MultiversX is a monolithic, sharded Layer-1 blockchain that leverages adaptive state sharding to create a highly scalable, efficient network capable of supporting thousands of decentralized applications (dApps), businesses, and tools. MultiversX is powered by its own native currency, eGold (EGLD), which is used as a store-of-value token (SoV) for paying transaction fees and securing the MultiversX network.
Elrond was initially launched in 2019 to create a highly scalable, fast, and secure blockchain platform. Its native network coin is called EGLD, a conscious effort to make the project more appealing to mainstream users by drawing a parallel to gold, a universally recognized SoV.
In late 2022, Elrond rebranded to MultiversX. This new identity represented a broader vision for the project beyond just being a blockchain network. MultiversX aimed to create new infrastructure with future-proof sharding technology that can meet the demands of a future where the digital and physical worlds converge.
Under the MultiversX brand, MultiversX Labs, one of the companies working on the development of the MultiversX blockchain, launched several key products:
- xPortal: A digital wallet and global payments app.
- xExchange: DEX scaling and disrupting DeFi through simplicity
- xFabric: Automation cloud solution for creating and deploying Web3 websites without writing a single line of code
Part of the MultiversX vision is meant to highlight the project’s focus on integrating the metaverse with Web3, leveraging its scalable and secure blockchain technology to support a wide range of digital experiences. Since then, MultiversX has maintained a strong focus on upgrading its protocol performance and functionality, namely developing technologies like sovereign chains and introducing network upgrades to reduce latency and user experience (UX) complexities.
This report will highlight the upgrades, improvements, and initiatives adopted by MultiversX to enhance the ecosystem’s scalability, performance, and global outreach.
Sovereign Chains
MultiversX’s L1 tackles scalability via sharding. With the introduction of Sovereign Chains, the network can now deliver the same innovation and advancements to many other blockchains within the industry. Sovereign Chain’s interoperability allows them to establish a cross-chain ecosystem that operates seamlessly for users, making it feel like a single chain. Furthermore, MultiversX offers customizable solutions tailored to the unique requirements of complex applications, businesses, and institutions transitioning to on-chain operations, addressing their specific needs.
This integrated modular solution is designed to offer customization and performance enhancements for those wishing to launch their own blockchains and corresponding projects on top of MultiversX. More specifically, sovereign chains allow developers to create independent, app-specific blockchains that cater to their applications' unique needs, providing dedicated resources and tailored environments that optimize transaction speed, reduce latency, and lower fees.
Key Benefits of Sovereign Chains
Dedicated Throughput and Blockspace
Sovereign chains on MultiversX deliver a combination of performance and flexibility to adopters, specifically designed to meet the demands of modern dApps. One key advantage of sovereign chains that helps with their performance enhancement is their ability to allocate all computational resources to a single application or a set of related applications. Unlike general-purpose blockchains, where resources are distributed across various dApps, sovereign chains focus entirely on the needs of specific applications.
This dedicated resource allocation results in optimized transaction speed, making it possible for these chains to handle high-frequency transactions, which is crucial for real-time platforms such as trading systems or interactive gaming environments. Additionally, the specialization of sovereign chains reduces latency, providing users with a smoother and more immediate experience. This is particularly valuable in sectors like finance and gaming, where even milliseconds can be critical regarding UX and overall competitiveness.
Customization
As previously mentioned, sovereign chains' customization capabilities allow developers to build blockchain environments that are precisely tailored to their application's requirements. Developers can choose the most appropriate consensus mechanism, such as Proof of Stake (PoS) for energy efficiency or Proof of Authority (PoA) for faster transaction finality. This ability to select or even experiment with hybrid models ensures that the chain can be optimized to maximize security, speed, or decentralization attributes based on the application's specific needs.
In addition to customizing the consensus mechanism, developers can also define unique fee structures, such as using a native token for gas fees or eliminating fees entirely for certain operations or user groups. This flexibility can be particularly advantageous for applications aiming to attract and retain users by offering a low-cost or frictionless experience. Sovereign chains also allow developers to selectively activate or deactivate features at the protocol level, enabling a streamlined and efficient operation tailored to the use case.
Sovereign Chains are a chain-agnostic infrastructure stack. They can be connected to all major networks, including Bitcoin, Ethereum, or Solana, and double settlement can be used concurrently for high speed and assurance of finality. Additionally, as a first in the crypto space, Sovereign Chains can support the simultaneous execution of multiple virtual machines (VMs), including WASM, EVM, SVM, and others, with seamless integration between them. This allows developers to write smart contracts in over 30 different programming languages and deploy them on WASM while still interacting with existing EVM contracts through asynchronous calls and a native cross-chain operation module. The system’s abstraction layer automatically adapts the input and output requirements for each VM, enabling developers to deploy smart contracts without knowing the specific VM they are using or interacting with. Additionally, EWASM execution is faster and more cost-effective, allowing for more operations per transaction, enhancing security, and improving user experience.
Core Value Adds and Differentiators
Autonomy and Control
Sovereign chains offer distinct autonomy and control, setting them apart from other modular blockchain systems. At the core of this autonomy is the ability of developers to establish their own governance rules, economic models, and token economies. Unlike many other modular systems that impose certain constraints or shared models, Sovereign Chains can operate independently, allowing each chain to evolve according to its specific needs. This level of freedom is crucial for applications that require a tailored environment, providing a significant advantage over more rigid frameworks found in other ecosystems. Despite this autonomy, sovereign chains are still natively interoperable with each other. They maintain full composability with the broader network of networks, ensuring applications residing in different chains can still interact.
The Cross-Chain Mechanism facilitates interaction between two distinct blockchain networks, the Mainchain and the Sovereign Chain, ensuring efficient and secure transactions across these differing architectures. Validators on the Sovereign Chain employ a notifier service to monitor and track cross-chain transactions from the MultiversX Mainchain. Upon detecting a new header from the Mainchain, the leader validator incorporates this header into the current block, ensuring that any pending cross-chain transactions are processed first. This process includes adding the MultiversX ShardHeaderHash to the SovereignShardHeader, reflecting the cross-shard transaction processing of the MultiversX network.
