Elrond (EGLD) API and Price Oracle

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Elrond

EGLD
$
Information
For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
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0x0000...0000
Network
Blockchain network where the asset is deployed
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Elrond
Methodology
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
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MAIR
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
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120s
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
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Source
Volume 24h
Trades 24h
Pairs
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Token information

What is Elrond (EGLD)?

Elrond (EGLD) is a blockchain platform designed to provide fast, secure, and scalable infrastructure for decentralized applications (dApps) and enterprise use cases. Founded in 2017 by Beniamin Mincu, Elrond aims to offer high throughput and low latency through its adaptive state sharding mechanism. The name "Elrond" is inspired by the fictional character from J.R.R. Tolkien's "The Lord of the Rings." With its innovative technology, Elrond aims to enable a new era of internet-scale blockchain solutions.

How does Elrond work?

Elrond is a blockchain platform that utilizes advanced technology to enable fast and secure transactions. It employs a unique architecture known as the Adaptive State Sharding, which helps to achieve high scalability and transaction throughput.

At its core, Elrond operates on its native blockchain known as the Elrond Network. This blockchain employs a Proof-of-Stake (PoS) consensus mechanism, where a set of validators are chosen to validate and confirm transactions instead of requiring every participant to mine blocks. This PoS mechanism helps reduce energy consumption and increase network efficiency.

The Adaptive State Sharding implemented by Elrond enables the network to divide itself into smaller shards or subsets of nodes. Each shard is responsible for processing a specific subset of transactions, which allows the network to process multiple transactions in parallel. This parallel processing significantly improves the network's throughput and scalability.

Elrond also incorporates features like Secure Proof of Stake (SPoS), where randomly selected validators in each shard propose and validate blocks, and a mechanism called shard pruning, which helps keep the storage requirements in check.

Moreover, Elrond introduces the concept of blockchain oracles to securely bring real-world data into the network. This allows smart contracts running on the Elrond Network to access trusted external information through these oracles, enhancing their functionality and use cases.

In summary, Elrond utilizes Adaptive State Sharding and a Proof-of-Stake consensus mechanism on its native Elrond Network to achieve high scalability, fast transactions, and enhanced security. The platform also incorporates blockchain oracles to bring trusted external data into smart contracts.

What are the benefits of Elrond?

Elrond is a blockchain platform that aims to provide a more scalable and efficient solution compared to its direct competitors, such as Ethereum and Bitcoin.

One of the key benefits of Elrond is its high throughput. It claims to be capable of processing up to 15,000 transactions per second, which is significantly higher than Ethereum's current capacity of around 15 transactions per second. This high throughput enables Elrond to handle a larger volume of transactions, making it more suitable for applications that require fast and frequent interactions.

Another advantage of Elrond is its low transaction fees. Unlike Ethereum, which has been criticized for its high gas fees during periods of high network congestion, Elrond aims to provide a cost-effective solution for users. By using adaptive state sharding and a secure proof-of-stake consensus mechanism, Elrond reduces the energy consumption and transaction fees associated with traditional proof-of-work blockchains.

Elrond also offers seamless interoperability with other blockchains. It enables cross-chain communication, allowing users to interact with decentralized applications (dApps) and assets from different blockchain networks. This interoperability promotes collaboration and expands the possibilities for developers and users within the Elrond ecosystem.

Furthermore, Elrond utilizes secure and scalable smart contracts. Its virtual machine, known as Arwen, enables developers to write smart contracts in popular programming languages such as Rust, C++, and C#. This flexibility attracts developers from various backgrounds and facilitates the adoption of Elrond within different industries.

In summary, Elrond distinguishes itself from its direct competitors through its high throughput, low transaction fees, interoperability, and scalable smart contract capabilities. These features make Elrond an attractive option for businesses and developers seeking a more efficient and cost-effective blockchain platform.

What is Elrond used for?

Elrond is a blockchain platform designed to provide a high-performance infrastructure for decentralized applications (dApps) and internet-scale solutions. It aims to address the scalability issues faced by traditional blockchain networks by utilizing a unique technology called Adaptive State Sharding.

Elrond is used for various purposes in the blockchain space. One common use case is as a platform for creating and running dApps. Developers can leverage Elrond's infrastructure to build applications that can benefit from its high throughput, low latency, and low transaction fees. This makes it suitable for applications that require fast and secure transactions, such as gaming, decentralized finance (DeFi), supply chain tracking, and more.

