Categories
Staking

How APR, rewards, validator states and the shards are connected

Sometimes there is some confusion around the rewards, when and for what they are paid and how this all results in the APR. We want to give you some guidance and information around so that you are well informed and can make educated decisions as a delegator:

APR is an annualized representation

Let us start with the data point which is shown everywhere but needs some explanation: APR. APR is the annualized percentage rate and is an ANNUALIZED representation of your estimated rewards in relation to your stake. The most important thing here is that it is not something that will be the same for every single day or week or even month. Due to the mechanisms of the network, we will only reach this rate over a longer term (in our case we expect to see that within one year but most probably earlier – so X% APR does not mean you get X% every single day, but X% per year which includes the longer term). So, looking at every single day or even week doesn’t help if you want to check the APR as it is comparing apples with oranges.

Rewards for validating transactions

Now to the even more important term: Rewards. The network pays rewards for the work the validators are doing and you as a delegator can put some amount of stake with us to get a share of these rewards. We see the relation between staking providers and delegators as a partnership. We need you and you need us to be able to help, invest and thus grow the Elrond network which we all believe will be a great success in the future! Every single validator currently needs a minimum stake of 2500 EGLD to be able to be part of the secure proof of stake method. While we as a staking provider also have our own stake on our validators you as a delegator can “invest” stake onto our validator nodes so that we are able to get more validators running and thus we together get a bigger amount of the overall “reward cake” the network is distributing.

Rewards distribution

To understand when and how rewards are distributed it is important to know that there is a fixed amount of EGLD that is distributed on every epoch change. Epoch change is every day around 14:30 UTC and the daily rewards are distributed by the network shortly after that time automatically every single day. To be able to get rewards a validator needs to be “eligible” in the epoch which the network is doing the accounting for. So, the pure existence of a validator does not mean there are rewards!

The Staking Providers Fee

The next important part is obviously our validators. The validators are servers that process transactions and are called nodes in the Elrond language. They secure the network by participating in the consensus mechanism, while earning rewards from the protocol and transaction fees. Our staking provider fee (which is 10% of rewards earned at ProCrypto) is there to ensure we can build and run the necessary infrastructure to maintain the stability, security and growth of the network. So please be careful in the selection of your staking provider as a very low fee might seem like a good deal for you as a delegator but on the other hand your EGLD is always part of an infrastructure that needs to be maintained and, in the end, also paid – so in the long-term a very low fee might result in no rewards at all or the fee might get increased in the future.

Rewards distribution within a Staking Provider

All staking pools run on a smart contract setup by the Elrond team, so the Staking Provider can only change some parameters but the main functions are the same for all staking providers. For a staking pool the overall rewards that the pool earns with its eligible validators in an epoch are then distributed to all delegators for that contract in rate with their stake of that pool.

Validator states and the influence on rewards

Finally, it’s important to understand the different “states” a validator can be in: queued, waiting, eligible and “active”. Queued means that a validator is in a FIFO (first-in first-out) queue ready to take a seat in the “active” validators pool (currently 3200) as soon as an “active” validator drops out. An “active” validator is a validator that is either waiting or eligible. All the time half of the 3200 “active” validators are eligible and the other half is waiting. A validator will be selected to be part of the consensus aka eligible in a specific algorithm – the important part regarding rewards here is: Only eligible validators will earn rewards in the epoch when they are eligible!

Daily fluctuation in rewards due to validator states

The algorithm on how the eligible validators are selected is based on a lot of considerations around security and stability of the network itself. That is why there needs to be some randomness in it which causes the daily rewards fluctuation from one day to another (which will even out over a longer time period due to statistical probability). Over a longer period of time the randomness levels out so that every active validator is 50% of the time eligible and waiting in the other 50% – in the calculated APR this fact is already included!

Days were a validator doesn’t receive rewards

An eligible validator is doing the actual work in one of the multiple shards (one shard is a part of the overall network and all shards together form the network) as part of the consensus. Right now, 400 validators per shard are eligible and 400 are in the shard waiting FIFO queue (not to be confused with the validator queue above!) – on every epoch change 80 eligible nodes will be randomly selected from each shard to go to the waiting queue of a random selected shard and the first 80 nodes of each shards queue will become eligible in the respective shard. That results in the situation that a node is sent to waiting for 5 epochs (400 / 80 = 5 epochs) but can be eligible for an unspecified number of epochs (as the selection of validators going from eligible to waiting is random). While a node is waiting, it doesn’t receive rewards, this effect will average out over time for each node. The more active nodes a staking pool has the shorter the time period is to average out this effect.

