the project is to create “a bridge between worlds.”
This concept of the network as an intersection of multiple worlds (presumably virtual worlds or metaverses) is probably why it is now called MultiversX and not MetaversX, for example. Also, note the spelling: “MultiversX” and not “MultiverseX”.
As you can imagine, this bridge concept is very close to our hearts, as XP.NETWORK itself is a powerful NFT bridge connecting over 20 blockchains.
The network now has a brand new site, and if you have an Elrond wallet extension installed, you may notice that it is now called xWallet, and its icon and design have changed. The same Maiar (largest DEX on Elrond) is now xExchange. eGold ($EGLD) remains the native cryptocurrency of the blockchain, and you can buy it on BINANCE. You have to search for EGLD.
In addition to changing the name and design, the team unveiled several new products at the X Day event in Paris in November 2022:
A customizable module for creating blockchain experiences, suitable for brands and individuals. It includes many use cases and can be implemented in a few minutes.
xPortal – a “portal to the metaverse”, where you will find social features and chats, DeFi, your avatar, etc. It is based on the previous Maiar application.
xWorlds - An engine for building new metaverses and an interconnected network of virtual worlds. The first look was presented at the end of March 2023.
In addition to this, the roadmap for 2023 includes the rebranding of the launch pad from Maiar to xLaunchpad. The Ad-Astra bridge portal will become MultiversX Bridges.
NFT collections on MultiversX.
Content platform Еру InspireArt has already been rebranded to xSpotlight, and you can find many NFT collections there, including its partner Drifters and its latest collection, DriftersInnovator. There's also ElrondApesClub, Gnogons, GenesisSpaceApes, Elrond Mafia, and literally thousands of others.
Other popular MultiverseX marketplaces include Deadrare, Isengard, FrameIt, and XOXNO (an NFT aggregator that displays listings from multiple marketplaces).
As for the integration with the XP.NETWORK bridge, it works the same as before:
1) Select the output and destination string, for example, MultiversX and Polygon.
2) Connect a wallet on the output chain, such as the MultiversX DeFi wallet.
3) Let the bridge find and display all NFTs. Then, select one or more to transfer (remember that XP.NETWORK supports batch bridging)
4) Add a destination address and take note of the total bridge fee.
5) Approve the NFTs for bridging and click Submit.
6) Wait for the transaction to complete. It may take a little time to update the database, but very soon you should see the newly bridged NFT in the destination wallet.
By 2023, XP.NETWORK has over 6,000 NFT projects in the pipeline, plus many new blockchains to be added.
Conclusion
This change in image and name, accompanied by a modified roadmap, makes us wonder if this pivot is healthy for the project. Looking at it on the graph, it has lost a large part of profitability since its ATH, but we should not focus on that, but rather if we are currently in a good moment to take positions and believe in this ecosystem.
I would like to emphasize the importance of education and awareness when it comes to managing crypto assets. With non-custodial staking and other decentralized financial tools becoming more popular, it is crucial that users understand the risks and challenges involved, and take steps to protect their assets and ensure they can access and manage them securely.
By staying informed and taking a cautious and thoughtful approach to managing cryptoassets, investors can help ensure they can take full advantage of the potential benefits of this exciting and rapidly evolving technology.
Therefore, as always, we recommend using cold wallets for asset management.