To manage incoming transactions, the leader validator aggregates them into a mini block labeled “INCOMING TXS.” This mini block is then verified by other validators on the Sovereign Chain, who check the accuracy and finality of the transactions before signing off on the block. Notably, these cross-chain transactions are executed without gas fees on the Sovereign Chain, ensuring swift integration with the MultiversX chain while maintaining user experience consistency.
The user interface is designed to simplify the complexity of cross-chain transactions, allowing users to execute transactions across chains with minimal steps seamlessly. The system ensures that the process remains unified and straightforward from the user's perspective. Additionally, the Sovereign Chain includes mechanisms to avoid token ID conflicts by appending unique prefixes or incrementing nonces when registering tokens, ensuring clear differentiation of token origins.
The Sovereign Chain includes an outgoing operations hash within its headers, which contains the details of operations intended to be executed on the Mainchain. Once these operations are completed on the Mainchain in subsequent blocks, the Sovereign Chain stays synchronized by validating each MultiversX header hash. The finality gadget is critical in this process, as it ensures that a header on the Sovereign Chain is only finalized after confirming that the Mainchain has successfully executed the outgoing operations from the previous header. This interconnected approach guarantees consistency and the proper order of operations across both chains.
The ability to integrate smoothly with the mainchain and other sovereign chains within the ecosystem enhances the UX, making it feel like operating within a unified blockchain environment. This composability is a key differentiator, as it allows developers to create specialized chains that are still part of a larger, interconnected ecosystem, offering the best of both worlds: independence and network synergy. Plus, leveraging the system’s new SDK, developers are more empowered than ever to engage in uniquely tailored sovereign chains.
Robust Security and Economic Trust
Sovereign chains have the option to implement a dual-layered approach to optimize network security, balancing independent and shared security. Firstly, sovereign chains benefit directly from the economic security of the MultiversX mainchain to reduce launch complexity and get past the cold start problem in which smaller blockchains are prone to attacks. This is made possible through a dual staking mechanism that can leverage the 63% supply staked of EGLD and the validator set of MultiversX, meaning that staking providers can also boost their APR with multiple revenue streams. The dual staking model reduces the risks associated with new token volatility, as validators can earn a stable yield from staking EGLD while also benefiting from the rewards generated by the chain’s native tokens.
Network Upgrades
Finality
One of the MultiversX development team's core objectives is improving finality. The first interim release is already available on testnet, with the majority of work completed for mainnet that will help achieve a sub-1 second finality, rivaling the fastest blockchains on the market. This includes what the team has named consensus v3, which achieves a way to significantly reduce finality times without compromising overall throughput capabilities.
Much of this is dependent on the success of its adaptive state sharding model. Adaptive state sharding refers to MultiversX’s dynamically adaptive sharding mechanism, which can perform shard merging (or splitting) while simultaneously taking note of the number of available validators and network demand. This is huge because it means that MultiversX can dynamically shard while minimizing cross-shard delays (a huge problem in achieving improved finality).
Infra for Blockchain-Abstracted Applications (Spica Upgrade)
Part of the ongoing improvements that the MultiversX development team is working to ship includes the upcoming Spica 1.8.0 protocol upgrade. The Spica upgrade recently passed its governance vote proposal, with 98% voting in favor of implementing it. The Upgrade introduces a host of new features and improvements that promise to enhance the UX, streamline developer processes, and expand the utility of the platform.
Relayed Transactions v3
Relayed Transactions v3 is a major improvement in how transactions are handled on the MultiversX network. With relayed transactions, users can bundle multiple transactions into a single relayed transaction, requiring only one signature, and/or create entirely gasless applications, unlocking new use cases in the blockchain space. The primary benefits of this upgrade include:
- Improved UX: Users can interact with the network more efficiently by enabling multiple transactions to be executed with a single signature. This is particularly beneficial for users involved in complex transaction sequences, as it reduces the time and effort required for multiple approvals.
- Lower Transaction Costs: The new version optimizes gas fees by allowing relayed transactions to be executed more efficiently, potentially reducing the overall cost for users. Additionally, users can pay fees with any Elrond Standard Digital Token (ESDT), not just EGLD, adding flexibility to transaction payments.
- Enhanced Security Considerations: While the upgrade simplifies transaction processes, it also introduces a security consideration. Since multiple transactions can now be executed with a single signature, users must be vigilant to avoid phishing scams where all assets can be transferred in one malicious action.
Dynamic NFTs
Dynamic NFTs are a groundbreaking addition to the MultiversX platform, offering enhanced flexibility and functionality for digital assets. This new standard allows for modifying NFT metadata and upgrading properties essential for many use cases where the state of the asset needs to reflect changes from the physical world or digital events. Builders and creators can now modify attributes such as damage, speed, or weight for NFTs representing items in games without needing to store these changes in a separate contract. This makes NFTs more versatile and reflective of real-time changes, particularly in gaming and other dynamic applications.
Existing NFTs will be considered legacy and cannot be converted to the new dynamic standard. To adopt the new standard, a burn/mint mechanism will be required, which platforms like XOXNO, the leading marketplace for digital assets on MultiversX, will likely facilitate.
ESDT Improvements
The Spica upgrade also significantly improves the handling of EGLD within the ESDT framework. Developers can now manage EGLD and custom (ESDT) tokens within the same transaction logic, eliminating the need for separate handling mechanisms and complex code. This could reduce the reliance on wrapped EGLD (WEGLD) in DeFi applications, as native EGLD can now be used more seamlessly.
The upgrade simplifies the development process and enhances interoperability between different asset types on the MultiversX platform by allowing EGLD to be included in MultiESDTTransfer transactions.
PassKeys & OpCodes: Advanced Security and Developer Tools
A significant part of the Spica upgrade is the introduction of PassKeys and new OpCodes, which provide additional layers of security and functionality for developers building on MultiversX. Passkeys improve the web2 onboarding experience with passwordless login via biometric authentication.
Account Abstraction and Mobile Apps
The development of sovereign chains and the approval of the Spica upgrade have laid the groundwork for MultiversX to branch into mobile applications, representing a significant leap toward enhancing the overall UX of blockchain technology and eliminating the need for seed phrases. With passkeys and other built-in authentication methods available on Android and iOS devices, MultiversX aims to simplify access to the blockchain and open up a new major stream of potential users.
