Project Elrond Unveils New Update and Reduces ERD Coins by 99%
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Answer Project Elrond Unveils New Update and Reduces ERD Coins by 99%
Project Elrond announces the launch of a major update to the mainnet while reducing the overall coin supply by 99%
The Elrond project made an exciting move by launching a major network update with a significant reduction in the overall coin supply.
As part of the transition, Elrond told Project that the total coin supply would be drastically reduced from 20 billion to just 20 million.
Instead of burning Elrond coins, Elrond will use swaps where 1,000 ERDs will be exchanged into a single coin on the mainnet and the new coin will be called Elrond Gold and eGLD.
The ERD coin is currently trading at $0.019, according to CoinGecko, up 1,200% so far.
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After the swap, the price of the eGLD coin is expected to be around $19.
The Elrond coin has a total market capitalization of $247 million, ranking it 47th on the coinmarketcap rankings.
From 2018, Elrond describes itself as an interoperable blockchain network that uses hashing to scale transactions of up to 250,000 transactions per second.
Read:Bitfinex closed for maintenance after the bitcoin price dropped and approached $10,000
The Elrond project previously raised $3.2 million through the sale of 25% of the total coin supply via Binance IPOs in 2019.
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