I have a long history with Elrond, long time before they rebranded into MultiversX! Let's say I discovered this gem when it was more like a start-up than a blockchain and invested in Elrond early days. Maybe investing sounds a bit to sophisticated considering all I spent was $36 in 2020!
I initially bought over 2,500 $ERD four years ago and no... I am not a millionaire now! The $ERD tokens were transformed into $eGLD at 1000:1 ratio, and I received 2.5 eGLD after the new tokenomics where integrated. The change resulted into a dump and I seen that as an opportunity. PVM bought more $eGLD under $7 and had them on BINANCE Earn for a lot of time.
Elrond Network was created as a highly scalable, fast and secure blockchain platform for Dapps and block-chain solutions. The Adaptive State Sharding Mechanism was designed to bring a 1000-fold cumulative improvement in throughput and execution speed is the future of block-chain.
The Romanian project had a major rebranding in March 2023, changing to the more appealing MultiversX name. The Maiar Wallet transformed into X-Portal and the capital X was added to the name of every product to symbolize a multiplier. Looks like Elon wasn't the first one to embrace the "X"!
I set many goals at the start of 2023, and I failed most of them. However, holding 20 $eGLD by the end of the year was one of those that I managed to complete. To be honest... this one was an easy one ... and also it wasn't completed before 31st of December.
I had 16 $eGLD in my Maiar Wallet in January 2023, and adding 4 more to the portfolio wasn't too difficult. I consider this goal as achieved as I claimed the staking rewards on the 2nd of January 2024, because I was travelling over the festive season.
had over 1 million users, and the upgrade to X-Portal took the wallet to new heights. Both the UI and the user experience were improved, and all the MultiversX tools and Dapp are now included in X-Portal. It is true that the wallet is now a portal towards all the tools and perks that the ecosystem has to offer.
I remembered to claim the rewards while doing a routine crypto check, just to see what assets I still have after the $35,000 drain I suffered after using the broken Velodrome UI! Sad about the massive hack but a bit happy to see 1.3 eGLD ready to be claimed!
The 16.5 $eGLD I had staked since the start of the year kept farming more tokens, and all the rewards were added into a new staking pool. The new one had a better APR rate, 7.20% compared to 6.40% in the XOXNO pool. Also Meria is a verified staking pool, which makes me think to move them all in there.
Why I am still farming at a lower rate? Dunno... maybe because I am lazy and didn't notice so far the APR difference. Anyway... the difference is not that high and I looked back to get some data. The initial pool was called Empress Staking and the APR was 12.40% when I staked my eGLD back.
I added "checking the best eGLD APR" on my list of "To Do!" things and pressed that "stake" button for both pools. The accumulated rewards were added into the pool, and passive farming continued as before.
The 20.54 $eGLD will always stay on X-Portal, and perpetually farm rewards. The token burning mechanism will create scarcity and years from now eGLD will prove that my wild card was played well. I am still 10x on the investment, that's after two full years of bear market!
Call me crazy when I am praising MultiversX that much but the team is solid and the blockchain is better than Ethereum mainnet. Also let's not forget that eGLD reached $545 in the 2021 ATH! I always say this... HODLers always win!
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