The ultimate objective of the MultiversX team is to streamline their newly launched SDKs, which seamlessly integrate any type of blockchain application, helping to broaden the appeal of dApps to the billions of users on mobile devices. To this end, the team has implemented abstraction (AA), which is based on the principle of simplification, making dApps highly accessible and limiting the barriers to entry for users to engage with decentralized systems.
MultiversX’s approach to account abstraction enables users to utilize smart contract wallets where signature verification is conducted via passkeys. This approach promotes decentralization by allowing any relayer to participate in the process of including user operations within account-abstracted frameworks without relying on trust assumptions. In this system, relayers play a crucial role by ensuring that user operations are adequately funded before execution. If a smart contract fails to cover the necessary gas fees, the relayer steps in to manage the payment, thus ensuring the smooth operation of the network.
With the integration of relayers, wallets can interact with these smart contracts by initiating and signing transactions through on-device authentication. Once the necessary smart contracts are deployed, any application within the MultiversX ecosystem will be capable of leveraging passkey technology, offering a secure and user-friendly experience for transaction verification and execution.
Although the network does not natively support passkeys, additional smart contracts will be introduced to bridge this gap. These contracts will allow any MultiversX address to link its private keys to a device's unique key and register both within specialized smart contracts, similar to multisig or account abstraction contracts.
One of the most significant implications of account abstraction is its potential to transform security and UX within blockchain environments. The programmability of smart accounts allows for the direct integration of specific rules and parameters into user accounts. This programmability opens up a range of security measures that were previously unavailable, such as multi-signature requirements, automatic spending limits, and conditional transactions. These features enhance the security landscape by providing users with more control and customization over their accounts.
Global Outreach Initiatives
Asian Market Penetration
The xDay events of 2022 and 2023 have played a critical role in MultiversX’s strategy to penetrate and expand its influence in the Asia market. The Asia market is one of the largest and most influential regions in terms of blockchain and cryptocurrency globally. For one, Asia is home to some of the most cryptocurrency users. Countries like China, India, Japan, South Korea, and Singapore have tens of millions of users actively engaged in trading, investing, and using cryptocurrencies.
Because of the high organic user counts, countries in Asia have been early adopters of prominent technologies in the space, with significant interest from the Asia market ranging from DeFi applications and NFTs to enterprise solutions and government projects. Asia hosts some of the largest cryptocurrency exchanges globally, such as Binance (originally based in China, now international), Huobi, and Bitfinex, which handle a significant portion of global trading volumes.
Asia is a hub for technological innovation, particularly in areas like mobile payments, gaming, and e-commerce, which have natural synergies with blockchain technology. Countries like South Korea and Japan are leaders in integrating blockchain into gaming and digital assets.
All of this adds up to a particularly strong market for MultiversX in general, as it makes for a fantastic innovative marketplace to push forth the adoption of sovereign chains, helping to grow the MultiversX ecosystem overall. To best take advantage of this, MultiversX has taken deliberate steps to continually expand its influence in the region, including things like the launch of a Builders Hub in Seoul, partnering with Tencent Cloud, and also hosting xDay in South-Korea (April ‘25) as well. In the interim, MultiversX is preparing for an RWA day outside of Asia, taking place in Germany next month."
Certificated Blockchain Course
One of the core initiatives that MultiversX has adopted is investing in the future development of the blockchain space, particularly through efforts to train and recruit new developers, expand education on digital technologies, and offer incentives to those who consider kickstarting their Web3 journeys. MultiversX has tackled this head-on through its very own Blockchain Essentials course hosted digitally through a collaboration with eCornell, the digital learning arm associated with Cornell University - one of the top-ranked institutions in the world. Cornell joins a long list of other programs that MultiversX has onboarded to spread Web3 education across the globe through activities that include hackathons, a master’s program centered around the technology and ecosystem of MultiversX, and the ability to pay for the program in EGLD.
Conclusion
Since its inception as Elrond, MultiversX has undergone significant transformations, with each phase of its development marking a deeper commitment to building a robust, modular Layer-1 blockchain. The network's ability to adapt and innovate is highlighted by its rebranding to MultiversX and the subsequent launch of key infrastructures and upgrades, including the development of sovereign chains, improvements in both its UX and developer efficiency and even global outreach initiatives such as xDay events and educational programs tailored to future developers.
Disclaimer: This report was commissioned by MultiversX. This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
MultiversX is a monolithic, sharded Layer-1 blockchain that leverages adaptive state sharding to create a highly scalable, efficient network capable of supporting thousands of decentralized applications (dApps), businesses, and tools. MultiversX is powered by its own native currency, eGold (EGLD), which is used as a store-of-value token (SoV) for paying transaction fees and securing the MultiversX network.
Elrond was initially launched in 2019 to create a highly scalable, fast, and secure blockchain platform. Its native network coin is called EGLD, a conscious effort to make the project more appealing to mainstream users by drawing a parallel to gold, a universally recognized SoV.
In late 2022, Elrond rebranded to MultiversX. This new identity represented a broader vision for the project beyond just being a blockchain network. MultiversX aimed to create new infrastructure with future-proof sharding technology that can meet the demands of a future where the digital and physical worlds converge.
Under the MultiversX brand, MultiversX Labs, one of the companies working on the development of the MultiversX blockchain, launched several key products:
- xPortal: A digital wallet and global payments app.
- xExchange: DEX scaling and disrupting DeFi through simplicity
- xFabric: Automation cloud solution for creating and deploying Web3 websites without writing a single line of code
Part of the MultiversX vision is meant to highlight the project’s focus on integrating the metaverse with Web3, leveraging its scalable and secure blockchain technology to support a wide range of digital experiences. Since then, MultiversX has maintained a strong focus on upgrading its protocol performance and functionality, namely developing technologies like sovereign chains and introducing network upgrades to reduce latency and user experience (UX) complexities.
This report will highlight the upgrades, improvements, and initiatives adopted by MultiversX to enhance the ecosystem’s scalability, performance, and global outreach.
Sovereign Chains
MultiversX’s L1 tackles scalability via sharding. With the introduction of Sovereign Chains, the network can now deliver the same innovation and advancements to many other blockchains within the industry. Sovereign Chain’s interoperability allows them to establish a cross-chain ecosystem that operates seamlessly for users, making it feel like a single chain. Furthermore, MultiversX offers customizable solutions tailored to the unique requirements of complex applications, businesses, and institutions transitioning to on-chain operations, addressing their specific needs.
