Elrond Launches Onto Mainnet, Reduces Token Supply by 99%

Elrond’s move onto its mainnet will replace 19.98 billion testnet tokens with 20 million mainnet tokens at a rate of 1000:1.

AccessTimeIconJul 31, 2020 at 10:14 a.m. UTC
Updated Sep 14, 2021 at 9:38 a.m. UTC

Scalable blockchain Elrond has made the leap onto its mainnet and drastically reduced the token supply in the process.

  • As part of the transition, Elrond said total token supply had been drastically reduced from 20 billion to just 20 million.
  • Rather than burning tokens, Elrond is using an exchange swap where 1,000 testnet ERD tokens translate into just one token on mainnet – called Elrond Gold (eGLD).
  • ERD tokens are currently trading at $0.02, according to CoinGecko, up 1,200% year to date.
  • The redenomination means new eGLD tokens will be worth $24.80 each.
  • At the present market cap, the move onto mainnet means $473 million worth of tokens have been redenominated.
  • Starting in 2018, Elrond describes itself as an interoperable blockchain network that uses sharding to scale to up to 250,000 transactions per second.
  • It raised $3.2 million by selling 25% of the token supply in an exchange offering on Binance Launchpad in 2019.

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