Influence of total network stake on rewards and APR

You might already know that the overall APR is influenced by total stake in the network. The more stake is in the network the lower the APR will get, since the amount of EGLD distributed  as rewards is fixed. The larger part of that fixed EGLD amount goes to the so called base stake, that is currently 2500 egld per node, the smaller part will be distributed towards topup stake. In consequence the APR for base stake is higher than for topup stake, but both go down with more topup stake in the network.

Influence of the different shards on daily rewards

The next difference influencing your daily rewards is the difference in the shards. Each shard gets a share of the distributed rewards, based on the work the shard has done. And since the amount of topup vs. base stake can be different in each shard the APR in each shard can be different to another shards APR on a daily basis. Over time this effect should average out over a longer time period as nodes are switching between the different shards.

Conclusion

Calculated APR and rewards received on a daily basis will never exactly match up. A simple calculation like: (rewards received today * 365) / your staked egld = your APR for that day; can give you a direction of where your APR is today, but it probably will not match the displayed APR most of the days, since the displayed APR is taking into account many more of the above factors that influence your daily rewards. Over a longer time period (like a year) your received rewards will converge to the calculated APR.

Categories
Staking

Staking and Delegating: What you need to know!

What you need to know! 🕵️‍♂️

Staking can be understood as a new type of cryptocurrency mining and investment approach. It is the most popular alternative to Proof of Work and allows for a more fair system where anyone can take part in processing transactions and earn rewards.

To take part in a Proof of Stake network, the participant must purchase and stake a certain amount of the cryptocurrency used in the network. Network participants (called validators in a Proof of Stake blockchain) are then rewarded based on their stake in the network and the amount of work that they do within the blockchain.

Proof of Stake vs Proof of Work 🦾

Both Proof of Work and Proof of Stake are blockchain consensus protocols. Proof of Work was the first consensus protocol implemented in a blockchain when Bitcoin was introduced to the general public in 2009.

How Each of Them Work🤔

In a nutshell, Proof of Work involves miners in the network competing with each other to solve a difficult mathematical puzzle. The miner who solves the puzzle first is rewarded in cryptocurrency coins native to the blockchain. However, a problem started to arise as the adoption of blockchains that use Proof of Work grew: the collective energy demand of all of the miners in the ecosystem started putting strain on the global energy supply. This strain has led to a large criticism of Proof of Work blockchains. Also these protocols are limited in scalability. In order for blockchains to scale, it became clear that a new consensus protocol was required.

A Solution To the High Energy Demand 🌎

This is where the Proof of Stake consensus protocol comes in as a less energy-intensive consensus protocol. Instead of the miners in the network using large amounts of electricity to take part in the competition to solve the mathematical puzzle to earn a reward, the miners (called validators in Proof of Stake) each receive a portion of the unprocessed transactions to process. Subsequently, the validators are rewarded based on the amount of work that they do. which is taking part in the consensus. Validators are only eligible to participate in consensus with fully staked nodes and a large sum of coins staked to each node is required. So it can be said that a validator is rewarded in proportion to the amount of the circulating supply of a cryptocurrency that they stake.

One reason that validators with larger staking amounts are allowed to run more nodes that process more transactions is because by staking more cryptocurrency in an ecosystem, they have more to lose if they jeopardize the network in any way.

A More Fair System ⚖️

Blockchain was created with the purpose of creating software that has no reliance on a central authority or institution to run, resulting in a distributed system that anyone can take part and have a say in.

However, one facet of blockchain technology that is most at risk of being centralised and monopolised by large institutions is its mining. As you may recall, mining is the process whereby network participants process and verify transactions, receiving a reward for their work within the ecosystem. Mining in Proof of Work involves using computer hardware to solve the blockchain’s mathematical puzzle. As mining popularity grew, so too did the cost of the machines used to mine. This has created a somewhat high barrier to entry for anyone that wants to mine on a Proof of Work blockchain. This is mainly due to the fact that large institutions and high networth individuals purchase all of the available mining hardware, inflating the cost of a single unit of mining hardware. Mining on your own is also no longer feasible, this is because the collective computing power used in cryptocurrency mining is so large. So, any computing power that you have will most likely not be able to compete with the rest of the network. A miner can always join a mining pool, but either way your realised returns are diminished.

Proof of Stake removes the risk of monopolisation by introducing a consensus where work is distributed amongst all of the validators. This allows anyone to take part in validating transactions.

