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MultiversX’s recent xDay Event has spotlighted MultiversX's commitment to pushing the technological frontier in the blockchain world, announcing a series of performance enhancements and product updates poised to rival any smart contract blockchain’s current capabilities. With its eyes set on lofty goals such as achieving unmatched transaction speeds, introducing Sovereign Shards for app-specific blockchains, and enhancing network governance, MultiversX is charting a course towards a future where blockchain utility and accessibility reach new heights. This report delves into the key roadmap initiatives, current product updates, ecosystem announcements, partnerships, and the groundbreaking Sirius release, underscoring MultiversX's strategic advancements and their implications for the broader blockchain community.

xDay Event 

The landscape of blockchain technology is rapidly advancing, with MultiversX at the forefront of pushing the boundaries of scalability, efficiency, and interoperability. The platform has announced significant performance enhancements aimed at drastically improving transaction speeds and finality times, alongside a suite of developments and product updates that signal a substantial leap forward in blockchain utility and accessibility.

Key Roadmap Initiatives Announced

MultiversX's current operational metrics boast a 6-second block time, a transaction throughput of 30,000 transactions per second (TPS) distributed across three shards, and a finality time ranging between 27 to 54 seconds, inclusive of cross-shard transactions. These figures are impressive but are just a stepping stone towards the platform's ambitious next milestones. The aim is to achieve a 1-second block time, over 100,000 TPS in the existing setup, and drastically reduced finality times — 2 seconds intra-shard and 4 seconds cross-shard. Achieving these targets involves several strategic technological advancements, including early block proposals, parallel processing at the node level, consensus signature check improvements, dynamic gas pricing, and balanced data structures. The platform is also looking to introduce a range of other noteworthy developments, including confidential transactions leveraging zero-knowledge proofs, account abstraction, dynamic validator management in Staking V4, and Sovereign Shards. 

The concept of app-specific blockchains has emerged as a popular narrative in the crypto space aimed at addressing the unique requirements of various applications beyond the capabilities of traditional, general-purpose platforms. MultiversX is looking to release its own version known as Sovereign Shards. Sovereign Shards offer a nuanced approach to blockchain customization and efficiency, similar to Cosmos app chains, Ethereum rollups, or Avalanche subnets.

The necessity for app-specific blockchains arises from the limitations of a one-size-fits-all approach in addressing the varied demands of different applications. Applications that demand high throughput, low latency, or complex logic—such as gaming, high-frequency trading, or social media—benefit significantly from having dedicated blockspace and computational resources. This specialization facilitates more transactions per second, reduced latency, and lower fees, thereby enhancing performance and user satisfaction.

Sovereign Shards are self-contained environments within the MultiversX ecosystem, tasked with processing and validating transactions within their respective shards. This architecture is distinguished from conventional sharding solutions by the introduction of the Metachain, which coordinates communication and consensus among the shards. The significance of this setup lies in its ability to offer developers the tools to create highly efficient, application-specific chains with highly programmable parameters. By designing a bespoke blockchain on a Sovereign Shard, developers can tailor the security model, governance mechanism, fee token, and virtual machine to their application's needs. This customization can extend to implementing unique incentive schemes, tokenomics models, or user experiences, fostering network effects and competitive advantages. Particularly in gaming, the ability to offer free transactions for specific user actions, customize in-game economics, and provide premium user experiences underscores the value of this approach.

For institutions inclined towards blockchain technology, the appeal of running a blockchain that adheres to their specific requirements—be it in terms of contracts, programming languages, virtual machines, or privacy settings—is substantial. Sovereign Shards, equipped with a comprehensive software development kit (SDK), empower builders to create private or public chains that boast high efficiency while maintaining a cohesive connection with the broader MultiversX ecosystem. This interoperability ensures that users can enjoy a seamless experience across all decentralized applications (dApps), akin to operating within a unified blockchain environment.

Highlighting its high-performance capabilities, Sovereign Shards are engineered to support more than 4,000 swaps per second, catering to the demands of DeFi and gaming applications. This is achieved through a novel consensus model that optimizes consensus time for transaction processing. 

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Current Product Updates

The evolution of MultiversX's current product suite continues to evolve. The xExchange V3 aims to redefine DeFi simplicity, with ongoing work to redesign components, develop new contracts, and introduce features that simplify operations, such as one-click farming and gasless trades. xFabric's private beta allows for the no-code creation and deployment of Web3 websites, offering tiered access and a multitude of digital engagement tools.

