EGLD: The Rise of MultiversX in Crypto

History of EGLD

EGLD, the native token of the MultiversX blockchain (formerly known as Elrond Network), has an origin rooted in the crypto boom of 2017. Often viewed as a technological response to scalability problems on popular blockchains like Ethereum, the MultiversX blockchain aimed to create a more efficient and interoperable ecosystem to support decentralized applications (dApps), decentralized finance (DeFi), and smart contracts.

The founding team, including Beniamin Mincu, Lucian Mincu, and Lucian Todea, started the network with a clear goal: to improve transaction speed and reduce fees through a more scalable consensus mechanism known as Adaptive State Sharding. This method optimizes how data is distributed and processed, thus improving throughput and reducing latency.

During its early stages, the project launched under the name Elrond Network. The network started gaining attention in the crypto community thanks to its design focused on user-oriented applications and real-world use cases. In late 2019, Elrond conducted its first public testnet and began preparing for the network's official launch. In July 2020, Elrond rolled out its mainnet, marking a significant milestone in its development.

Initially dubbed the ERD token, the project conducted an initial exchange offering (IEO) on Binance, one of the most prominent cryptocurrency exchanges at the time. The token was used as a utility within Elrond's ecosystem, supporting staking and governance activities. However, in 2020, a fundamental shift occurred: the project underwent a token swap, converting the legacy ERD tokens into the newly branded EGLD tokens at a 1,000:1 ratio. This rebranding aimed to reflect the network’s evolving vision and broader ambitions beyond blockchain scalability.

Since then, the EGLD token has been at the heart of the ecosystem, powering transaction validation, securing the network, and serving as collateral for various purposes across the MultiversX platform.

Elrond underwent a noteworthy transformation by rebranding to MultiversX in late 2022, a move aimed at aligning the network with more expansive goals involving the metaverse and its potential future applications. While the rebranding signaled ambition, the core focus remained on fostering high scalability, low fees, and broad interoperability.