Additionally, Elrond offers a decentralized virtual machine (VM) and smart contract functionality, allowing developers to create programmable and self-executing contracts on the blockchain. These smart contracts enable automation and facilitate trustless interactions between different parties, eliminating the need for intermediaries.

One specific use case where Elrond excels is in the realm of decentralized finance. Elrond's high throughput and low transaction fees make it well-suited for DeFi applications such as lending, borrowing, yield farming, and decentralized exchanges. Users can access financial services directly from their wallets, without relying on centralized intermediaries, ensuring greater transparency and control over their assets.

Overall, Elrond provides a scalable and efficient blockchain infrastructure for a wide range of use cases, including dApps and DeFi. Its technological advancements make it a promising platform for developers and users seeking faster, more cost-effective, and secure solutions in the blockchain space.

What is DIA's Elrond API?

DIA's Elrond API is part of DIA's comprehensive suite of APIs and oracle services for the web3 ecosystem. DIA's API endpoints provide real-time price feeds for various crypto assets, including Elrond. These price feeds are constructed using data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, ensuring accurate and reliable information.

While DIA does offer free API endpoints for developers to test, the real value lies in DIA's custom feeds. These custom API data feeds can be tailored to specific requirements, allowing users to customize the sources, methodologies, and update mechanisms. To request a custom feed, users can reach out to DIA via Discord or Telegram.

The applications for DIA's API are vast in the blockchain ecosystem. In the world of DeFi, the price information provided by DIA's APIs can be utilized in various ways, such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. The potential applications for NFTfi include peer to pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and many others.

In summary, DIA's Elrond API, along with their other APIs, offers developers real-time price feeds and customizable data for various crypto assets. While DIA does provide free API endpoints for testing, their custom feeds are the true highlight, allowing users to tailor the data to their specific needs. This flexibility makes DIA a valuable resource for developers within the web3 ecosystem.

What is DIA's Elrond price oracle?

DIA's Elrond price oracle is a smart contract that offers real-time price feeds for various crypto assets. DIA is highly versatile and has integration capabilities with over 35 layer 1 and layer 2 networks, allowing for the deployment of price oracles across multiple blockchains. DIA's price feeds are meticulously constructed by aggregating raw data from more than 85 on-chain and off-chain cryptocurrency and NFT exchanges, providing accurate and reliable information.

While DIA provides free demo oracles for developers to test, these are exclusively for testing purposes and cannot be integrated into production applications. However, DIA offers the option to build custom configuration price feed oracles to suit specific requirements. These custom oracles can be tailored in terms of sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA via Discord or Telegram.

The use cases for DIA's price oracles are extensive within the blockchain ecosystem. They can be leveraged in various DeFi applications such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. Additionally, in the NFTfi space, DIA's oracles enable peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and other innovative applications.

Importantly, a blockchain oracle is an external information provider that supplies verified data from outside the blockchain to smart contracts. These oracles ensure transparency and accuracy in decentralized applications by bridging the gap between on-chain and off-chain data sources.

In summary, DIA's custom oracles, which can be specifically tailored to meet individual requirements, offer immense value for users seeking precise and customizable price feeds.

Why use DIA's EGLD API & price oracle?

DIA's EGLD API and EGLD Price Oracle offer numerous benefits for users in the blockchain ecosystem. These technologies provide access to accurate and reliable price data for cryptocurrencies and NFTs. The key advantage of utilizing DIA's API and Price Oracle for the EGLD token lies in the high level of customization they offer.

With DIA's technology, users can tailor their oracle and API endpoints to meet the specific requirements of decentralized applications. This includes configuring the data sources that make up the price feed, applying data cleaning filters and pricing methodologies, and determining the frequency and update mechanisms for the feed. This customization ensures that the data and oracle remain resilient and robust, even in unique market conditions, enabling users to access global market as well as specific individual or cross-chain market prices.

Transparency is another major benefit of DIA's API and Oracle feeds. DIA provides full and granular transparency throughout the entire data journey, ensuring that users have visibility into the processes and sources contributing to the price data. Furthermore, DIA offers tracking and monitoring tools to closely monitor the oracle and API feeds, enhancing transparency and accountability.

Overall, DIA's EGLD API and EGLD Price Oracle offer customizable solutions and transparency that can meet the diverse needs of users in the blockchain ecosystem. By leveraging these technologies, users can access reliable price data and enhance their decentralized applications.

Why use DIA data feeds and oracles?

Transparent
DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Customisable
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
Broadest coverage
DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.