The world of cryptocurrencies continues to traverse through the mountain passes of the crypto town. In its quest for global adoption and supremacy, which is being fueled by the digital assets available in abundance.
While top-10 assets continue to garner talks in the business, emerging ones have been under the shadows to a significant extent.
A recent update from the makers has fueled the network’s run into the spotlight. Such that, folks from the community and beyond are now curious about the network’s initiatives.
The buzz comes as Elrond maker unveils the future of the network with Utrust and UTK 2.0. On the other hand, Metabonding expansion continues at an accelerating rate, as projects join the Elrond community.
Will UTK 2.0 Be The Turning Point In Elrond’s Future Prospects?
The global payments revenue is projected to reach $2.5 T by 2025. And the team is all set to take a slice of the pie with Utrust. Which is a Web 3.0 Layer-1 payments technology with its native token UTK.
While EGLD fuels the internet-scale payments, MEX fuels the DeFi components of Web 3.0 payments. And UTK fuels the relationship between buyers and merchants of Web 3.0 payments.
The founder and CEO of Elrond Beniamin Mincu unveils the future of the network with Utrust and UTK 2.0. With an aim to reshape payments, putting Utrust, its community, and merchants at the epicenter.
The new model brings in powerful and new utility, a potent value accrual mechanism, a new economics model, notable bootstrapping process, and a much widerdistribution to the community.
The UTK 2.0 token hosts numerous purposes that incentivizing accepting and paying with crypto. Buy and burn mechanism, and aligning interests of participants by transitioning to a DAO governed by token holders.
In addition, staking UTK and EGLD opens up better cashback. Instead of paying a fee for each crypto transaction, users can generate yield to offset the fees. And get access to a new source of income.
Successively, different rates can be opened depending upon how much UTK and EGLD is staked. The makers are introducing UTK staking 2.0, which is a program that reinforces value accrual over a minimum of 5-years. The initiative will be offering dynamic rates with an APR of ~15%-35% in Y1. It is leaned that staking opens up rewards and premium features.
Is This The Big Event For Elrond?
The basic idea of the initiative is that the current model with 500 M UTK token supply and
no incentives in place. Will transform into a model with 1.4B tokens, which would be achieved in a period of 5-years. The makers cite that, powerful adoption and incentives would put Utrust on a different trajectory scale. Although the model starts with an inflationary 1.4 B supply, future prospects and burning will continue until only 250m $UTK remain.
While, EGLD is the native reserve and fuels the internet-scale payments, MEX fuels the DeFi components of Web 3.0 payments. UTK fuels the buyer and merchant relationship of Web 3.0 payments.The Elrond community can be a part of the Utrust, by either contributing tokens. The second comes as UTK 2.0 happens to be one of the first projects to debut in the Metabonding program.
The move comes as major move for the network and the community. As about 16% of the UTK 2.0 token supply will be distributed to the most valuable holders, builders. And contributors of the ecosystem, that includes EGLD stakers, and LKMEX stakers. The initiative will gradually commence, starting from March, when a new swap bridge will be deployed, metabonding will begin, and staking will begin.
The metabonding has been escalating at a brisk pace, and is the ultimate bootstrapping product for Web 3.0 start-ups. Bridging builders with early adopters and aligning their interests. The metabonding has been a host to two new projects, the first one being Aerovek Aviation and the second one being Effort economy.
Summing up, Elrond with its recent update has turned heads of the masses and in near future will bring in virtues to the network.
Considering the global payments revenue is projected to reach $2.5 T by 2025, Elrond would steal the limelight with Utrust and UTK 2.0. Successively, on the higher time frame Elrond price would be on a bullish up-hill trek.
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