This integrated modular solution is designed to offer customization and performance enhancements for those wishing to launch their own blockchains and corresponding projects on top of MultiversX. More specifically, sovereign chains allow developers to create independent, app-specific blockchains that cater to their applications' unique needs, providing dedicated resources and tailored environments that optimize transaction speed, reduce latency, and lower fees.
Key Benefits of Sovereign Chains
Dedicated Throughput and Blockspace
Sovereign chains on MultiversX deliver a combination of performance and flexibility to adopters, specifically designed to meet the demands of modern dApps. One key advantage of sovereign chains that helps with their performance enhancement is their ability to allocate all computational resources to a single application or a set of related applications. Unlike general-purpose blockchains, where resources are distributed across various dApps, sovereign chains focus entirely on the needs of specific applications.
This dedicated resource allocation results in optimized transaction speed, making it possible for these chains to handle high-frequency transactions, which is crucial for real-time platforms such as trading systems or interactive gaming environments. Additionally, the specialization of sovereign chains reduces latency, providing users with a smoother and more immediate experience. This is particularly valuable in sectors like finance and gaming, where even milliseconds can be critical regarding UX and overall competitiveness.
Customization
As previously mentioned, sovereign chains' customization capabilities allow developers to build blockchain environments that are precisely tailored to their application's requirements. Developers can choose the most appropriate consensus mechanism, such as Proof of Stake (PoS) for energy efficiency or Proof of Authority (PoA) for faster transaction finality. This ability to select or even experiment with hybrid models ensures that the chain can be optimized to maximize security, speed, or decentralization attributes based on the application's specific needs.
In addition to customizing the consensus mechanism, developers can also define unique fee structures, such as using a native token for gas fees or eliminating fees entirely for certain operations or user groups. This flexibility can be particularly advantageous for applications aiming to attract and retain users by offering a low-cost or frictionless experience. Sovereign chains also allow developers to selectively activate or deactivate features at the protocol level, enabling a streamlined and efficient operation tailored to the use case.
Sovereign Chains are a chain-agnostic infrastructure stack. They can be connected to all major networks, including Bitcoin, Ethereum, or Solana, and double settlement can be used concurrently for high speed and assurance of finality. Additionally, as a first in the crypto space, Sovereign Chains can support the simultaneous execution of multiple virtual machines (VMs), including WASM, EVM, SVM, and others, with seamless integration between them. This allows developers to write smart contracts in over 30 different programming languages and deploy them on WASM while still interacting with existing EVM contracts through asynchronous calls and a native cross-chain operation module. The system’s abstraction layer automatically adapts the input and output requirements for each VM, enabling developers to deploy smart contracts without knowing the specific VM they are using or interacting with. Additionally, EWASM execution is faster and more cost-effective, allowing for more operations per transaction, enhancing security, and improving user experience.
Core Value Adds and Differentiators
Autonomy and Control
Sovereign chains offer distinct autonomy and control, setting them apart from other modular blockchain systems. At the core of this autonomy is the ability of developers to establish their own governance rules, economic models, and token economies. Unlike many other modular systems that impose certain constraints or shared models, Sovereign Chains can operate independently, allowing each chain to evolve according to its specific needs. This level of freedom is crucial for applications that require a tailored environment, providing a significant advantage over more rigid frameworks found in other ecosystems. Despite this autonomy, sovereign chains are still natively interoperable with each other. They maintain full composability with the broader network of networks, ensuring applications residing in different chains can still interact.
The Cross-Chain Mechanism facilitates interaction between two distinct blockchain networks, the Mainchain and the Sovereign Chain, ensuring efficient and secure transactions across these differing architectures. Validators on the Sovereign Chain employ a notifier service to monitor and track cross-chain transactions from the MultiversX Mainchain. Upon detecting a new header from the Mainchain, the leader validator incorporates this header into the current block, ensuring that any pending cross-chain transactions are processed first. This process includes adding the MultiversX ShardHeaderHash to the SovereignShardHeader, reflecting the cross-shard transaction processing of the MultiversX network.
To manage incoming transactions, the leader validator aggregates them into a mini block labeled “INCOMING TXS.” This mini block is then verified by other validators on the Sovereign Chain, who check the accuracy and finality of the transactions before signing off on the block. Notably, these cross-chain transactions are executed without gas fees on the Sovereign Chain, ensuring swift integration with the MultiversX chain while maintaining user experience consistency.
The user interface is designed to simplify the complexity of cross-chain transactions, allowing users to execute transactions across chains with minimal steps seamlessly. The system ensures that the process remains unified and straightforward from the user's perspective. Additionally, the Sovereign Chain includes mechanisms to avoid token ID conflicts by appending unique prefixes or incrementing nonces when registering tokens, ensuring clear differentiation of token origins.
The Sovereign Chain includes an outgoing operations hash within its headers, which contains the details of operations intended to be executed on the Mainchain. Once these operations are completed on the Mainchain in subsequent blocks, the Sovereign Chain stays synchronized by validating each MultiversX header hash. The finality gadget is critical in this process, as it ensures that a header on the Sovereign Chain is only finalized after confirming that the Mainchain has successfully executed the outgoing operations from the previous header. This interconnected approach guarantees consistency and the proper order of operations across both chains.
The ability to integrate smoothly with the mainchain and other sovereign chains within the ecosystem enhances the UX, making it feel like operating within a unified blockchain environment. This composability is a key differentiator, as it allows developers to create specialized chains that are still part of a larger, interconnected ecosystem, offering the best of both worlds: independence and network synergy. Plus, leveraging the system’s new SDK, developers are more empowered than ever to engage in uniquely tailored sovereign chains.
Robust Security and Economic Trust
Sovereign chains have the option to implement a dual-layered approach to optimize network security, balancing independent and shared security. Firstly, sovereign chains benefit directly from the economic security of the MultiversX mainchain to reduce launch complexity and get past the cold start problem in which smaller blockchains are prone to attacks. This is made possible through a dual staking mechanism that can leverage the 63% supply staked of EGLD and the validator set of MultiversX, meaning that staking providers can also boost their APR with multiple revenue streams. The dual staking model reduces the risks associated with new token volatility, as validators can earn a stable yield from staking EGLD while also benefiting from the rewards generated by the chain’s native tokens.
