Ethereum (ETH) reigns supreme in the world of decentralized applications (dApps). However, a new wave of contenders, often called "Ethereum killers," has emerged to challenge its dominance. Among these competitors is MultiversX and its native cryptocurrency, EGLD. This guide explores what EGLD is, its unique advantages, and the practical steps for acquiring it.
Understanding MultiversX (EGLD)
Originally launched under the name Elrond, the project's native token was symbolically named EGLD, a nod to "e-gold" or digital gold. The visionaries behind this initiative are the Romanian entrepreneurs Benjamin and Lucian Mincu, along with Lucian Todea.
The project's initial goal was to establish EGLD as a store of value, similar to Bitcoin. Over time, its objectives expanded to focus on building a robust platform for decentralized applications. A significant pivot occurred in November 2022 when the team rebranded Elrond to MultiversX. This strategic shift, reminiscent of Facebook's transition to Meta, signaled a new, ambitious direction for the EGLD cryptocurrency: the metaverse.
Following the rebrand, all products within the ecosystem were renamed. For instance, the Elrond decentralized exchange (DEX), Maiar, became "xExchange."
The MultiversX project is now driven by two primary ambitions:
- To provide a low-cost solution for developers building decentralized applications.
- To deliver a complete, metaverse-centric blockchain ecosystem.
The EGLD token is primarily used to pay for transaction fees within the MultiversX network, participate in staking to secure the network, and engage in the governance of its Decentralized Autonomous Organization (DAO).
At the time of writing, the MultiversX cryptocurrency is trading around $55.55. The platform's market capitalization stands at **$1.4 billion, positioning EGLD at 64th place** among all cryptocurrencies.
Reasons to Invest in MultiversX (EGLD)
While the dApp sector is highly competitive, MultiversX possesses several strategic advantages.
First and foremost, the MultiversX network demonstrates impressive performance. Its scalability reaches approximately 100,000 transactions per second (TPS), with tests showing potential for up to 250,000 TPS. This far exceeds the capacity of many other networks, including Ethereum. This high performance is achieved through the combined use of two innovative technologies:
- Adaptive State Sharding: This technique parallelizes transaction processing to achieve greater speed and efficiency. A form of sharding is also being implemented on other major networks.
- Secure Proof of Stake (SPoS): This is the consensus algorithm used by MultiversX. A variant of the Proof of Stake (PoS) mechanisms used by Ethereum, Solana, and Cardano, SPoS enables faster validator selection (in less than 100 milliseconds).
Another significant strength of MultiversX is its rich and diverse ecosystem, which includes products such as:
- xExchange, a decentralized exchange (DEX);
- MultiversX Explorer, a blockchain explorer;
- MultiversX Wallet;
- xLaunchpad, a platform for funding new projects;
- xWorlds, a metaverse environment;
- xFabric, a module for application development;
- xPortal, a payment application.
EGLD Price Analysis and Future Predictions
As of the latest data, the price of EGLD is approximately $63.9, reflecting a 2.18% increase over the past 24 hours and a 41% surge over the past year. Below is an analysis of its past price movements and a look at future predictions.
Historical Price Performance
The price of MultiversX (EGLD) has experienced two major bull runs. The first occurred in early 2021, with the price soaring from $24.6 on January 1, 2021, to $237 by April 12, 2021.
A second significant price increase took place in the latter half of 2021. The value of MultiversX climbed from $78.7 on July 23, 2021, to an all-time high (ATH) of $542.58 on November 23, 2021. This record price remains unbeaten to this day.
More recently, in November 2023, the price of EGLD saw another strong rally. While not as dramatic as the 2021 surges, the price still achieved an impressive gain of over 40% within 24 hours.
EGLD Price Predictions
Although the price has retraced from its November 2021 peak, most analysts agree that its value is poised to grow in the coming years.
Analysts from platforms like Binance suggest that the price of EGLD could approach **$72 in 2024**, a threshold that has nearly been reached already. The $100 mark could be attainable by 2030.
Other analysts provide a much wider range of predictions for 2025, forecasting a price between $68 and $324 depending on overall crypto market conditions. After a potential correction in 2026 and 2027, the price of MultiversX is predicted to recover by 2029, potentially approaching $440 in the most optimistic scenario.
