Since the beginning of August, Elrond (EGLD), a scalable and secure blockchain platform designed for distributed applications and enterprise-level enterprises, has been in an active rally. Data from Cointelegraph Markets Pro and TradingView show that since hitting a low of $52 on June 22, the EGLD price has charged 437% higher to a new all-time high of $302.14 on September 14. The recent boost for EGLD is the result of the launch of the Maiar exchange, a DeFi protocol built on the Elrond network that allows users to trade, provide liquidity in various pools. On September 9, it was announced that US citizens can now purchase EGLD tokens directly through the Maiar application thanks to MoonPay integration, which gives the project access to the world’s largest retail economy.
In an effort to attract new users and demonstrate the capabilities of the Elrond network, Mayar also launched a $100,000 “Battle for Profitability” contest on September 14, which gives users the opportunity to win EGLD based on their trading volumes. Another reason for the recent strength seen in EGLD was its listing on the KuCoin exchange, the fifth largest exchange by 24-hour trading volume. New stock listings are often followed by strong rallies for the token, especially when paired with perpetual futures markets or the exchange’s top 5 in terms of the trading volume.