Elrond (ERD) is a young cryptocurrency that was released last July and got listed on the exchange platforms a month later. As for fundamentals, Elrond represents an innovative blockchain ecosystem that should be superior in terms of the overall network throughput, as well as the promptness of transaction execution. These feats are achieved mainly due to the employment of the PoS consensus algorithm and project’s proprietary mechanism of adaptive state sharding, which makes Elrond functionally similar to Ethereum 2.0 that is still in the process of development, even though this altcoin was launched on Binance Chain, not the Ethereum blockchain.
Given the relatively short time that the altcoin is present on the market, it is ranked reasonably high (117th on CoinMarketCap) and has an adequate market capitalization of $40 million, which shows the tendency toward increase, given the coin’s latest price action.
ERD is the BEP2 type token that is used for staking, as a vehicle of exchange between users and validators, execution of smart contracts, and the allocation of validator rewards. Most trading operations involving ERD take place on Binance, which consumes up to 90% of the overall trading volume, which has fluctuated between $2.8 million and $10 million over the past 30 days.
ERD all-time chart