Shift to DeFi and cross-chain integration back Elrond’s (EGLD) 700% rally

Elrond (EGLD) price has increased 700% since February 1 as new partnerships and protocol upgrades boost investor confidence in the project. Elrond is a blockchain protocol designed to deliver fast transaction speeds through hash implementation for use with dapps, enterprise use cases, and the new internet economy.

The latest price hike has followed the launch of Maiar Wallet which offers a variety of user-centric features including the ability to make social payments through ‘tags’. The upgrade also allows EGLD to share tokens to earn rewards

According to the team, Maiar Wallet is working on a blockchain-wide web-scale for the network to offer simplified payment channels to users. The wallet will allow users to make payments and send money on a similar interface to send messages directly to phone contacts and provide advanced security and gaming experience.

Data from Cointelegraph Markets and TradingView shows that EGLD rose from $ 60.55 on Feb 1 to a new high of $ 216.98 on Feb 9.

EGLD / USDT daily chart. Source: TradingView

The upward trend in Elrond price became noticeable in December 2020 as Bitcoin had just crossed $ 24,000 for the first time and the eToro listing brought more attention to EGLD.

Price continued to rise after the team announced that the Elrond network will be interoperable with Binance Smart Chain on January 25. This upgrade allows for cross-chain participation in the DeFi opportunities offered on various networks.

Elrond’s debut in DeFi was followed by a sharp spike in tweet volume and this metric rose to an all-time high on February 8 when Maiar’s wallet reached 100,000 users and More than 2 million transactions On the Elrond Network.

EGLD price versus tweet volume. Source: tie

Aside from integrating with Binance Chain, Elrond has also created multiple partnerships with major players in space. A notable partnership with Razor Network (RAZOR), a decentralized oracle provider, delivers scalable data flows, and EGLD has recently been used. Included in the custody of Coinbase.

While the price of EGLD has increased by 738% since the start of 2020, the project’s entry into DeFi and new partnerships has laid a solid foundation for future growth. The growing interest in cryptocurrencies also boosts the Elrond use case and also increases the likelihood that the altcoin will see further price hikes in the future.

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