An Example of Proof of Stake👇

A well-established cryptocurrency project that makes use of the Proof of Stake consensus protocol is Elrond.

The Elrond network is a public blockchain developed to provide more scalability, interoperability, and high throughput. The primary goal was to create a decentralized network that can provide better performance than other competitors like Bitcoin and Ethereum while putting the high standard of user privacy into practice.

For the rest of this article, we will take a look at certain aspects of the Elrond project to explain some need-to-know concepts of Proof of Stake blockchains and cryptocurrencies.

Staking on a Proof of Stake blockchain such as Elrond can be done in one of two ways. You can either be a validator or a delegator. Let’s take a look at both of these methods.

Staking and Delegating: What you need to know!

What is a Validator Node? 🤷‍♂️

A validator node in a Proof of Stake blockchain is like a miner in a Proof of Work blockchain. Both play similar roles in their respective blockchains.

In a Proof of Work blockchain, a miner would purchase mining hardware to take part in the mining process and become a miner. However, in a Proof of Stake blockchain, a person can become a validator by purchasing and locking the minimum amount of cryptocurrency required by the network, called the base-stake. The funds are then locked by a smart contract specifically set up for staking. A node is basically a server setup for the sole purpose of processing and validating transactions on a blockchain. Once the purchased funds are locked up in the node’s wallet, the node can then be used as a validator node.

To be a validator in the Elrond ecosystem, you must be able to run a node and stake 2,500 coins of its native cryptocurrency, called eGold.

Since 2,500 eGold is a large amount and also not everybody wants to run a validator node by themselves the Elrond Network has created a special purpose smart contract to enable pools that stake together. Those pools a run by a staking provider, who runs the nodes for the pool of people staking together and receives a share of the rewards the pool receives. The transactions are all done by a smart contract. So, if you don’t want to run a node by yourself you can delegate 1 eGold or more to a staking provider like ProCrypto.

What is a Staking Provider? 👨‍💼

A staking provider is a company that provides the support and infrastructure needed for you to run a validator node and start earning rewards. The provider simplifies the process of setting up a validator node significantly. They also make sure that your node runs consistently by having the infrastructure in place to minimize the downtime of a node, assuring you that you are constantly earning rewards and you don’t have to take on the hassle of maintaining your own node.

Apart from providing stable infrastructure for a person to run their own validator node, a staking provider also enables a person to become a delegator. Let’s take a look at what delegating on a Proof of Stake blockchain is, specifically looking at Elrond.

What is delegating 🤝compared to staking?

As mentioned, delegation is the second method in which a person can stake on Elrond. It is the process whereby a person delegates eGold to a Staking Provider. The staking provider then runs validator nodes for a pool of delegators.

The network automatically distributes validator rewards and subtracts the fee of the staking provider by means of a smart contract. Delegator rewards are claimable once per day, with no time limit for claims.

Choosing the Right Staking Provider 🔍

When researching the right staking provider there are two important things to keep in consideration before choosing the one that you will use. These main consideration is their infrastructure and their strategy. The better their infrastructure the better they serve the network overall and the more rewards the pool will receive in the long run. Their strategy will tell you where they put their energy to, does that fit to your plans?

Infrastructure 🌁

You want to make sure that the staking provider that you’re thinking of using has good infrastructure in place to host your validator node. Any downtime of your validator node will negatively impact the realised returns of your staking venture. The same happens when their systems can not handle the networks load.

Be aware that a stake can be at risk if the validator gets slapped. You can learn more about slapping in one of our following posts.

At ProCrypto we aim to be great staking provider with stable, efficient infrastructure for the network and you.

What is slashing?

Slashing is a punishment mechanism to improve the networks security and availability. A validator will be slashed when he does not behave consistently or as expected on the network, e.g. when he tries to manipulate.

The penalty most times is a predefined percentage of the validator’s coins, which will be lost when punished.

Slashing is expected to be implemented into Elrond Network with Phase 4. Details are yet to become public.

What Is Top up 🚰

Topup refers to staking more eGold on a validator node in addition to the 2500 base-stake amount required by the Elrond network. A person can either top up a validator node directly by adding eGold to a validator node, or can top up indirectly through a staking pool.

Topping up the amount of eGold on a validator node will earn you more rewards as there is more equity that will be compounded by the Elrond network. However, your APR (Annual Percentage Rate) will gradually decrease. To avoid this gradual decrease in your APR it is recommended that you run more validator nodes instead of topping up the amount of eGold that you have on a single node. For example, instead of having 5000 eGold on one node, it will be more profitable to run 2 validator nodes each with 2500 eGold.

