What is Elrond? Why EGLD Could 10x + Whopping Elrond Price Predictions!

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Elrond is a blockchain-based platform that allows users to create and develop decentralized applications and cryptocurrencies to create a new internet economy. With it’s current speed of 15,000 transactions per second, it makes Elrond one of the fastest networks out there.

Elrond is unique through its use of sharding, d not t, in the form of Adaptive State Sharding splits the network into smaller fractions so that nodes can validate transactions and network operations by resolving one partition at a time. This ensures that the network can process thousands of transactions per second while only requiring low fees. One of the most attractive parts of Elrond is their scalability of the network while keeping the eGLD supply fixed.

One of the first things I ever noticed about Elrond is their supply. The Elrond token is limited in supply, at 20million EGLD. Although new tokens are minted to reward network validators, the maximum coin supply can never exceed 31,415,926 EGLD. This number is expected to decrease as more transactions are processed, because a portion of the fees from these transactions are burned.

One interesting fact about this for all the developers out there, if you create a smart contract on Elrond and a lot of other people use it, you as the developer can get 30% of the transaction fees.

That low supply is one reason I like the growth potential of Elrond because as that ecosystem grows and continues to scale, the availability of tokens remains low and creates a store of value at the same time, similar to Bitcoin.

Of course, BTC is on a different level and has a different purpose, but for comparison’s sake, their max supply is 21 million with 18.9 million in circulation. They have nearly a 1 trillion-dollar market cap and Elrond is sitting at 4.2 billion. I’m not saying Elrond is going to shoot to the price of BTC, but I am saying there is a lot of potential that Elrond can grow and gain in price substantially with that fixed supply. Scarcity creates value.

Do I think we will see Elrond at a 1 trillion-dollar market cap, well not for a very long time, but I never say never in this crypto market? However, I do think we could easily watch Elrond 10x itself over the next few years. A 40-billion-dollar market cap with Elrond’s booming ecosystem, their transaction speed, and creating a store of value, it’s not that farfetched. And the Elrond bulls would probably argue that they see that cap getting much higher.

Speaking of ecosystem, check out their adoption map. This is the latest one on their website and is dated Sept. of 2021. It would be hard not to believe that this has grown even more in recent months. This growth makes me optimistic. Couple that with this.

Now check this out. There are only 1.3 million users right now but look at that adoption growth. Now imagine what that growth chart will look like over the next few years, hell the next decade.

Now you may be saying to yourself, well, if Elrond is so great, why are they so far off from their all-time high, which that is a fair question. They hit that high of $542.58 on November 23rd of last year. But I just don’t believe the price is a direct reflection on Elrond’s functionality.

What I mean is, Jeff Bezos in a famous interview once talked about Amazon’s price dropping off substantially. He said that when he went back and looked at the numbers, everything internally was moving in the right direction, more users, sales were up, etc. so he didn’t care about the drop off as long as everything within the company was moving in a positive direction and that the price would eventually catch up. Often times, the price fluctuation of an asset is a reflection of human emotion, our buying and selling habits, and what drives that.

Lot’s of successful companies have had major drop-offs that many of us look back now and wish we could take advantage of but at the time we were scared. I believe Netflix dropped down to under $2 at one point. I mean hell look at Bitcoin.

#egld #elrond #egldcrypto