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Elrond makes it into the top 10 DeFi projects according to TVL



Elrond ( EGLD ) is a Layer 1 platform for smart contracts that uses Web Assembly (WASM) browser application technology. Now the coin has risen to the top 10 of the ranking according to the total value of the locked tokens (Total Value Locked - TVL). It only took a week, reports CoinDesk. Data from DeFi Llama shows that Elrond is now the 10th largest DeFI ecosystem, with a TVL of $ 2.06 billion.

Elrond had been slow to attract developers, even though it went live on the mainnet in July 2020. Now, however, the coin is rising rapidly, driven by the huge liquidity mining program of the decentralized crypto exchange Maiar. The sudden growth of the chain could be a sign of the continuing importance of the so-called "liquidity locusts" (such as liquidity locusts). These are traders and investors who quickly switch from project to project due to the incentives offered.

Many projects rely on massive incentive programs

More and more blockchains are trying to buy into relevance with attractive but ridiculously large incentive programs. One of them is Maiar. The platform recently announced a liquidity mining program valued at $ 1.29 billion. It is reportedly slated to pay out $ 282 million as early as the first month.

The rewards are paid out in MEX, Maiar's governance token. The price of the coin has increased to $ 0.001345 since the program started. The program is currently valued at $ 7.32 billion in incentives. An impressive 5.44 trillion MEX tokens are to be distributed over a period of 12 months. So it would probably be the largest liquidity mining program in DeFi's history, assuming price stability.

Elrond Network CEO Beniamin Mincu said in an interview with CoinDesk:

With 60,000 users MEX had prior to launch based on their EGLD holdings, Maiar DEX had an impressive number of users on the first day and continues to grow.

Elrond has a lot of competition in the DeFi industry

Elrond is behind Arbitrum in the TVL ranking - a project that aims to solve problems with the scaling of Ethereum. Arbitrum is valued at $ 2.35 billion TVL. Behind Elrond is Waves with $ 1.5 billion. The Ethereum mainnet itself is at the top with 171.9 billion US dollars and thus claims more than half of the total value of all DeFi projects (260 billion US dollars).

To stand out from the crowd, projects are increasingly turning to massive incentive programs as the competition between Layer 1 platforms for money and users becomes fiercer. Harmony, Avalanche , Fantom, and Oasis all took the same approach, but not to the same extent as Maiar and Elrond.

Mincu added that Elrond currently has working cross-chain bridges to Binance Smart Chain , Ethereum, Polygon, Tron, Fantom, and Avalanche. In the coming months, there should be further partnerships within the DeFi industry.

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