Network Upgrades
Finality
One of the MultiversX development team's core objectives is improving finality. The first interim release is already available on testnet, with the majority of work completed for mainnet that will help achieve a sub-1 second finality, rivaling the fastest blockchains on the market. This includes what the team has named consensus v3, which achieves a way to significantly reduce finality times without compromising overall throughput capabilities.
Much of this is dependent on the success of its adaptive state sharding model. Adaptive state sharding refers to MultiversX’s dynamically adaptive sharding mechanism, which can perform shard merging (or splitting) while simultaneously taking note of the number of available validators and network demand. This is huge because it means that MultiversX can dynamically shard while minimizing cross-shard delays (a huge problem in achieving improved finality).
Infra for Blockchain-Abstracted Applications (Spica Upgrade)
Part of the ongoing improvements that the MultiversX development team is working to ship includes the upcoming Spica 1.8.0 protocol upgrade. The Spica upgrade recently passed its governance vote proposal, with 98% voting in favor of implementing it. The Upgrade introduces a host of new features and improvements that promise to enhance the UX, streamline developer processes, and expand the utility of the platform.
Relayed Transactions v3
Relayed Transactions v3 is a major improvement in how transactions are handled on the MultiversX network. With relayed transactions, users can bundle multiple transactions into a single relayed transaction, requiring only one signature, and/or create entirely gasless applications, unlocking new use cases in the blockchain space. The primary benefits of this upgrade include:
- Improved UX: Users can interact with the network more efficiently by enabling multiple transactions to be executed with a single signature. This is particularly beneficial for users involved in complex transaction sequences, as it reduces the time and effort required for multiple approvals.
- Lower Transaction Costs: The new version optimizes gas fees by allowing relayed transactions to be executed more efficiently, potentially reducing the overall cost for users. Additionally, users can pay fees with any Elrond Standard Digital Token (ESDT), not just EGLD, adding flexibility to transaction payments.
- Enhanced Security Considerations: While the upgrade simplifies transaction processes, it also introduces a security consideration. Since multiple transactions can now be executed with a single signature, users must be vigilant to avoid phishing scams where all assets can be transferred in one malicious action.
Dynamic NFTs
Dynamic NFTs are a groundbreaking addition to the MultiversX platform, offering enhanced flexibility and functionality for digital assets. This new standard allows for modifying NFT metadata and upgrading properties essential for many use cases where the state of the asset needs to reflect changes from the physical world or digital events. Builders and creators can now modify attributes such as damage, speed, or weight for NFTs representing items in games without needing to store these changes in a separate contract. This makes NFTs more versatile and reflective of real-time changes, particularly in gaming and other dynamic applications.
Existing NFTs will be considered legacy and cannot be converted to the new dynamic standard. To adopt the new standard, a burn/mint mechanism will be required, which platforms like XOXNO, the leading marketplace for digital assets on MultiversX, will likely facilitate.
ESDT Improvements
The Spica upgrade also significantly improves the handling of EGLD within the ESDT framework. Developers can now manage EGLD and custom (ESDT) tokens within the same transaction logic, eliminating the need for separate handling mechanisms and complex code. This could reduce the reliance on wrapped EGLD (WEGLD) in DeFi applications, as native EGLD can now be used more seamlessly.
The upgrade simplifies the development process and enhances interoperability between different asset types on the MultiversX platform by allowing EGLD to be included in MultiESDTTransfer transactions.
PassKeys & OpCodes: Advanced Security and Developer Tools
A significant part of the Spica upgrade is the introduction of PassKeys and new OpCodes, which provide additional layers of security and functionality for developers building on MultiversX. Passkeys improve the web2 onboarding experience with passwordless login via biometric authentication.
Account Abstraction and Mobile Apps
The development of sovereign chains and the approval of the Spica upgrade have laid the groundwork for MultiversX to branch into mobile applications, representing a significant leap toward enhancing the overall UX of blockchain technology and eliminating the need for seed phrases. With passkeys and other built-in authentication methods available on Android and iOS devices, MultiversX aims to simplify access to the blockchain and open up a new major stream of potential users.
The ultimate objective of the MultiversX team is to streamline their newly launched SDKs, which seamlessly integrate any type of blockchain application, helping to broaden the appeal of dApps to the billions of users on mobile devices. To this end, the team has implemented abstraction (AA), which is based on the principle of simplification, making dApps highly accessible and limiting the barriers to entry for users to engage with decentralized systems.
MultiversX’s approach to account abstraction enables users to utilize smart contract wallets where signature verification is conducted via passkeys. This approach promotes decentralization by allowing any relayer to participate in the process of including user operations within account-abstracted frameworks without relying on trust assumptions. In this system, relayers play a crucial role by ensuring that user operations are adequately funded before execution. If a smart contract fails to cover the necessary gas fees, the relayer steps in to manage the payment, thus ensuring the smooth operation of the network.
With the integration of relayers, wallets can interact with these smart contracts by initiating and signing transactions through on-device authentication. Once the necessary smart contracts are deployed, any application within the MultiversX ecosystem will be capable of leveraging passkey technology, offering a secure and user-friendly experience for transaction verification and execution.
Although the network does not natively support passkeys, additional smart contracts will be introduced to bridge this gap. These contracts will allow any MultiversX address to link its private keys to a device's unique key and register both within specialized smart contracts, similar to multisig or account abstraction contracts.
One of the most significant implications of account abstraction is its potential to transform security and UX within blockchain environments. The programmability of smart accounts allows for the direct integration of specific rules and parameters into user accounts. This programmability opens up a range of security measures that were previously unavailable, such as multi-signature requirements, automatic spending limits, and conditional transactions. These features enhance the security landscape by providing users with more control and customization over their accounts.
Global Outreach Initiatives
Asian Market Penetration
The xDay events of 2022 and 2023 have played a critical role in MultiversX’s strategy to penetrate and expand its influence in the Asia market. The Asia market is one of the largest and most influential regions in terms of blockchain and cryptocurrency globally. For one, Asia is home to some of the most cryptocurrency users. Countries like China, India, Japan, South Korea, and Singapore have tens of millions of users actively engaged in trading, investing, and using cryptocurrencies.
