Elrond Town Hall Notes 12/21

Radovan Kubani
18.12.2021
Blockchain, EGLD, Elrond

“We’ll see good times and we’ll see very difficult times but one thing you can be
certain of is: we will never, ever give up on things. We’ll not give up on building
better products, we’ll not give up on rethinking different things, and we’ll not give
up on caring deeply about the Elrond community.“

Beniamin Mincu, Elrond

Here is the summary of today’s Elrond Townhall Meeting

After yesterday’s launch of the RIDE token listing, Elrond have stated that they will learn from the things that have yet to be perfected but that they also want to highlight the overall successful launch in terms of the blockchain’s unobjectionable performance, the extreme potential shown in the RIDE token, and the community’s engagement.

RIDE token launch

“We’ve seen tremendous excitement,” said Beniamin Mincu with regards to the high demand on behalf of the community.

However, he also stated that this overwhelming demand prompted the team to rethink how the listing processes can be optimized in the future to avoid some issues at hand, including the following:

complex dynamics behind the listing process vs inexperienced investors
imbalance between high demand and low liquidity
scalability vs security, meaning that any type of performance improvement can only be tackled if the security of the network is not threatened

“We’ve seen tremendous excitement,” said Beniamin Mincu with regards to the high demand on behalf of the community.

However, he also stated that this overwhelming demand prompted the team to rethink how the listing processes can be optimized in the future to avoid some issues at hand, including the following:

complex dynamics behind the listing process vs inexperienced investors
imbalance between high demand and low liquidity
scalability vs security, meaning that any type of performance improvement can only be tackled if the security of the network is not threatened

All these solutions have the primary focus to allow the broader community which does not have access to bots and automated scripts to buy in a much less volatile environment and to get new tokens easier and with a higher transaction processing rate. Mincu repeatedly stated that the community is at the very heart of Elrond and that the team will continue to work out how more people can be given the chance to buy early rather than buying after the price has exploded while making sure that the fundamentals of a free and fair market are being respected.

After frustrations arose due to community members frequently claiming that the Elrond team was behind the extreme price increase right at the beginning of the launch, Mincu clarified that three of the bigger transactions were, in fact, issued from a wallet belonging to one of the team members while also specifying that

all of the transactions concerned were done manually, i.e. there were no bots involved,
the transactions were intended to buy RIDE for transparent, long-term holding only to further support the project, and
contrary to what has been frequently stated by various community members, the transactions were processed at a price higher than the current market price (1,49$ at the time of the statement) rather than at the listing price. This means that the demand by the broader community and the various buying transactions that were subsequently issued up until the point of these bigger transactions were responsible for the price increase, which, seeing that the listing price was 0,10$, was already a growth of ~1500%.

Beniamin Mincu further stated that: “We have decided that this amount of tokens will be bought by the Elrond team, specifically and redistributed to the community in a farming pool or a farming incentive which will be made available to the people holding RIDE and for the people who have been part of the process we have seen yesterday (i.e. the token launch). […] What is important that when we see things like this we want to double down on making them as simple and as clear as possible and to make this very clear we are probably going to announce a farming pool or some kind of incentive that will be funded by this amount of tokens.”

Mincu also stressed, again, that apart from these contributing factors, anyone trading on a decentralized exchange right at the start of a token listing should be mindful of how much he or she is willing to go in with.

Regarding holoride, the CEO of Elrond emphasized the impressing input on the part of the holoride team and once more underlined that the whole team has provided exceptionally good support for the community and giving updates along the way to strengthen the bond between the community and the project overall. Furthermore, he added:

“We have had several discussions with the holoride team and their community, as well, and we’re thinking of finding ways to use the tokens that we mentioned in a very productive way either for farming or some other means. In addition to this, when the Maiar DEX listing is done, there will be other events that we are focusing on, not only in supporting the holoride team but also enabling them to have other conversations and reach other communities and keep everything very updated regarding the product and what they intend to do in the future.”

Other important aspects of the townhall meeting:

Multi-level Sharding: this is an important aspect and the main accelerator for the Elrond blockhain. The team has made first advancements in this field and the improvement has been given the highest priority until the next big project launch.
Elrond NFT-Marketplace: There are multiple options and progress has been made in this field. As soon as there is an update regarding the NFT-Marketplace, Elrond will announce it so that the community can prepare themselves.

RIDE token launch

The RIDE token launch has seen some things that the team wants to improve. However, the blockchain itself did not break a sweat, processing every transaction (keep in mind that if a transaction fails, it is due to the sudden price changes, not the blockchain’s lack of performance).

Other than that, most private investors, i.e. the community had a great launch with the RIDE price skyrocketing in a manner that even long-term crypto enthusiasts did not expect. This level of excitement for the RIDE token as well as the ElrondNetwork is unparalleled and it shows the massive potential both companies.

The community is and will always be at the heart of the ElrondNetwork and so the RIDE tokens which were bought will be given back via the RIDE farms and other incentive programmes to spark joy in the community.

Everyone involved in the listing process will thrive on experience and will continue to improve where improvement is needed, build what can be built, and further spread the message that even though this is still day 1, we are already seeing what is possible when great minds and projects alike come together!

Podcast

Are you new to the crypto world? Not sure what a wallet address is or want to know more about cryptocurrencies? Then we recommend the following episode from our podcast series …