Unlike most alternative coins, Elrond has had an impressive November. Nevertheless, that is when it comes to network growth. Moreover, Elrond’s expansion into the decentralized finance (DeFi) marketplace proved fruitful as the crypto projects achieved many records through the Maiar DEX.
Maiar and Elrond over the Past 10 Days
After Maiar’s launch on November 19, market players expected the DEX hype to conclude as a trend incident. Nevertheless, Elrond proved the crypto community wrong as it managed to achieve organic growth within no time.
The mainnet boasted more than one million account creations ten days after the launch. Moreover, transaction counts rose past the 17 million level. The incentive program Maiar liquidity, introduced by Elrond, seems to achieve its targeted outcome. Keep in mind that the network’s activity has thrived since its inception.
Furthermore, EGLD’s trading volume in the spot market hit $1.2 billion within four days after the launch. The bullish attitude by crypto enthusiasts translated to Maiar DEX TVL surging 1,910% within the past ten days. While publishing this article, the total value locked stood at $1.85 billion. Elrond emerged as the 10th largest platform in the Decentralized Finance (DeFi) space with the growth highlighted above.
Meanwhile, this current bullishness appears limited to the DeFi space as it did not reflect in the spot marketplace. Besides volumes, there are not many improvements. Meanwhile, the alternative coin maintains its attitude of a stable surge inside an uptrend bracket. Though EGLD surged nearly 60% within three days on November 22, hitting a new ATH of $491, the alt declined by 23%, hitting $380 at this publication.
Meanwhile, Elrond is yet to test the top trend-line as support. Moreover, a breakout will happen when the overall market depicts a bullish outlook. Until then, the EGLD might have to maintain the bottom trend-line as its support level.
On the other hand, Bitcoin still struggles after encountering rejection at $59,000. Meanwhile, the crypto attempted to gain ground at $57,000 before plummeting to trade at $56,680 at this publication. That had the altcoin market bleeding, Ethereum cooling down at $4,500 after its recent leg-up that had its closing its ATH gap.