Amid ongoing turbulence in the cryptocurrency market, MultiversX (EGLD), a Layer 1 blockchain emphasizing scalability and carbon neutrality, is drawing investor attention. Originally launched as Elrond, the project rebranded to MultiversX in November 2022, pivoting its strategic focus toward the metaverse and digital frontiers. This article provides a deep dive into MultiversX's technology, tokenomics, and current market performance, offering objective insights for investors.
From Elrond to MultiversX: Strategic Rebranding
MultiversX (formerly Elrond) was founded in 2017 by Lucian Todea, Lucian Mincu, and Beniamin Mincu, with its mainnet going live in July 2020. The team prioritized scalability from the outset, implementing Adaptive State Sharding to partition the network into smaller shards that process transactions independently, significantly boosting throughput and reducing confirmation times. In Q2 2022, the project announced a transformation toward building the “digital metaspace frontier,” officially changing its name to MultiversX in November 2022—a move signifying its evolution from a high-performance blockchain infrastructure to a metaverse-focused ecosystem.
Technologically, MultiversX retains the core innovations developed during the Elrond era: the Secure Proof of Stake (SPoS) consensus mechanism, which randomly selects validators and locks tokens as collateral, balancing security and decentralization; and a design that achieves carbon neutrality, aligning with ESG investment trends. The chain fully supports smart contracts and dApp deployment, enabling token issuance, transaction settlement, and cross-chain interoperability.
EGLD Token: Utility and Staking Ecosystem
EGLD is the native cryptocurrency of the MultiversX network, with a maximum supply capped at 31,415,926 tokens. As of May 25, 2026, the circulating supply stands at approximately 29,997,264 tokens. Key use cases include:
- Network fees: Used as gas for transactions and smart contract execution on the chain.
- Staking rewards: Holders can stake EGLD via wallets like Ledger Live or Trust Wallet to earn network rewards.
- Governance: Participate in community proposals to influence protocol upgrades and parameter adjustments.
- Store of value: Act as a long-term asset or traded on exchanges like KuCoin for short-term profits.
Notably, EGLD’s current price has fallen 99.27% from its all-time high of $542.58, currently trading around $3.98 (based on the provided ATH and percentage decline). However, it is still 9.73% above its all-time low of $3.62. This pattern of a steep decline from peak but modest recovery from trough reflects market sentiment toward the project’s transition from Elrond to MultiversX.
Market Impact and Investment Outlook
From a technical perspective, EGLD’s extremely low price may attract value investors, but its long-term trajectory depends on several factors:
- Adoption: Real-world use cases in the metaverse and enterprise applications, as well as partnerships with financial institutions, will drive token demand.
- Roadmap progress: Successful delivery of future protocol upgrades (e.g., cross-chain bridges, layer-2 scaling) influences market confidence.
- Macro sentiment: Overall crypto market cycles and regulatory developments significantly impact EGLD’s price.
Currently, EGLD’s market capitalization is approximately $119 million (based on circulating supply and estimated price), ranking moderately low among Layer 1 blockchains. While its market cap has declined over 99% from its peak, the potential for recovery remains substantial if the project successfully realizes its metaverse vision. Investors should monitor the team’s technical delivery capacity, community activity, and competitive advantages over rivals like Ethereum and Solana.
In summary, MultiversX’s sharding technology and carbon-neutral commitment give it a unique positioning, but the severe price retracement underscores inherent risks. We advise investors to conduct thorough research (DYOR) and align decisions with their risk tolerance.