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The Utility token of the Elrond platform has shown the largest daily gain in the top 30 cryptocurrencies. The rise of EGLD by 20% allowed the cryptocurrency to return to the top 30 largest assets rating, from where it “dropped out” at the end of November.
Elrond’s previous wave of growth was associated with the launch of a liquidity mining program on the DEX “title” exchange of the Maiar blockchain.
In early November, the developers allocated $ 1.29 billion to stimulate the flow of liquidity using MEX tokens. They will be distributed as additional rewards on DeFi platforms in the Elrond ecosystem, as well as popular Ethereum projects if they support Maiar-DEX.
Yesterday’s surge in purchases is associated with the launch on the blockchain of the NFT marketplace Holoride, whose RIDE utility token will be listed on Maiar. Holders of this cryptocurrency participating in the ELGD / RIDE liquidity pool will receive additional rewards in MEX, as well as the right to exit the “freeze” at any time without a penalty.
In second place in terms of daily growth during yesterday’s session was the altcoin AVAX of the Avalanche project, displacing Dogecoin from the top 10 supported by Elon Musk. The rise in cryptocurrency by 16% is associated with the release of the Bank of America (BofA) report.
Analysts at the largest and most reputable US financial institution noted the high potential of the Avalanche blockchain technology, which consists of several interconnected networks. They share transactions, smart contracts, and the validation process using the PoS algorithm.
There is also another DAG transaction consensus mechanism at work on Avalanche. The use of an acyclic graph allows you to maintain a high speed of transfers with low resource costs.
According to BofA, Avalanche technology will become the first competitor to Ethereum, which opens the way for AVAX to the top 5 cryptocurrencies. Since its inception on exchanges, altcoin has grown by 6225%, bringing an average investor 21% per month.
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