MultiversX, formerly Elrond, has announced the integration of the EGLD crypto staking system into the Ledger Live app, which will also be involved in validating blocks on the blockchain. Latest news from the metaverse front.
Summary
Elrond (EGLD): more than 1.5 million Ledgers will be able to stake the crypto
MultiversX has announced the integration of the EGLD staking system into the Ledger Live app, which has more than 1.5 million users who will be able to access the service.
This was announced by Beniamin Mincu, CEO and Founder of MultiversX, formerly called Elrond Network.
1.5M @Ledger Live users can now stake $EGLD directly in the app, via the Ledger by @Figment_io node 📲
Secure. Convenient. Fast.
ESDTs are also making their way to the app.$USDC, $RIDE, $MEX are the first tokens now live. More to come.https://t.co/Xl6Layo4So pic.twitter.com/fFboOPkCIB
— Beniamin Mincu — e/acc 🔥🛠️ (@beniaminmincu) February 2, 2023
In practice, Ledger is now also involved in proposing and validating blocks on the MultiversX blockchain network through its staking pool, operated in collaboration with Figment. Ledger’s staking pool already has 7 nodes and can currently host an unlimited amount of EGLDs.
Not only that, Ledger’s integration with MultiversX now extends to ESDT– MEX, USDC, and RIDE tokens which are already available for secure storage, management, transfer, and more MultiversX tokens will follow soon.
More details about EGLD’s staking system on Ledger Live
Staking is the way to contribute to the security and decentralization of the network, and also to its scalability in the case of the MultiversX blockchain, as it can grow linearly in throughput in tandem with the addition of other shards.
By never sharing the private key outside the chip or device, wallets such as Ledger and xPortal provide the highest level of security, giving users a valuable additional layer of security.
MultiversX is grateful for the new integrations with Ledger products and the continued support received from their team.
Elrond and rebrand into MultiversX to expand its applications into the Web3 and metaverse
Last November, Elrond‘s crypto company announced its rebranding to MultiversX, intending to expand its applications into the Web3 and metaverse.
And indeed, MultiversX focuses on the following:
- xFabric: a blockchain module, the heart of apps that is usable in minutes. Can be customized to the developer’s and companies’ liking, thanks to the many opportunities it offers.
- xPortal: the superApp that serves as a portal to access the metaverse. It is a platform that manages its own avatar and debit card to spend crypto and a chat to interact with other users.
- xWorlds: the engine for creating new worlds, a network that makes metaverse interoperability possible.
EGLD’s price trend over the past month.
MultiversX (EGLD) has been on an upward trend over the past month, rising from a price of $34.5 to the current $44.41.
However, its chart draws a roller coaster of sorts, with three net price dumps such as those on January 18 (from $43 to $38), January 24 (from $43 to $41), and January 30 (from $45 to $42). In contrast, the price pumps recorded during the month were more gradual over time.
Not only that, EGLD is still in the top 50 cryptos by market capitalization.
With a total market cap of more than $1.1 billion, which places it in the 48th position today.
EGLD is still far from its all-time high, recorded in November 2021, when the ATH (All-time High) price was over $490.
