coinfomania.com
High-throughput public blockchain Elrond Network is adding a big feat to its success book today as its native token will be listed on popular cryptocurrency exchange Bitfinex.
According to an announcement Wednesday, token holders will be able to deposit ERD token on Bitfinex as from August 17 while staking service will be added later.
Bitfinex is known to enlist a tightly controlled portfolio of projects. With this new development, Elrond is now part of this integration, being the second to be added in 2020.
Elrond is a relatively new blockchain architecture, designed from scratch to make a 1000-fold cumulative improvement in throughput and execution speed. Elrond can process more than 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
See Also: Why is Elrond (ERD) up Today? Mainnet Launch and High Staking Activity
This feat is made possible with their two key innovations, a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm enabling linear scalability with a fast, efficient, and secure consensus mechanism.
What Bitfinex listing means for Elrond Network
Bitfinex is one of the “longest-running and most liquid major cryptocurrency exchange,” for both traders and institutional investors. Since it’s founding in 2012, Bitfinex has been creating sophisticated and state-of-the-art services to accommodate the ever-growing digital token trading community and global liquidity providers.
As a new addition to the Bitfinex portfolio, Elrond product is exposed to a more senior category of ecosystem players.
Commenting on how the recent development has benefitted Elrond, Beniamin Mincu CEO of Elrond network noted,
We are excited to unveil this listing as part of a strategic plan to expand our ecosystem, which brings significant exposure and opportunities for Elrond. Enabling additional products in collaboration with Bitfinex, such as staking, will strengthen Elrond, and position it for accelerated growth after the mainnet launch.
ERD price: 1,700% growth in 7 months
After a successful token sale on Binance Launchpad in June 2019, ERD traded as high $0.006406. However, shortly after the IEO event, the token started to dip and traded around $0.001625 in January 2020.
The continuous decrease in ERD’s value despite the progress and development of the project forced the Elrond team to believe market manipulators were responsible for the stunted growth of the cryptocurrency.
Since January 2020, ERD has gained more than 1,700% in value reaching an ATH price of $0.029489 in July. At the time of writing, the token ranks 37 on CoinMarketCap, trading at $0.026292 with a total market cap of $350,306,541.