MultiversX (EGLD) TVL Surges 27% YTD, Network Activity Booms
• MultiversX, formerly known as Elrond, has seen a surge in its Total Value Locked (TVL) since the start of the year.
• Following the rebrand and launch of new products, user activity on the network has seen an increase.
• The team also plans to rename some of its current products and re-launch them under new names.
MultiversX’s TVL On A Yearly Rally
MultiversX’s Total Value Locked (TVL) has been increasing since the start of 2021. After the name change and rebranding in November 2022, there has been a surge in user activity on the network. Formerly known as Elrond, Multiversx is now a decentralized blockchain network focused on Metaverse capabilities. According to data from DefiLlama, its TVL has risen by 27% to reach $105 million at press time. This level was last registered two months ago.
Rebrand & New Product Launches
In November 2022, MultiversX decided to change its name from Elrond and move forward with a new brand focus on metaverse capabilities. This decision was accompanied by three new product launches: xFabric, xPortal and xWorld. As a result of these changes and incentive offerings that came with it, daily active addresses count on MultiversX hit an all-time high of 86000 on 8 February 2022 according to Artemis data provider. Similarly, shortly after this announcement transactions count reached 135000 on 9 February 2022 but gradually decreased to 85000 as per 19 February 2022 records from Artemis .
Increases In Fees Paid & Network Revenue
The increased user activity also resulted in higher fees for processing transactions which rose 38% according to Token Terminal data provider within one month period leading to 42% boost in daily network revenue during same timeframe as shown by Token Terminal figures . If this momentum continues then annual revenue is expected to rise 42%.
Upcoming Products Renaming & Re-Launching
MultiversX’s 2023 roadmap includes renaming some current products such as Ad-Astra Portal (which enables users bridge cross-chain assets into Multiverse), which will be relaunched under Multiverse Bridges name . Other projects such as TrueFi protocol integration are also planned for future developments .
Since beginning 2021 MultiVersX’s TVL has seen considerable growth due recent name change ,rebranding and launch of new products resulting increases in user activity leading higher fees paid and network revenues .Furthermore upcoming projects have been planned for future development making MultiVerse worth following closely in future times .