Elrond TVL increases considerably, but what’s the reason behind the hike?
- MultiversX’s TVL has been on a rally since the year began.
- After the name change and rebranding in November 2022, the chain has seen increased user activity.
Formerly referred to as Elrond, MultiversX, the metaverse-focused project, has seen a surge in its Total Value Locked (TVL) since the start of the year.
According to data from DefiLlama, on a year-to-date basis, the TVL has increased by 27% to reach a total value of $105.06 million by press time. This TVL level was last registered on the network two months ago.
The name change and rebranding might have worked wonders
In November 2022, the team behind MultiversX announced its decision to change its name from Elrond and move forward under MultiversX and rebrand itself as a decentralized blockchain network with a focus on the metaverse.
As part of this decision, the team launched three new products: xFabric, xPortal, and xWorld.
Following the rebrand, the launch of new products, and the promise of attached incentives have led to a jump in user activity on the network.
In fact, per data from on-chain data provider Artemis, the daily active addresses count on MultiversX rallied to an all-time high of 86,000 on 8 February.
Likewise, shortly after the name change and the launch of xFabric, xPortal, and xWorld, the transactions count on the blockchain touched a high of 135,000 on 9 February 2022. As of 19 February, MultiversX logged a transaction count of 85,000.
As user activity grew on the network, fees charged for processing transactions also rallied. According to Token Terminal, in the last month, fees paid by MultiversX users grew by 38%.
As expected, the growth in network fees culminated in revenue growth during the same period. Per Token Terminal, MultiversX registered a 42% growth in daily network revenue in the last 30 days.
If this user activity momentum is maintained, annualized revenue is expected to also grow by 42%, data from Token Terminal showed.
More products to be launched in the coming months
MultiversX has included in its 2023 roadmap a plan to rename some of its current products and re-launch them under new names.
One of the products that will undergo this change is the Ad-Astra Portal, which enables users to bridge cross-chain assets to MultiversX. The product will be relaunched as MultiversX Bridges.
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Furthermore, MultiversX plans to rename and relaunch its Maiar Launchpad as xLaunchpad by the conclusion of Q2 2023. In addition, the company will rename and reintroduce other products, such as UTRUST and Twispay, which will both be relaunched under xMoney.