Elrond Network (EGLD) which is an Internet Scale Blockchain providing utility for dApp developers and enterprise solutions is launching Jungle DEX, a Web3 innovation.
The announcement has led to a surge in EGLD token’s prices which has jumped by 9%.
Elrond in a press release said that it has carved a niche for itself and has created products which are ready for mass adoption. The introduction of the Jungle DEX is another step in this direction.
Describing the latest addition is a big step towards decentralization. Elrond informed that AMM platform will be the place where any Elrond Standard Digital Token (ESDT) can be listed and traded.
EGLD is trading at an average price $52.11 USD, at the press time. In the past one day its values have surged by 24% to stand at $65.2 million.
The token also suffered during the recent crypto winter and its prices dropped by 20% over the past 7 days. The coin has a market cap of $1.14 billion.
The network is bringing forth a number of revolutionary and new community listing processes. The process will be autonomous and will feature permission-less validation with DEX governance features.
Each project linked to the network will get an opportunity to create a market for its token and will also help it reach a target audience.
The Maiar Exchange features the AMM DEX elements which will provide the users premium trading experience. The release also details that a flat 1% swap fee will be charged for the projects.
Underlining the fact that the Jungle DEX will be an essential tool for pushing the Elrond ecosystem, the platform will aid in creating internet-scale blockchain technology.