EGLD Surges as MultiversX Passes Sirius Proposal for v1.6 Upgrade, Chainlink's v0.2 Staking Program Hits $632M Cap in Six Hours

Daily Top Performer — MultiversX (EGLD)

SPX index is up 0.41%, this positive momentum was driven by encouraging economic data suggesting the possibility of a smooth economic slowdown. The broader cryptocurrency market is down, with Bitcoin and Ether dropping 0.06% and 0.09% in the past 24 hours. 

Today’s outperformer is EGLD, which jumped 7.4% after MultiversX approves Sirius Proposal with 98% vote and adopts linear voting for v1.6 upgrade security.

MultiversX (EGLD), previously Elrond, launched in July 2020, is a scalable, cost-effective smart contract platform that uses Adaptive State Sharding and Secure Proof-of-Stake for efficiency. After rebranding to MultiversX in November 2022, they shifted focus to metaverse development, introducing three products: xFabric for customizable blockchains, xPortal for managing digital assets, and xWorlds for creating digital worlds. The Sirius proposal for MultiversX gained 98% approval, advancing the v1.6 mainnet upgrade with new features like DNS v2 and VM 1.5. Over 100,000 $EGLD stakers participated in the governance process. A security issue was identified in the quadratic-based voting system, leading to a shift to linear weight voting to enhance security.

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Talk of the Town:

Chainlink's "v0.2" staking program quickly attracted over $632 million in LINK tokens, reaching its increased capacity of 45 million LINK in six hours. This led to a 12% surge in LINK's price. The program, part of Chainlink's Economics 2.0, allows node operators and community members to stake LINK for securing and supporting oracle services, with rewards offered for participation. The rapid uptake underscores the program's success and potential for future growth. 

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