Elrond's ecosystem on track for success

Elrond Ecosystem Istari Vision

The Elrond ecosystem is continuously evolving, opening up limitless opportunities for startups and enterprises to design and develop blockchain-based products and services. We provide an overview of the current state.

2020 and 2021: Extremely successful years for Elrond

The journey that the Elrond Core Team embarked on in 2020 is now inspiring software and project developers around the world. The group of those who recognize the breakthrough potential of blockchain technology is growing by the day. With 2021 behind us, we provide an overview of the core elements of the Elrond ecosystem, explain their impact on the growth of the Elrond network, and highlight what’s in store for the future.

Kickstarting 2021 with the Maiar App

One of the major growth drivers of the Elrond network was the launch of the Maiar app, which targeted mobile device users within the Elrond community with a very intuitive user interface.

Maiar App Elrond

Graphic: The Maiar app as a an intuitive hub to Elrond’s payment services

The app abruptly raised Elrond’s profile in the crypto community and beyond, doubling metrics previously achieved over a 6-month period in 6 days. With 150,000 new members joining the network in that short period of time, Elrond managed to increase the total number of transactions to 2 million. At this point, the Elrond ecosystem counted close to 100 partners and projects.

Elrond Adotion Map 2021

Graphic: The Elrond “Adoption Map” as of December 2021.

The launch of Maiar Exchange

A major milestone of 2021 was the launch of the Maiar Exchange on Nov. 20, 2021, which brought the liquidity engine of the Elrond network to life and unleashed a massive wave of liquidity provision. Since then, especially with the launch of the MEX token, new opportunities have opened up for Maiar Exchange users to participate in and own a piece of the Elrond ecosystem.

With the launch of the Exchange, $2 billion in liquidity was injected into the protocol – a 96% increase. The number of transactions nearly doubled and the number of Elrond wallet addresses increased by 28% in a short period of time.

Maiar Exchange Elrond
Maiar Launchpad Elrond

Screenshots:Maiar Exchange & Maiar Launchpad driving growth of the Elrond Network

Maiar Launchpad features projects that build on Elrond

With the Maiar Launchpad, Elrond established an optimized process for launching new blockchain projects shortly thereafter. As the first Launchpad project, the AUDI spin-out holoride triggered another boom in adoption of the Elrond network. The total number of transactions increased by 760,000 in one day, and the number of wallet addresses rose to over 1 million.

Elrond Ecosystem 2022

Graphic: The expanding Elrond ecosystem, as of Jan. 18, 2022.

NFT driving further adoption

As the Elrond network grew and adoption increased, the Elrond ecosystem grew to more than 250 partners and integrations.

The NFT rush of 2021 finally arrived on the Elrond blockchain. Elrond’s NFT standard made it easier for designers to enter the world of the Elrond network. They took the initiative, created spontaneous movements, and created a vibrant NFT sub-ecosystem with just over 220,000 “mined” NFTs.

22,000 users own at least one NFT or interacted with NFT projects. The NFT community managed to generate a volume of up to 6,000 EGLD per collection, spanning 7 NFT marketplaces.

The acquisition of Utrust and Twispay by Elrond

Growth and further professionalization of the Elrond network is fueled by the recent acquisition of Utrust. The company aims to accelerate payments in Web 3.0 and enables users worldwide to pay with EGLD.

More than 10,000 Utrust-affiliated companies will be able to accept payments with EGLD, and the number is growing. Over 400 businesses have newly signed up to become Web3 merchants and accept EGLD payments.

Merchants will reap numerous benefits such as cost reductions, integration of new types of payment methods, but most importantly, the integration of DeFi components to generate revenue.

Utrust Elrond Blockchain
Twispay Elrond Blockchain

Screenshots:Utrust & Twispay

The acquisition of Twispay gives Elrond access to the traditional financial services market. After all, with the existing regulatory landscape, it is important to offer a well-functioning interface between traditional payment methods and cryptocurrencies. The long-term goal of the merger is to harmonize accounts with IBANs, associated debit cards and payments with cryptocurrencies.

With the acquisitions of Utrust and Twispay, Elrond plans to combine traditional payment systems with DeFi technology to ultimately create DeFi 2.0.

What lays ahead for Elrond

The increase in awareness of Maiar Exchange and Maiar Launchpad will act as a catalyst for tremendous growth of DeFi 2.0.

We have seen the Maiar Exchange transform the Elrond network from a value transfer blockchain into a computational powerhouse capable of unleashing a new Internet of Finance. Components like the Lending / Borrowing protocol are elevating actors who previously had no access to finance to a whole new level.

From investors benefiting from value transfer and wealth preservation, to merchants and financial institutions looking to improve and streamline their business operations: everyone will benefit from the Elrond network and ultimately gain more freedom.

About Istari Vision

From consulting and workshops, to software development, design and marketing, and project management, Istari Vision offers its business partners a comprehensive range of services to make blockchain projects a success together with Elrond.

Contact us for more information on “Next Generation Blockchain Projects”.

Related Link

Istari vision - Next Level Elrond Blockchain Projects
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