Draft:MultiversX

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MultiversX (formerly Elrond) is a public, proof-of-stake blockchain platform that supports smart contracts. It was founded in 2017 by brothers Beniamin and Lucian Mincu together with Lucian Todea.^[1][2] Core protocol development is carried out by MultiversX Labs, a for-profit company headquartered in Sibiu, Romania; the network's nonprofit steward is the MultiversX Foundation, a registered nonprofit (Eingetragene Stiftung) incorporated in Vaduz, Liechtenstein.^[1][3] The network's mainnet went live on 30 July 2020 under the original Elrond name; the project was rebranded as MultiversX in November 2022 in connection with a strategic shift toward metaverse applications.^[4][5] The platform's native cryptocurrency is EGLD (Electronic Gold), used to pay transaction fees and as the staking and governance asset of the network.^[2]

The architecture uses an approach the project calls adaptive state sharding, combined with a Byzantine fault-tolerant consensus mechanism known as Secure Proof of Stake.^[6] Smart contracts on MultiversX are written primarily in Rust and execute in a dedicated WebAssembly virtual machine.^[4] Subsequent to mainnet launch, MultiversX Labs acquired the Portuguese cryptocurrency-payments firm Utrust and the Romanian electronic-money institution Twispay,^[7][8] and announced a partnership with Google Cloud in October 2023.^[9]

Elrond was founded in late 2017 by Beniamin Mincu, his brother Lucian Mincu, and Lucian Todea.^[1][10] Beniamin Mincu had previously held marketing and community roles at NEM and was an investor in early-stage blockchain projects including Tezos, Zilliqa, Brave and Binance; Lucian Mincu was a software engineer with a security and infrastructure background.^[10] The company's first whitepaper, Elrond: A Highly Scalable Public Blockchain via Adaptive State Sharding and Secure Proof of Stake, was published in May 2018.

In June and July 2019 Elrond conducted a private investment round of $1.9 million followed by an initial exchange offering on Binance Launchpad that raised approximately $3.25 million in exchange for 25% of the project's token supply.^[2] The token-sale ticker was ERD. Total disclosed funding across all rounds is approximately $16.9 million.

The Elrond mainnet launched on 30 July 2020. As part of the launch the project conducted a token redenomination, exchanging existing ERD tokens for the new EGLD (Elrond Gold) token at a ratio of 1,000:1, reducing total supply from 20 billion ERD to approximately 20 million EGLD.^[2][6] The launch coincided with the introduction of Maiar, a self-custodial mobile wallet and payments application that used a feature called herotag allowing users to send funds via human-readable identifiers rather than blockchain addresses.^[6][11]

In June 2020, ahead of mainnet, Elrond launched a "Battle of Nodes: Onchained" testing campaign that offered up to $60,000 in bug bounty rewards to security researchers attempting to compromise the network.^[12]

In early 2021 the EGLD token rose substantially in price following the Maiar app's launch and a cross-chain bridge to Binance Smart Chain.^[13] Reuters reported that Elrond achieved unicorn valuation of $2.37 billion in early 2021, citing throughput claims of around 15,000 transactions per second.^[1] In May 2021, the Audi spinoff Holoride announced that it would deploy its in-vehicle extended reality entertainment platform on Elrond, with non-fungible token support.^[14]

In November 2021 the Maiar decentralized exchange (later renamed xExchange) launched on Elrond. CoinDesk reported that the network entered the top ten chains by total value locked in decentralized finance, reaching approximately $2.06 billion in TVL alongside an incentive program denominated in the platform's MEX governance token.^[10]

In January 2022, the Elrond Foundation announced the acquisition of Utrust, a Portugal-based cryptocurrency-payments processor, with the stated aim of combining payments and DeFi yield in a product the firms called "Merchant Yield."^[7] In March 2022 Elrond received conditional approval from the National Bank of Romania for its acquisition of Twispay (Capital Financial Services S.A.), an Electronic Money Institution licensed in the European Economic Area.^[8] In April 2022, Skynet Trading announced a $40 million fund, Skynet EGLD Capital, dedicated to projects in the Elrond ecosystem.^[15]

