MultiversX launched four products in Q1 2023. Activity on the chain, however, continuedf to dwindle. Formerly referred to as Elrond, metaverse-focused project MultiversX [EGLD] confirmed the successful rollout of some new products in Q1 2023 aimed at driving more users to the protocol. Read MultiversX [EGLD] Price Prediction 2023-2024 In a series of tweets published on […]
its decision to change its name from Elrond and move forward under MultiversX, rebranding itself as a decentralized blockchain network with a focus on the metaverse.In spite of the new products being launched this year and old products re-launched under new names since the name change in November, MultiversX’s DeFi TVL remained at its June 2022 level, data from
revealed. At press time, the protocol’s TVL was $78.71 million, having fallen by 6% since the year began.Further, in the past few weeks, user activity on the protocol has seen a steep decline. According to data fromMoreso, the total number of transactions completed on-chain within the same period decreased by 80%.While EGLD’s price has increased by 30% on a year-to-date basis, its price has embarked on a descent since 21 February.
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