Categories
Staking

Staking On Ethereum vs. Elrond

Introduction🐰

The competition on Blockchains is taking shape, and just like any other business, all blockchains strive to provide users with the best services. Looking at these two blockchains, they are aiming to achieve better security, faster speed, more cost-effective, and highly scalable platforms for the benefit of their users. 

ETH 2.0 is being designed to transfer the blockchain from Prof-of-Work (PoW) to the proof-of-stake (PoS) consensus mechanism, which is in line with the shift of their current mining model to a staking model. Elrond, on the other hand, has been receiving attention lately as their mainnet with PoS is already rolled out. Their primary focus has been scalability, speed, low transaction cost. Elrond mainnet launched and is currently hosting 3200 validators to serve the blockchain. 

This brings us to the concept of staking. Staking can be defined as the process by which blockchain users actively engage in transaction validation on a PoS Blockchain. It involves holding a certain amount of crypto tokens on the network to participate in the network and obtain a reward in return. The process involves locking up a particular amount of a given cryptocurrency coin in a wallet to participate in the operation of a blockchain and receive rewards in return. 

Theoretically, users of a Blockchain that enables PoS consensus are required to have a specific balance of cryptocurrency coins to be considered a validator. Participating in the validation process earns a user staking rewards. Based on ETH 2.0 and Elrond, anyone using either of the platforms can become a validator, as long as they meet the respective threshold, and consequently earn staking rewards offered by these networks. PoS has several variations to determine a user’s qualification to stake on their network of choice. 

Staking on Ethereum 🤔

When Mainnet switches to POS by 2022 as planned, the move is expected to improve the network’s scalability and security. This will make it possible for users to stake on Ethereum and earn staking rewards.

Staking on Ethereum will be just like it’s done on most other platforms, as they all follow the lock-load and wait for principle. But staking on Ethereum’s new POS consensus is expected to be fairly straightforward, with a minimum threshold of 32 ETH required to participate in staking. In the process, validators will be required to run a validator node. The good thing about the process is that it will not require some special computing system as Bitcoin’s Proof-of-Work (PoW) does. PoS works can work fairly well on a consumer-grade computer or laptop. The major requirement is that validators will have to be online consistently to remain relevant and avoid minor penalties. 

The rewards for staking on Ethereum are estimated to be between 3-7.5% APR on any ETH that you stake to help secure the network. It works on the principle of demand and supply, where the amount given as staking rewards is dependent on how much ETH is currently validating on the network. Little ETH staked means good rewards to incentivize more users to come online. More ETH staked on the network means low rewards. 

Staking on Elrond 😍

As earlier stated, the Elrond network is a public blockchain developed to provide more scalability, interoperability, and high throughput. The primary goal was to create a decentralized network that can provide better performance than other competitors like Bitcoin and Ethereum while putting the high standard of user privacy into practice. 

Staking on Elrond takes place in either two ways: as a validator or delegator. To be a validator, a user must be able to run a node and stake 2,500 eGold. On the other hand, to be a delegator, a user must provide a minimum of 1 eGold per delegation. As a delegator you delegate eGold to a Staking Provider who will run validators for a pool of delegators. The network automatically distributes validator rewards and subtracts the fee of the staking provider with a smart contract. Delegator rewards are claimable once per day, with no time limit for claims. 

Elrond network has fixed reward amounts for validators and delegators. These rewards are derived from the network reserve pool and given based on the automated distribution mechanism. It must be noted that Elrond staking is trustless and transparent, and one must own eGold tokens in their wallet to participate.

With delegation to a Elrond staking provider, there is no permanent locking up of your eGold. However, you will have to wait for 10 days once you send your withdrawal request.  

Although staking Elrond is very safe, there are two general risks. One is slashing of your validator and the other is your personal access to your wallet. The first is a security action of the network to keep validators from misbehaving, you can see it as punishment for misbehaving. So you better search for a trustworthy Staking Provider. The second could be the possibility of a user losing control of their private keys. But this mishap can be managed when one adopts diligent private key management, such as multiple backups. 

Differences between Ethereum and Elrond 🥜 vs 💰

Scaling and throughput are ideally one of the biggest concerns facing some of the largest blockchain networks today. We’ve all witnessed some Blockchain Networks bloat, leading to frustrations that come with low throughput and slow transactions. 

Although ETH 2.0 network is being designed based on PoS and sharding mechanism, just like Elrond, there are some remarkable differences between the two networks. 

