$EGLD: MultiversX development activity surges despite poor price action

It's impressive how development activity has grown for MultiversX (formerly Elrond) despite a poor price action, which is worth sharing.

MultiversX (EGLD) developments activity (7 days) and volume. Source: Santiment / Vini Barbosa (@vinibarbosabr)

The 7-day development activity surged 46% year-to-date from 1097 to 1605, while the price ($34.96) re-visited 7-month lows. The chain has also taken first place in the gaming category, ordered by the 30-day development activity, according to data from Santiment.

Moreover, EGLD has one of the lowest MCap/TVL ratios (7.54) among other Layer-1 blockchains, which suggests it has a low capitalization ($1 billion) in comparison to the total value locked ($125 million) in its DeFi ecosystem.

Top 37 to 41 chains by total value locked. Source: DefiLlama / Vini Barbosa

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