Because of the high organic user counts, countries in Asia have been early adopters of prominent technologies in the space, with significant interest from the Asia market ranging from DeFi applications and NFTs to enterprise solutions and government projects. Asia hosts some of the largest cryptocurrency exchanges globally, such as Binance (originally based in China, now international), Huobi, and Bitfinex, which handle a significant portion of global trading volumes.
Asia is a hub for technological innovation, particularly in areas like mobile payments, gaming, and e-commerce, which have natural synergies with blockchain technology. Countries like South Korea and Japan are leaders in integrating blockchain into gaming and digital assets.
All of this adds up to a particularly strong market for MultiversX in general, as it makes for a fantastic innovative marketplace to push forth the adoption of sovereign chains, helping to grow the MultiversX ecosystem overall. To best take advantage of this, MultiversX has taken deliberate steps to continually expand its influence in the region, including things like the launch of a Builders Hub in Seoul, partnering with Tencent Cloud, and also hosting xDay in South-Korea (April ‘25) as well. In the interim, MultiversX is preparing for an RWA day outside of Asia, taking place in Germany next month."
Certificated Blockchain Course
One of the core initiatives that MultiversX has adopted is investing in the future development of the blockchain space, particularly through efforts to train and recruit new developers, expand education on digital technologies, and offer incentives to those who consider kickstarting their Web3 journeys. MultiversX has tackled this head-on through its very own Blockchain Essentials course hosted digitally through a collaboration with eCornell, the digital learning arm associated with Cornell University - one of the top-ranked institutions in the world. Cornell joins a long list of other programs that MultiversX has onboarded to spread Web3 education across the globe through activities that include hackathons, a master’s program centered around the technology and ecosystem of MultiversX, and the ability to pay for the program in EGLD.
Conclusion
Since its inception as Elrond, MultiversX has undergone significant transformations, with each phase of its development marking a deeper commitment to building a robust, modular Layer-1 blockchain. The network's ability to adapt and innovate is highlighted by its rebranding to MultiversX and the subsequent launch of key infrastructures and upgrades, including the development of sovereign chains, improvements in both its UX and developer efficiency and even global outreach initiatives such as xDay events and educational programs tailored to future developers.
Disclaimer: This report was commissioned by MultiversX. This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
MultiversX is a monolithic, sharded Layer-1 blockchain that leverages adaptive state sharding to create a highly scalable, efficient network capable of supporting thousands of decentralized applications (dApps), businesses, and tools. MultiversX is powered by its own native currency, eGold (EGLD), which is used as a store-of-value token (SoV) for paying transaction fees and securing the MultiversX network.
Elrond was initially launched in 2019 to create a highly scalable, fast, and secure blockchain platform. Its native network coin is called EGLD, a conscious effort to make the project more appealing to mainstream users by drawing a parallel to gold, a universally recognized SoV.
In late 2022, Elrond rebranded to MultiversX. This new identity represented a broader vision for the project beyond just being a blockchain network. MultiversX aimed to create new infrastructure with future-proof sharding technology that can meet the demands of a future where the digital and physical worlds converge.
Under the MultiversX brand, MultiversX Labs, one of the companies working on the development of the MultiversX blockchain, launched several key products:
- xPortal: A digital wallet and global payments app.
- xExchange: DEX scaling and disrupting DeFi through simplicity
- xFabric: Automation cloud solution for creating and deploying Web3 websites without writing a single line of code
Part of the MultiversX vision is meant to highlight the project’s focus on integrating the metaverse with Web3, leveraging its scalable and secure blockchain technology to support a wide range of digital experiences. Since then, MultiversX has maintained a strong focus on upgrading its protocol performance and functionality, namely developing technologies like sovereign chains and introducing network upgrades to reduce latency and user experience (UX) complexities.
This report will highlight the upgrades, improvements, and initiatives adopted by MultiversX to enhance the ecosystem’s scalability, performance, and global outreach.
Sovereign Chains
MultiversX’s L1 tackles scalability via sharding. With the introduction of Sovereign Chains, the network can now deliver the same innovation and advancements to many other blockchains within the industry. Sovereign Chain’s interoperability allows them to establish a cross-chain ecosystem that operates seamlessly for users, making it feel like a single chain. Furthermore, MultiversX offers customizable solutions tailored to the unique requirements of complex applications, businesses, and institutions transitioning to on-chain operations, addressing their specific needs.
This integrated modular solution is designed to offer customization and performance enhancements for those wishing to launch their own blockchains and corresponding projects on top of MultiversX. More specifically, sovereign chains allow developers to create independent, app-specific blockchains that cater to their applications' unique needs, providing dedicated resources and tailored environments that optimize transaction speed, reduce latency, and lower fees.
Key Benefits of Sovereign Chains
Dedicated Throughput and Blockspace
Sovereign chains on MultiversX deliver a combination of performance and flexibility to adopters, specifically designed to meet the demands of modern dApps. One key advantage of sovereign chains that helps with their performance enhancement is their ability to allocate all computational resources to a single application or a set of related applications. Unlike general-purpose blockchains, where resources are distributed across various dApps, sovereign chains focus entirely on the needs of specific applications.
This dedicated resource allocation results in optimized transaction speed, making it possible for these chains to handle high-frequency transactions, which is crucial for real-time platforms such as trading systems or interactive gaming environments. Additionally, the specialization of sovereign chains reduces latency, providing users with a smoother and more immediate experience. This is particularly valuable in sectors like finance and gaming, where even milliseconds can be critical regarding UX and overall competitiveness.
Customization
As previously mentioned, sovereign chains' customization capabilities allow developers to build blockchain environments that are precisely tailored to their application's requirements. Developers can choose the most appropriate consensus mechanism, such as Proof of Stake (PoS) for energy efficiency or Proof of Authority (PoA) for faster transaction finality. This ability to select or even experiment with hybrid models ensures that the chain can be optimized to maximize security, speed, or decentralization attributes based on the application's specific needs.
In addition to customizing the consensus mechanism, developers can also define unique fee structures, such as using a native token for gas fees or eliminating fees entirely for certain operations or user groups. This flexibility can be particularly advantageous for applications aiming to attract and retain users by offering a low-cost or frictionless experience. Sovereign chains also allow developers to selectively activate or deactivate features at the protocol level, enabling a streamlined and efficient operation tailored to the use case.
