$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.
![](https://production-sanbase-images.s3.amazonaws.com/uploads/736f829d16150acde4d93b7d822aa06a72ea5a9493cc5c93282eeea3ac74f1c5_1717857954428_MultiversX%20%28EGLD%29%20%5B10.16.29%2C%2008%20Jun%2C%202024%5D.png)
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.
![](https://production-sanbase-images.s3.amazonaws.com/uploads/e67c8da931a3d06ae732b1827acac84f9aff1c25bee7295d0fabcf99488ef034_1717858052246_multiversx-marketcap-tvl.jpg)
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