In September 2022, the Opera crypto browser announced plans to integrate Elrond, giving its 300 million users in-browser access to EGLD and Elrond-based applications;^[16] the integration was completed in 2023.^[17]

On 4 November 2022, during the company's xDay conference at the Palais Brongniart in Paris, Elrond announced that it would rebrand as MultiversX. The change was framed as a strategic pivot toward metaverse applications and was accompanied by the launch of three new products: xFabric, described as a deployable sovereign-blockchain module; xPortal, a successor to the Maiar wallet; and xWorlds, characterized as an interoperable metaverse network.^[4][5][18] The token retained the EGLD ticker.

In February 2023, MultiversX launched the xPortal "super app," combining the prior Maiar wallet functionality with social-network features and a Mastercard-affiliated debit card.^[19]

In July 2023 the network introduced Guardians, an opt-in on-chain two-factor authentication standard intended to mitigate the risk of phishing and seed-phrase compromise. The feature requires a secondary signature for transactions and is compatible with conventional authenticator apps such as Google Authenticator and Authy.^[20][21]

In October 2023, MultiversX announced a partnership with Google Cloud to host blockchain-data analytics services for developers; the announcement was made at the company's xDay conference in Bucharest and the EGLD price rose by close to 10% on the day.^[9][22]

In May 2024 the project announced Sovereign Chains, a blockchain-as-a-service architecture for application-specific chains that anchor security and interoperability to the MultiversX main network. A demonstration sovereign chain reportedly achieved a peak throughput of approximately 77,000 transactions per second.^[23]

In June 2024 MultiversX announced a sponsored education partnership with Cornell University's eCornell online platform, offering an introductory blockchain certificate to underrepresented students.^[24] In August 2024 a MultiversX MetaMask Snap was released that exposes the Guardians 2FA feature to MetaMask users.^[25]

In March 2026, Cointelegraph joined MultiversX as an institutional validator through its Cointelegraph Decentralization Guardians program, which also runs validators on Solana, Polkadot and Injective.^[26] An upgrade called Supernova, intended to reduce block time from approximately 6 seconds to 600 milliseconds by separating execution from the consensus critical path, was announced in late 2025; it passed a stake-weighted on-chain governance vote held 8–18 January 2026 with approximately 99.64% in favor on a 33.63% quorum, and entered a pre-mainnet stress-testing program called "Battle of Nodes" beginning 11 March 2026.^[3] The Foundation has stated a target of Q2/Q3 2026 for mainnet activation, subject to security hardening.^[3][a]

MultiversX implements a form of sharding that the project terms adaptive state sharding, which combines transaction, state and network sharding into a single mechanism that adjusts the number of shards in response to network load.^[6][4] The mainnet operates with three execution shards plus a coordination shard called the metachain. Cross-shard communication is facilitated by the metachain, which finalizes transactions and orchestrates shard reassignment of validator nodes; the project has stated targets of approximately 15,000 sustained transactions per second under standard parameters, with significantly higher figures cited in test-net demonstrations.^[1][6]

The network uses a Byzantine fault-tolerant proof-of-stake mechanism the project calls Secure Proof of Stake (SPoS).^[6] Validators are randomly assigned to consensus groups within each shard, and block proposers and signatories are selected through a verifiable random function. Multi-signature aggregation uses a modified BLS scheme.

Smart contracts on MultiversX are compiled to WebAssembly and run in a dedicated virtual machine. Contract code is most commonly written in Rust using the project's `multiversx-sc` framework, with tooling for compilation, testing and on-chain interaction provided through a command-line meta-program.^[4] The protocol supports custom-issuable native tokens through a system known as ESDT (Elrond Standard Digital Token), which provides fungible and non-fungible token issuance without requiring smart-contract deployment for token logic.