Sovereign Chains are a chain-agnostic infrastructure stack. They can be connected to all major networks, including Bitcoin, Ethereum, or Solana, and double settlement can be used concurrently for high speed and assurance of finality. Additionally, as a first in the crypto space, Sovereign Chains can support the simultaneous execution of multiple virtual machines (VMs), including WASM, EVM, SVM, and others, with seamless integration between them. This allows developers to write smart contracts in over 30 different programming languages and deploy them on WASM while still interacting with existing EVM contracts through asynchronous calls and a native cross-chain operation module. The system’s abstraction layer automatically adapts the input and output requirements for each VM, enabling developers to deploy smart contracts without knowing the specific VM they are using or interacting with. Additionally, EWASM execution is faster and more cost-effective, allowing for more operations per transaction, enhancing security, and improving user experience.
Core Value Adds and Differentiators
Autonomy and Control
Sovereign chains offer distinct autonomy and control, setting them apart from other modular blockchain systems. At the core of this autonomy is the ability of developers to establish their own governance rules, economic models, and token economies. Unlike many other modular systems that impose certain constraints or shared models, Sovereign Chains can operate independently, allowing each chain to evolve according to its specific needs. This level of freedom is crucial for applications that require a tailored environment, providing a significant advantage over more rigid frameworks found in other ecosystems. Despite this autonomy, sovereign chains are still natively interoperable with each other. They maintain full composability with the broader network of networks, ensuring applications residing in different chains can still interact.
The Cross-Chain Mechanism facilitates interaction between two distinct blockchain networks, the Mainchain and the Sovereign Chain, ensuring efficient and secure transactions across these differing architectures. Validators on the Sovereign Chain employ a notifier service to monitor and track cross-chain transactions from the MultiversX Mainchain. Upon detecting a new header from the Mainchain, the leader validator incorporates this header into the current block, ensuring that any pending cross-chain transactions are processed first. This process includes adding the MultiversX ShardHeaderHash to the SovereignShardHeader, reflecting the cross-shard transaction processing of the MultiversX network.
To manage incoming transactions, the leader validator aggregates them into a mini block labeled “INCOMING TXS.” This mini block is then verified by other validators on the Sovereign Chain, who check the accuracy and finality of the transactions before signing off on the block. Notably, these cross-chain transactions are executed without gas fees on the Sovereign Chain, ensuring swift integration with the MultiversX chain while maintaining user experience consistency.
The user interface is designed to simplify the complexity of cross-chain transactions, allowing users to execute transactions across chains with minimal steps seamlessly. The system ensures that the process remains unified and straightforward from the user's perspective. Additionally, the Sovereign Chain includes mechanisms to avoid token ID conflicts by appending unique prefixes or incrementing nonces when registering tokens, ensuring clear differentiation of token origins.
The Sovereign Chain includes an outgoing operations hash within its headers, which contains the details of operations intended to be executed on the Mainchain. Once these operations are completed on the Mainchain in subsequent blocks, the Sovereign Chain stays synchronized by validating each MultiversX header hash. The finality gadget is critical in this process, as it ensures that a header on the Sovereign Chain is only finalized after confirming that the Mainchain has successfully executed the outgoing operations from the previous header. This interconnected approach guarantees consistency and the proper order of operations across both chains.
The ability to integrate smoothly with the mainchain and other sovereign chains within the ecosystem enhances the UX, making it feel like operating within a unified blockchain environment. This composability is a key differentiator, as it allows developers to create specialized chains that are still part of a larger, interconnected ecosystem, offering the best of both worlds: independence and network synergy. Plus, leveraging the system’s new SDK, developers are more empowered than ever to engage in uniquely tailored sovereign chains.
Robust Security and Economic Trust
Sovereign chains have the option to implement a dual-layered approach to optimize network security, balancing independent and shared security. Firstly, sovereign chains benefit directly from the economic security of the MultiversX mainchain to reduce launch complexity and get past the cold start problem in which smaller blockchains are prone to attacks. This is made possible through a dual staking mechanism that can leverage the 63% supply staked of EGLD and the validator set of MultiversX, meaning that staking providers can also boost their APR with multiple revenue streams. The dual staking model reduces the risks associated with new token volatility, as validators can earn a stable yield from staking EGLD while also benefiting from the rewards generated by the chain’s native tokens.
Network Upgrades
Finality
One of the MultiversX development team's core objectives is improving finality. The first interim release is already available on testnet, with the majority of work completed for mainnet that will help achieve a sub-1 second finality, rivaling the fastest blockchains on the market. This includes what the team has named consensus v3, which achieves a way to significantly reduce finality times without compromising overall throughput capabilities.
Much of this is dependent on the success of its adaptive state sharding model. Adaptive state sharding refers to MultiversX’s dynamically adaptive sharding mechanism, which can perform shard merging (or splitting) while simultaneously taking note of the number of available validators and network demand. This is huge because it means that MultiversX can dynamically shard while minimizing cross-shard delays (a huge problem in achieving improved finality).
Infra for Blockchain-Abstracted Applications (Spica Upgrade)
Part of the ongoing improvements that the MultiversX development team is working to ship includes the upcoming Spica 1.8.0 protocol upgrade. The Spica upgrade recently passed its governance vote proposal, with 98% voting in favor of implementing it. The Upgrade introduces a host of new features and improvements that promise to enhance the UX, streamline developer processes, and expand the utility of the platform.
Relayed Transactions v3
Relayed Transactions v3 is a major improvement in how transactions are handled on the MultiversX network. With relayed transactions, users can bundle multiple transactions into a single relayed transaction, requiring only one signature, and/or create entirely gasless applications, unlocking new use cases in the blockchain space. The primary benefits of this upgrade include:
- Improved UX: Users can interact with the network more efficiently by enabling multiple transactions to be executed with a single signature. This is particularly beneficial for users involved in complex transaction sequences, as it reduces the time and effort required for multiple approvals.
- Lower Transaction Costs: The new version optimizes gas fees by allowing relayed transactions to be executed more efficiently, potentially reducing the overall cost for users. Additionally, users can pay fees with any Elrond Standard Digital Token (ESDT), not just EGLD, adding flexibility to transaction payments.
- Enhanced Security Considerations: While the upgrade simplifies transaction processes, it also introduces a security consideration. Since multiple transactions can now be executed with a single signature, users must be vigilant to avoid phishing scams where all assets can be transferred in one malicious action.
