Elrond offers a public blockchain, which uses the proof-of-stake (PoS) consensus mechanism, to build decentralized apps across DeFi use cases. The blockchain is capable of processing hundreds of thousands of transactions per second with a transaction cost of USD 0.001. Elrond uses the EGLD native token and achieves speed and cost efficiencies using a combination of the aforementioned PoS methods and sharding technology to improve parallel processing and thereby the throughput. During Q4 2021, Elrond launched DeFi 2.0, a collection of protocols that enable autonomous banking activities with modules to build DeFi lending, swapping, and tokenization products.
As of May 2022, Elrond has a total value locked of USD 257.2 million.
In July 2019, Elrond raised a total of USD 1.9 million through seed round funding with lead investor Binance.
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