- MultiversX has launched a new security feature for its users.
- The accumulation of EGLD has risen steadily over the past few weeks as the price rises.
In November 2022, Elrond decided to rebrand as MultiversX [EGLD], a decentralized blockchain network that focuses on the metaverse. The rebranding came with a new one roadmap outlining new products the protocol aimed to launch in 2023, some of which include features to help DeFi vertical growth.
Read MultiversXs [EGLD] Price forecast 2023-2024
While some of these have launched (MultiversX Wallet, xExchange, MultiversX Bridge, and xMoney), MultiversX’s TVL has dropped to its lowest level since June 2022.
According to data from Defillama, the protocol’s TVL stood at $54.26 million at the time of going to press. As of December 2021, this was pegged at over $1 billion. So far this year the TVL of the project has dropped by 35%.
Source: DefiLlama
Let’s strengthen security
With a flurry of DeFi hacks and exploits, MultiversX announced the launch of “Guards”, an opt-in, on-chain two-factor authentication (2FA) security standard, in an effort to increase network activity on the protocol.
Since users have the assurance of fund safety, they are more likely to deposit additional funds on the decentralized exchanges (DEXs) housed in MultiversX, resulting in an increase in TVL.
Guarded accounts and guarded transactions – two terms that will soon become the norm in the crypto world.
What is wrong with them and how #MultiverseX users can enjoy bulletproof protection for their wallet accounts from today, after the change of era.https://t.co/8EsNEldZ7W pic.twitter.com/QcHwwLnvGv
— Lucian Mincu | MultiversX.com (@lucianmincu) July 14, 2023
According to co-founder Lucian Mincu, ownership of the vault is separate from ownership of the key when controlling digital assets, and if you lose control of the key, you lose exclusive access.
To address this, “Guardians” was launched to allow users to become the “real owners” of their wallet accounts. By using Guardians, users can enforce their consent and approval for any fund movement within their vaults.
EGLD has seen increased accumulation in recent weeks
MultiversX native token EGLD registered a 24% price increase last month, according to data from CoinMarketCap. According to the cryptocurrency price tracker, the altcoin changed hands at $36.48 at the time of writing.
Is your wallet green? Check out the EGLD Profit Calculator
An assessment of EGLD’s price movement on a daily chart revealed a steady rally in its accumulation over the past few weeks. The main momentum indicators were positioned above their respective centerlines in uptrends at the time of writing.
The alt’s Relative Strength Index (RSI) was 59.58, while its Money Flow Index (MFI) stood at 65.30 at the time of writing.
Similarly, the asset’s Chaikin Money Flow (CMF) registered a positive reading of 0.27. A CMF reading above the zero line is a sign of strength in the market as it indicates the entry of required liquidity into the market.
Source: EGLD/USD, TradingView