Dynamic NFTs
Dynamic NFTs are a groundbreaking addition to the MultiversX platform, offering enhanced flexibility and functionality for digital assets. This new standard allows for modifying NFT metadata and upgrading properties essential for many use cases where the state of the asset needs to reflect changes from the physical world or digital events. Builders and creators can now modify attributes such as damage, speed, or weight for NFTs representing items in games without needing to store these changes in a separate contract. This makes NFTs more versatile and reflective of real-time changes, particularly in gaming and other dynamic applications.
Existing NFTs will be considered legacy and cannot be converted to the new dynamic standard. To adopt the new standard, a burn/mint mechanism will be required, which platforms like XOXNO, the leading marketplace for digital assets on MultiversX, will likely facilitate.
ESDT Improvements
The Spica upgrade also significantly improves the handling of EGLD within the ESDT framework. Developers can now manage EGLD and custom (ESDT) tokens within the same transaction logic, eliminating the need for separate handling mechanisms and complex code. This could reduce the reliance on wrapped EGLD (WEGLD) in DeFi applications, as native EGLD can now be used more seamlessly.
The upgrade simplifies the development process and enhances interoperability between different asset types on the MultiversX platform by allowing EGLD to be included in MultiESDTTransfer transactions.
PassKeys & OpCodes: Advanced Security and Developer Tools
A significant part of the Spica upgrade is the introduction of PassKeys and new OpCodes, which provide additional layers of security and functionality for developers building on MultiversX. Passkeys improve the web2 onboarding experience with passwordless login via biometric authentication.
Account Abstraction and Mobile Apps
The development of sovereign chains and the approval of the Spica upgrade have laid the groundwork for MultiversX to branch into mobile applications, representing a significant leap toward enhancing the overall UX of blockchain technology and eliminating the need for seed phrases. With passkeys and other built-in authentication methods available on Android and iOS devices, MultiversX aims to simplify access to the blockchain and open up a new major stream of potential users.
The ultimate objective of the MultiversX team is to streamline their newly launched SDKs, which seamlessly integrate any type of blockchain application, helping to broaden the appeal of dApps to the billions of users on mobile devices. To this end, the team has implemented abstraction (AA), which is based on the principle of simplification, making dApps highly accessible and limiting the barriers to entry for users to engage with decentralized systems.
MultiversX’s approach to account abstraction enables users to utilize smart contract wallets where signature verification is conducted via passkeys. This approach promotes decentralization by allowing any relayer to participate in the process of including user operations within account-abstracted frameworks without relying on trust assumptions. In this system, relayers play a crucial role by ensuring that user operations are adequately funded before execution. If a smart contract fails to cover the necessary gas fees, the relayer steps in to manage the payment, thus ensuring the smooth operation of the network.
With the integration of relayers, wallets can interact with these smart contracts by initiating and signing transactions through on-device authentication. Once the necessary smart contracts are deployed, any application within the MultiversX ecosystem will be capable of leveraging passkey technology, offering a secure and user-friendly experience for transaction verification and execution.
Although the network does not natively support passkeys, additional smart contracts will be introduced to bridge this gap. These contracts will allow any MultiversX address to link its private keys to a device's unique key and register both within specialized smart contracts, similar to multisig or account abstraction contracts.
One of the most significant implications of account abstraction is its potential to transform security and UX within blockchain environments. The programmability of smart accounts allows for the direct integration of specific rules and parameters into user accounts. This programmability opens up a range of security measures that were previously unavailable, such as multi-signature requirements, automatic spending limits, and conditional transactions. These features enhance the security landscape by providing users with more control and customization over their accounts.
Global Outreach Initiatives
Asian Market Penetration
The xDay events of 2022 and 2023 have played a critical role in MultiversX’s strategy to penetrate and expand its influence in the Asia market. The Asia market is one of the largest and most influential regions in terms of blockchain and cryptocurrency globally. For one, Asia is home to some of the most cryptocurrency users. Countries like China, India, Japan, South Korea, and Singapore have tens of millions of users actively engaged in trading, investing, and using cryptocurrencies.
Because of the high organic user counts, countries in Asia have been early adopters of prominent technologies in the space, with significant interest from the Asia market ranging from DeFi applications and NFTs to enterprise solutions and government projects. Asia hosts some of the largest cryptocurrency exchanges globally, such as Binance (originally based in China, now international), Huobi, and Bitfinex, which handle a significant portion of global trading volumes.
Asia is a hub for technological innovation, particularly in areas like mobile payments, gaming, and e-commerce, which have natural synergies with blockchain technology. Countries like South Korea and Japan are leaders in integrating blockchain into gaming and digital assets.
All of this adds up to a particularly strong market for MultiversX in general, as it makes for a fantastic innovative marketplace to push forth the adoption of sovereign chains, helping to grow the MultiversX ecosystem overall. To best take advantage of this, MultiversX has taken deliberate steps to continually expand its influence in the region, including things like the launch of a Builders Hub in Seoul, partnering with Tencent Cloud, and also hosting xDay in South-Korea (April ‘25) as well. In the interim, MultiversX is preparing for an RWA day outside of Asia, taking place in Germany next month."
Certificated Blockchain Course
One of the core initiatives that MultiversX has adopted is investing in the future development of the blockchain space, particularly through efforts to train and recruit new developers, expand education on digital technologies, and offer incentives to those who consider kickstarting their Web3 journeys. MultiversX has tackled this head-on through its very own Blockchain Essentials course hosted digitally through a collaboration with eCornell, the digital learning arm associated with Cornell University - one of the top-ranked institutions in the world. Cornell joins a long list of other programs that MultiversX has onboarded to spread Web3 education across the globe through activities that include hackathons, a master’s program centered around the technology and ecosystem of MultiversX, and the ability to pay for the program in EGLD.
Conclusion
Since its inception as Elrond, MultiversX has undergone significant transformations, with each phase of its development marking a deeper commitment to building a robust, modular Layer-1 blockchain. The network's ability to adapt and innovate is highlighted by its rebranding to MultiversX and the subsequent launch of key infrastructures and upgrades, including the development of sovereign chains, improvements in both its UX and developer efficiency and even global outreach initiatives such as xDay events and educational programs tailored to future developers.
Disclaimer: This report was commissioned by MultiversX. This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