Most current analyses do not yet predict a return to the $500 level (the ATH from November 2021). However, the ongoing bull run is changing the landscape, with price targets being met much faster than previously anticipated.
How to Buy and Store MultiversX (EGLD)
The simplest way to acquire EGLD is by using a reputable cryptocurrency exchange. The process typically involves the following steps:
Create an Account on a supported exchange:
- Provide your email address or phone number.
- Choose a secure password.
- Verify your personal information.
- Complete the Know Your Customer (KYC) procedures.
- Purchase EGLD: Navigate to the spot market section of the exchange and select the EGLD/USDT trading pair. You will first need to buy USDT stablecoins using your credit card or via a bank deposit. You can then use these USDT to purchase EGLD.
- Store Your EGLD Securely: Several wallets support the MultiversX cryptocurrency. In addition to the native MultiversX Wallet, compatible hot wallets include Atomic Wallet and Trust Wallet. For maximum security, you can also store your EGLD on cold storage hardware wallets like Ledger or Trezor devices.
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The MultiversX dApp Ecosystem
The MultiversX ecosystem is vast and includes over a hundred projects across various domains, such as:
- DeFi (Decentralized Finance): 34 projects (e.g., Quantum, xExchange, Pulsar Money).
- Gaming: 16 projects (e.g., Cantina Royale, The Cursed Land).
- Infrastructure: 38 projects (e.g., GoCharge Tech, Globees).
- Wallets: 8 options (e.g., MultiversX Wallet, Atomic Wallet).
- NFTs: 34 marketplaces and projects (e.g., Symbiosis, xArtists).
- Payment Solutions: 9 services (e.g., xTwister, Lunar Pay).
- Launchpads: 8 platforms (e.g., xLaunchpad, CryptoPittz).
- Marketplaces: 7 platforms (e.g., XOXNO, Inspir3).
- Communities: 27 groups (e.g., Project X, MultiversX Builders).
Final Thoughts on MultiversX (EGLD)
MultiversX is a serious cryptocurrency project built on advanced technology. Its use of sharding and SPoS gives it one of the best scalability ratings on the market. In the highly competitive layer-1 blockchain space, scalability is a crucial differentiator.
Furthermore, MultiversX has successfully diversified its applications over time. It has evolved from a simple store of value to a crypto focused on dApps, and now, a comprehensive metaverse ecosystem. The long-term success of MultiversX is inherently tied to the broader adoption and growth of the metaverse. While launched with great fanfare in 2021, the metaverse concept has since become more subdued.
A key question remains: will the current bull run in the crypto market reignite interest in the metaverse and, by extension, the MultiversX EGLD token?
Frequently Asked Questions
What is the main purpose of the EGLD token?
The EGLD token is the native cryptocurrency of the MultiversX blockchain. It is used to pay for transaction fees, participate in network security through staking, and vote on governance proposals within its ecosystem.
How does MultiversX achieve such high transaction speeds?
MultiversX employs a combination of Adaptive State Sharding, which parallelizes transaction processing, and a Secure Proof of Stake (SPoS) consensus mechanism. This architecture allows the network to handle up to 100,000 transactions per second.
Is MultiversX a good long-term investment?
Like any cryptocurrency, investing in EGLD carries risk. However, its strong technological foundation, high scalability, and focus on the growing metaverse sector present a compelling case for its long-term potential. Always conduct your own research before investing.
What is the difference between Elrond and MultiversX?
Elrond was the original name of the project. In November 2022, it was rebranded to MultiversX to reflect a strategic shift and a stronger focus on building a metaverse ecosystem. The native token, EGLD, remained the same.
Where can I safely store my EGLD coins?
You can store EGLD in the official MultiversX Wallet, other supported hot wallets like Trust Wallet, or for enhanced security, on a hardware cold wallet such as a Ledger or Trezor device.
Can I stake my EGLD tokens?
Yes, staking is a core function of the MultiversX network. You can delegate your EGLD to a validator to help secure the network and earn staking rewards in return.