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EGLD

EGLD (eGold) serves as the native digital currency within the ecosystem, facilitating transactions, token management, and smart contract deployment. [1]

Overview

EGLD launched through an on July 2nd, 2019, raising $5.15 million on its launch day. As the native coin of the network, EGLD serves multiple purposes within the blockchain economy. [1][2]

EGLD facilitates various operations, including value and asset transfers, token creation and management, and deployment. Validators, the internet computers that secure the network and contribute to consensus, are rewarded with EGLD for their contributions to network security and consensus. This digital economy revolves around the utility and functionality of the EGLD token, promoting its adoption and integration within the MultiversX ecosystem. [1][3]

Staking

is an integral aspect of the eGold (EGLD) ecosystem, providing participants with opportunities to contribute to network security and earn rewards in return. By staking their EGLD tokens, users actively participate in the consensus mechanism of the MultiversX blockchain, ensuring the integrity and stability of the network. [3]

When individuals stake their EGLD, they essentially delegate their tokens to validators, who are responsible for validating transactions, securing the network, and maintaining consensus. Validators play a crucial role in the network's operations and are selected based on their reputation, performance, and stake size. [3]

Staking EGLD not only provides users with the opportunity to earn rewards but also enables active participation in the network's governance. EGLD holders have the ability to vote on important protocol upgrades, parameter changes, and other governance proposals. This democratic process allows participants to have a say in the development and direction of the MultiversX blockchain. [3]

Un-staking

Unstaking EGLD allows users to retrieve their staked tokens after the lock-up period expires. The unstaking process typically involves a waiting period, during which the tokens are gradually released back to the staker's wallet. This waiting period ensures network security and prevents malicious actions. [4]

Bonding

In addition to , users have the option to bond their EGLD tokens. Bonding involves a longer lock-up period and is typically chosen by users who have a long-term commitment to the network. Bonded tokens contribute to the overall security of the network and provide stability to the consensus algorithm. There is a 10 day unbonding period, after which the node is able to retrieve the amount staked. [4]

Tokenomics

The theoretical maximum supply of EGLD is 31,415,926 coins. During the bootstrapping phase of the MultiversX blockchain, 20,000,000 EGLD coins were initially minted. Over a span of 10 years, additional EGLD coins gradually enter circulation until the maximum limit is reached. [5]
wikiThe minting of EGLD tokens is counterbalanced by the cumulative transaction fees generated within the network. This mechanism ensures that the network remains economically sustainable and mitigates excessive token supply growth. The transaction fees collected in EGLD offset the scheduled token minting, effectively regulating the rate at which new tokens enter circulation. This approach maintains a balance between inflation and usage-driven token supply expansion, preserving the economic principle of scarcity while scaling with network adoption. [3]
wikiFor instance, if the inflation schedule specifies the minting of 100,000 EGLD in Year X, but the network-wide transaction fees for that year amount to 75,000 EGLD, only 25,000 new EGLD will be introduced into circulation. This mechanism ensures that the economic attribute of scarcity scales with the network's adoption and usage, promoting a balanced and sustainable token economy. [3]

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EGLD

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June 12, 2023

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