As the prevalence of the dominant cryptocurrency increases and more users start trading on blockchain networks, the need for fast and scalable protocols becomes clearer as transaction costs and confirmation times continue to rise.
Elrond Protocol (EGLD), which has grown significantly over the past month as new people and organizations continue to flow into the blockchain, is a fast, secure and scalable blockchain platform for distributed applications, business use and the new Internet. saving. ”
Data from Cointelegraph Markets and TradingView show that since hitting $ 115 on March 25, the EGLD has risen more than 110% to a full-time high of $ 245.80 on April 12, as a series of positive announcements led to an increase in trading volume.
A look at the project’s Twitter feed reveals that the Elrond team has been busy strengthening the Elrond blockchain and building important partnerships that involve protocol integration in real life.
The latest announcement was made on April 11 when the project released specifications for Elrond Standard Digital Token (ESDT), non-fungible tokens and semi-exchange tokens.
One of the main advantages of the ESDT standard is that tokens issued at Elrond do not need their own smart contracts, which helps to reduce storage space and costs.
Implementation in the real world also affects the price of Elrond.
Regarding real-world implementation, Elrond announced on April 7 that Luciana Blaga University in Sibiu plans to implement encrypted payment methods for its 11,000 students so that everyone can pay the entrance fee using EGLD.
Another important development in the project was discovered on April 10, when a partnership with Shopping.io showed the opportunity to use EGLD to trade and receive rewards from some of the largest retailers in the United States:
Polkamon’s non-fungal token platform also recently helped bring more attention to Elrond when it announced that it will integrate with the Elrond platform in the third quarter to “enhance the user experience with extra speed and convenience.”
With no sector left out, Elrond also managed to catch the syringe around decentralized financing as Maiar’s digital wallet for protocol and global payment app is now preparing to launch the Maiar Exchange on 19 April.
VORTECS gikk data preceded the last breach
Elrond’s events could be captured using VORTECS ™ data from Cointelegraph Markets Pro, which began revealing optimistic expectations for EGLD on April 6, before the recent price increase.
Exclusive to Cointelegraph, VORTECS ™ is a mathematical comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
As shown in the chart above, the VORTECS for result for EGLD rose to green on April 6 and remains so, reaching 80 on April 7, two hours before the price began to rise 48% over the next 5 days.
With its many features combined with fast transaction times and lower fees, Elrond is well positioned to continue to rise in prices and general adoption as blockchain technology continues to evolve in society.