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Elrond Launches Onto Mainnet, Reduces Token Supply by 99%
Elrond’s move onto its mainnet will replace 19.98 billion testnet tokens with 20 million mainnet tokens at a rate of 1000:1.
By Paddy Baker
Updated Sep 14, 2021, 9:38 a.m. Published Jul 31, 2020, 10:14 a.m.
Scalable blockchain Elrond has made the leap onto its mainnet and drastically reduced the token supply in the process.
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- 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.
See also: Elrond Will Pay You $60,000 to Break Its Blockchain
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