MultiversX (EGLD), formerly called Elrond, is a Layer 1 blockchain built for high speed using an advanced scaling technique called 'sharding' — splitting the network into parallel pieces that process transactions simultaneously, so throughput grows as the network grows. It claims around 15,000 transactions per second with fast finality, using an energy-efficient proof-of-stake system. EGLD is the token for fees, staking (securing the network) and governance, with a historically capped supply (about 31 million) and fee-burning that leans deflationary — though a 2025 governance proposal to remove that cap (to fund network growth) has put its 'scarce money' angle into question. It positions itself as 'internet-scale' infrastructure and increasingly markets itself as AI-ready. Its identity is a technically capable, fast L1 that has struggled to break into the top tier of blockchains.
Where it stands today: MultiversX has solid technology — full sharding across state, network and transactions, thousands of nodes, and a wallet ('xPortal') with over 1.5 million registered users. But like several technically strong smaller L1s, its core problem is adoption: its main DeFi exchange holds only a modest amount of value locked, enterprise use cases remain early-stage, and EGLD trades well below past highs in a field dominated by Ethereum, Solana and others. It's leaning into the AI-infrastructure narrative to stay relevant. So today it's a fast, well-engineered chain with a loyal community and real tech, but limited mainstream traction and a token that has lagged the leaders.