Speed & costs of transactions 🚄 🪙

Recent reports indicate that the Ethereum network has been breaking all transaction fee records with some historical highs experienced over the blockchain network. Under such conditions, it’s becoming increasingly difficult for smart contract developers to maintain their applications on the Ethereum network. The Elrond network, on the other hand, has been striving to solve the problem of transaction costs, by providing low-cost transactions. The network has shown some record-breaking transaction speeds of 263,000 transactions per second. This speed is more than 10 times Visa’s 25,000 transactions per second. Compared to ETH 2.0’s 100,000 transactions per second, Elrond is still over 2.6 faster than Ethereum. This makes Elrond even cheaper than Ethereum, as transaction processing fees are lowered with faster processing time.

Technical complexity 🕸

Compared to Ethereum, Elrond has low technical complexity for staking. It is run in such a way that after the end of each epoch, 80 of all validators in each shard are randomly shuffled to a different shard, put on the waiting list. Technically, the process reduces the risks of malicious attacks. It also prevents possible network failures during data synchronization from another shard. 

The two Blockchain networks, however, share some common features. For example, they both use virtual machines for smart contracts. While ETH 2.0 will be using WebAssembly (ewasm), and potentially providing an opportunity for cross-chain interaction between networks at the smart contract level, Elrond executes ewasm via Arwen VM and uses the Rust language and Visual Studio Code extension to write contract code. The latter has also implemented support for async smart contract calls on a sharded architecture. But unlike ETH 2.0, the Elrond network offers royalties worth up to 30% for smart contract authors, which greatly incentivize skilled developers to continue joining and working with the network. The strategy is expected to facilitate the growth of the Elrond network with its smart contract infrastructure. 

Community 🎎

Ethereum is buzzing with a clear advantage when it comes to the community network. Ethereum has been in the game for a longer period and has built a strong team that has earned the trust of a large community. Ethereum’s native cryptocurrency, ETH, is one of the most popular digital assets, only second to Bitcoin in terms of market capitalization. 

Ethereum has a large development ecosystem with a trusted team under Ethereum Foundation. The team has extensive experience in developing solutions, ranging from DeFi to NFTs. The major challenge with Ethereum, however, is the technical difficulty when transferring functionality from the old network to the new one. Moreover, ETH 2.0’s multi-client approach is said to slow down development, because of the requirement that compatibility between clients must be insured. This challenge is less pronounced in Elrond. 

Elrond is currently still smaller in community size, but coming up as one of the most exciting networks for any skilled developer to join. With a high frequency of new developments you will find a fast growing community.

Conclusion 📝

Despite having a much less community base, Elrond has experienced some remarkable growth in terms of community involvement over the last year. So far, it has grown its social media audience four-fold, mainly on Twitter and Facebook. Their marketing efforts are focused outside of the blockchain world, explaining the sudden influx of new people. Moreover, the blockchain network does not position itself as an Ethereum competitor, but rather as a network built with technological prowess to solve some of the pressing issues affecting internet users on a larger scale. 

If you also want to receive rewards you can stake your eGLD with ProCrypto as a Staking Provider by one of the following steps:

1.     Use delegation manager:

–       You select your login method to login to your Elrond Wallet

–       Clock “Delegate” on the right

–       Enter the amount of eGLD to delegate 

–       Re-enter your password for the security check 

–       Confirm the prepared transaction

–       You are back to the Delegation Manager

–       When your Transaction is processed you will see your active delegation here.

2.    Use Maiar App

–       Login to Maiar

–       In your Vault click the “Earn” Button

–       Click “Stake

–       Search for “ProCrypto” and click the result

–       Continue and enter the amount of EGLD to delegate

–       Confirm

Categories
Staking

Everything You Need to Know About Staking on Elrond Network 📢

The massive popularity of decentralized finance solutions opened a new realm of possibilities in which anyone, anywhere in the world is able to easily gain a blockchain-based source of passive income 💸. Many people consider DeFi to be the next step in the evolution of blockchain technology. But what exactly is so profitable about DeFi, and how can Elrond Network help you improve your decentralized finance earnings?

What Is Staking? 🤔

Staking is by far the most popular way of receiving money in the DeFi ecosystem.

Originally, the only way to profit from traditional cryptocurrencies like Bitcoin or Ethereum was mining crypto. However, mining is not for everyone: it requires a massive energy consumption, expensive dedicated hardware called “mining rigs”, and a lot of technical knowledge.