Major named protocol upgrades on the mainnet have included:

• Sirius (January 2024) — introduced features including improvements to the smart-contract upgrade mechanism, optimized signature verification, and multi-key support; ratified through the network's first on-chain governance vote with approximately 97.89% of stake voting in favor.
• Vega (v1.7, April 2024) — removed the staking-queue waiting period for new validators and introduced a chain-simulator environment for protocol testing.^[3]
• Spica (v1.8, November 2024) — introduced relayed transactions v3, dynamic NFT metadata, and on-chain passkey authentication.^[3]
• Andromeda (v1.9, May 2025) — restructured consensus, reducing finality from approximately 12 to 6 seconds and increasing per-shard validator capacity.^[3]
• Barnard (v1.10, July 2025) — moved governance fully on-chain and introduced millisecond-level timestamps for smart contracts.^[3]
• Supernova (announced 2025; preparing for mainnet as of April 2026) — proposed reduction of block time to approximately 600 milliseconds and decoupling of consensus from execution.

The native token EGLD is used to pay transaction fees, secure the network through staking, and as the unit of validator rewards.^[2][10] Following the July 2020 token redenomination, the maximum supply was initially set near 31.4 million EGLD, replacing the original 20 billion-token supply of ERD, and the project marketed the token as having a fixed cap analogous to that of Bitcoin.^[2]

In October 2025, the MultiversX Foundation published a proposal to replace the capped-supply model with a "tail inflation" model, citing a need to fund ongoing network security and ecosystem growth.^[27][28] Under the new framework, EGLD issuance begins at an annual rate of approximately 8.76% of circulating supply and decays toward a floor of roughly 2–5%, while a portion of transaction fees is permanently burned at a rate the project describes as adaptive between 10% and 50%.^[28] The proposal was ratified by stake-weighted on-chain governance vote in late October 2025, with approximately 94.55% of participating stake voting in favor on a 41.77% participation rate, and the first phase of associated protocol changes ("Staking V5") activated on the mainnet on 2 December 2025.^[29][3] The change drew criticism from some industry commentators, including Justin Bons of CyberCapital, who argued that the inflation rate was high relative to comparable proof-of-stake networks and that the move broke prior commitments to a fixed supply.^[27]

The chain also supports an issuable-token standard called ESDT (Elrond Standard Digital Token) for fungible, semi-fungible and non-fungible tokens, where issuance fees are paid in EGLD to a system smart contract.

EGLD reached an all-time-high price of approximately $545 in November 2021.^[10]

The network operates with a fixed-size validator set whose membership is determined by EGLD stake. As of April 2026, the active validator set comprised approximately 3,200 nodes distributed across the execution shards and the metachain.^[3] EGLD holders may delegate stake to validators through the network's delegation system; staking rewards are issued in EGLD.

MultiversX uses a stake-weighted on-chain governance system through which protocol upgrades and parameter changes can be proposed and voted on. The Sirius upgrade in late 2023 was the first major protocol release ratified through this mechanism. According to the MultiversX Foundation, between 2024 and 2025 six governance proposals were submitted and all six were ratified, including the October 2025 economic-model proposal at 94.55% approval and the January 2026 Supernova proposal at 99.64% approval.^[3]

Independent coverage of MultiversX has spanned both supportive and critical assessments. Reuters reporting in March 2021 covered the company's unicorn valuation and stated throughput figures;^[1] CoinDesk and Cointelegraph have reported on the project's mainnet launch, acquisitions, and DeFi growth.^[2][10][5] Coverage of the November 2022 metaverse rebrand reported the strategic pivot and observed that ecosystem metrics did not always reach the levels the company's marketing had projected.^[4][18]

Aggregator sources rank the project in the top several hundred cryptocurrencies by market capitalization. As of April 2026, CoinGecko ranked EGLD at approximately #248 by market capitalization.

• Cryptocurrency
• List of cryptocurrencies
• Smart contract
• Sharding (database architecture)
• Proof of stake
• WebAssembly

• Official website
• MultiversX developer documentation
• Source code repositories on GitHub
• EGLD on CoinGecko
• MultiversX chain on DefiLlama
• MultiversX (Elrond) on Crunchbase

Category:Cryptocurrencies introduced in 2020 Category:Smart contract platforms Category:Romanian companies established in 2017 Category:Decentralized finance Category:Proof-of-stake cryptocurrencies Category:WebAssembly