- MultiversX’s TVL has been on the rise since the beginning of the year.
- Following the name change and rebranding in November 2022, the series has seen an increase in user activity.
Elrond, formerly known as MultiversX, the metaverse-focused project, has seen its Total Value Locked (TVL) increase since the beginning of the year.
according to data from at the paradeYear-over-year, TVL has grown 27% to reach a total value of $105.06 million as of press time. This TVL level was last recorded on the network two months ago.
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The name change and rebranding would have worked wonders
In November 2022, the team behind MultiversX Announced The decision to change its name from Elrond and move under MultiversX and rebrand itself as a decentralized blockchain network with a focus on Metaverse.
As part of this decision, the team launched three new products: xFabric, xPortal and xWorld.
Following the rebranding, new product launches, and the promise of accompanying incentives, there has been an increase in user activity on the network.
In fact, according to data from on-chain data providers sagebrushThe daily count of active addresses on MultiversX reached an all-time high of 86,000 on February 8.
Similarly, shortly after the name change and launch of xFabric, xPortal, and xWorld, the transaction count on the blockchain peaked at 135,000 on February 9, 2022. As of February 19, MultiversX posted a transaction count of 85,000.
Source: Artemis
As user activity on the network increased, so did the fees charged for transaction processing. According token terminalLast month, fees paid by MultiversX users increased by 38%.
As expected, the increase in network fees outpaced revenue growth over the same period. by token terminalMultiversX has recorded 42% growth in daily network revenue in the last 30 days.
If this pace of user activity continues, annual revenue is also expected to increase by 42%, Token Terminal data shows.
Source: Token Terminal
More products to be released in the coming months
MultiverseX has included roadmap 2023 It plans to rebrand some of its existing products and relaunch them under new names.
One of the products experiencing this change is the Ad-Astra portal, which allows users to link cross-chain assets to MultiverseX. The product will be relaunched as MultiversX Bridges.
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Additionally, MultiversX plans to rebrand and relaunch its Myr Launchpad as xLaunchpad by the end of Q2 2023.
