Elrond: A year-to-date look into the performance of EGLD
In its newly published weekly ecosystem report, Elrond, the scalable smart contract blockchain network, informed users of the developments within its network in the last week.
With a total address of 1,852,288, Elrond registered a 1% growth in the index of addresses on the network last week. Within the same period, transactions completed on the blockchain grew by 1%. As for EGLD staking on the network, an increment of 0.14% was recorded.
As of this writing, a total of 13,442,146 EGLD coins were staked on Elrond. This represents a 20% growth in EGLD staking rate on the blockchain on a year-to-date (YTD) basis.
With consistent growth in EGLD staking on Elrond, has there been an all-around growth on the blockchain? Let’s have a look.
A YTD look at Elrond
According to Elrond Explorer, 56,940,493 transactions have been completed on the network from launch to date. The year so far has been marked by a decline in daily transactions on Elrond. With 71,436 at the time of press, daily transactions on the network have declined by 117% since 1 January.
With a consistent fall in daily transactions on Elrond, data from Token Terminal revealed a consequential decline in daily revenue on the network since March.
As of 11 September, the blockchain network saw a daily revenue of $1,437. According to Token Terminal, in the last 180 days, Elrond’s daily revenue had dropped by 82%, 71% in the last 90 days, and 20% in the last month.
Interestingly, despite the decline in transactions and daily revenue on the network, users continue to flock to Elrond.
This, however, suggests that the growth in addresses on Elrond has failed to translate into more transactions on the network. Total addresses on Elrond stood at 1,852,372, having grown by 36% since the year started.
What about EGLD?
Although EGLD staking on Elrond has grown by 20% since the year started, the price of EGLD has failed to see similar growth.
At $53.51 during press time, the price per EGLD coin has gone down by 78% since the year started.
According to data from CoinMarketCap, EGLD traded at $243 at the beginning of the year. With a steep decline in the price per EGLD, daily trading volume for the coin has also dropped over time.
So far this month, the asset’s price has gone up by just 1%.