Staking allows you to gain a source of blockchain-based income comparable to mining, but without any of the requirements of mining. Simply put, delegating to a staking pool is like mining but it doesn’t require any hardware for the delegator, it doesn’t have a high energy cost, and it’s really easy to do.

How Does Staking Work? 🛠

The word “staking” simply means sending a certain amount of funds to a certain address of a smart contract, and keeping your funds there for a period of time.

As long as you keep your funds locked and don’t move them, you are eligible to earn rewards. However, you are still in total control of your tokens: you can withdraw them anytime you want.

When you withdraw your funds you stop staking, which means that from that moment you won’t be able to get any more interest – but you will keep anything that you’ve received until that point.

The Benefits of Staking 📈

Compared to crypto mining, which is costly and complicated, staking is much easier and more efficient. The advantages of staking cause many people to resign from mining, and meanwhile staking is becoming more and more popular.

Simplicity 🧮

The main reason for the immense popularity of crypto staking is how easy it is to profit from it. All you have to do is send some funds to a smart contract and keep the funds locked there for as long as you want. No further action on your part is needed, as you can simply sit back and enjoy your new source of blockchain-based passive income.

Security 🔐

Staking is considered a very safe way of profiting from blockchain technology. Unlike risky methods of earning crypto income such as trading, staking doesn’t include a significant risk. Funds that you keep locked while staking remain protected by advanced cryptographic algorithms securing the blockchain, and it’s practically impossible for anyone to steal them.

Profitability 🏧

Traditional fiat currency systems are very inefficient and costly to maintain, so they don’t allow people to earn a lot. Keeping money on your bank’s savings account will earn you almost nothing. Decentralized technologies are very cost-efficient, so the rate of interest you will be able to receive is higher.

How Can You Benefit From Staking? 🔍

Staking doesn’t require you to have any technical knowledge, and you don’t have to make a significant initial investment either. All it takes to start receiving rewards as a passive income from staking are some cryptocurrency coins like EGLD.

Not all cryptocurrencies support staking. For example, Bitcoin (BTC) doesn’t include the staking feature.

When it comes to the digital assets which enable staking, not all of them are equally profitable. If you want to assure the highest possible rate of income, it’s essential to pick the most innovative DeFi assets that you can stake.

Staking With Elrond Network 🔝

Elrond Network is a next-generation blockchain platform providing the highest grade of decentralized services tailor-fit to suit the needs of the most demanding distributed apps and other enterprise use cases.

Elrond Network is powered by a dedicated digital asset called Elrond eGold (EGLD). EGLD is an asset, which enables you to benefit from staking while enjoying many advantages exclusive to Elrond Network:

Massive scalability 💎

Scalability is the main focus of the Elrond Network infrastructure. Most of the traditional blockchain networks were not designed with DeFi in mind, and the high volume typical of decentralized finance solutions can easily overburden those networks. Unlike outdated blockchains, Elrond Network guarantees superb scalability – you can be sure that you will be able to keep profiting from staking at any time.

Speed & security 🏇🔗

With Adaptive State Sharding Elrond brings a 1000x improvement in throughput compared to previous blockchain iterations. It enables parallel transaction processing. Elrond Network is dedicated to the convenience and safety of users’ funds. Start staking within seconds, withdraw your funds at any time. Rest assured knowing that your funds are protected by military-grade security algorithms 24/7.

Flexibility & productivity 🤸🏻👨🏼‍💻

Elrond Network is dedicated to the core idea of DeFi: allowing anyone, anywhere in the world, to easily regain total control over their finances.

Current Stage of Development ⏳

Elrond Network launched in 2018, and for the past few years, the Elrond team worked intensely to develop Elrond into the most ambitious and innovative blockchain platform in the world.

In 2020, Elrond was one of the first blockchain projects to fully adapt the DeFi vision of empowering anyone, anywhere in the world with easy access to decentralized finance solutions.

Currently, the main focus of Elrond is adding new features enhancing the DeFi functionality of the platform. Staking enables you to easily earn passive income with Elrond.

New DeFi 2.0 features of Elrond will include:

  • ESDT Stable-coins
  • Maiar Exchange
  • Elrond NFT Standard
  • Elrond Launchpad
  • Elrond Swap
  • Elrond Lending
  • Elrond Bridges
  • Elrond Synthetics

Conclusion 📝

Elrond is moving forward very fast. 🚀

The development of the network is very exciting, opening up new possibilities such as participating in the network by delegating EGLD to a Staking Provider.

If you want to learn more about how you can start receiving rewards for your coins by staking on Elrond Network, visit our homepage. 🌐