The xPortal mobile app is expanding its features to include native on-ramps, cross-chain swaps, a GPT-4-based AI assistant, and more. Future updates will introduce multi-wallet support, P2P fiat payments, and an Avatar Items Creator Marketplace, enhancing user experience and engagement.

Ecosystem Announcements and Partnerships

The 2023 xDay event marked a significant milestone for MultiversX, illustrating the strides made in its development and the broad support it has received from the technological community worldwide. With over 2,200 participants and numerous partners contributing to the event, xDay 2023 was highlighted by its global reach, with 8.5 million views on YouTube and several high-profile partnerships announced.

Google Cloud's engagement with MultiversX, for instance, extends beyond BigQuery integration to include a startup accelerator program, hackathons, developer initiatives, and more. Such collaborations are pivotal, enhancing the ecosystem's infrastructure and providing startups with essential resources to innovate and scale.

Moreover, Tencent Cloud and Amazon Web Services (AWS) announced plans to introduce a one-click node deployment solution. Tencent Cloud also supplied a $120,000 grant for Web3 game developers, signaling a robust support system for creators in the blockchain space. This initiative not only simplifies the technical barriers to entry for developers but also fosters an environment conducive to innovation and growth within the Web3 gaming sector.

Another recognizable and global brand, Deutsche Telekom, has entered into the MultiversX ecosystem as a staking provider, along with its operation of seven validator nodes, exemplifying the telecommunications industry's growing interest in blockchain technology. 

Not all the announcements were isolated to the Web2 world, however. Additional developments include the introduction of the PI² Universal ZK Rollup by Runtime Verification on MultiversX and a partnership with crypto-native interoperability protocol Axelar. The PI² Universal ZK Rollup enables enshrined ZK proof verification on the protocol, allowing for verifiable transactions across any state, virtual machine, or execution. Such innovations are critical in enhancing the security and efficiency of blockchain networks. Additionally, the partnership with Axelar further enhances MultiversX's interoperability and DeFi capabilities. Axelar's network, which spans over 50 chains, will support MultiversX, facilitating app layer cross-chain swaps and interoperability dApp plugins. 

Hackathon

The xDay Hackathon drew in ~1,000 participants from across 70 nationalities to contribute to 150 projects. This event underscored the global appeal and the diverse potential within the MultiversX ecosystem, as well as the wide array of potential projects and use cases that can be developed on the highly performant chain. The projects spanned various sectors such as DeFi, payments, AI, gaming, and more.

The DeFi sector showcased innovative solutions aimed at simplifying and enhancing decentralized finance. DeFi Builder presented a no-code dApp builder for token contracts and beyond, democratizing the development process. Savings+ by Autoscale reimagined the traditional savings account, leveraging blockchain to offer decentralized savings with enhanced features. TurboDeFi.io introduced a comprehensive aggregator for DeFi protocols, enabling users to navigate lending, borrowing, yield farming, staking, and liquidity provision with unprecedented ease.

In the payments domain, projects like CoinDrip, Pulsar Money v2, and Lunar Pay demonstrated the potential for blockchain to revolutionize financial transactions. CoinDrip offered a real-time payment protocol that allowed users to schedule, collect, and access funds instantly, adding flexibility and efficiency to transactions. Pulsar Money v2 enriched the invoice and payment link ecosystem, incorporating a discord bot for payments and a unique spin on Patreon with Pulsar pages, all on-chain. Lunar Pay focused on improving token operations and creating versatile payment agreements for businesses and individuals, signaling a shift towards more adaptable and user-friendly payment solutions in the blockchain space.

In the realm of Artificial Intelligence (AI), notable projects included TKYC, Sensei, and MxAI. TKYC introduced an AI-driven approach to on-chain analysis, categorizing wallet user types to enhance security and user experience on the blockchain. Sensei broke new ground by adding a gamification layer to Learning Management Systems, promising to transform educational engagement through technology. MxAI emerged as a pivotal tool, offering a chatbot designed to streamline repetitive and time-consuming processes, thereby improving efficiency and user interaction within the MultiversX platform.

The gaming sector was not left behind, with AI Nexus, Gods of Fire by Dragons Arena, and The Cursed Land showcasing the potential for blockchain in creating immersive, interactive, and rewarding gaming experiences. AI Nexus provided a free, configurable virtual space, laying the groundwork for the first Metaverse blueprint for creators, advertisers, and brands. Gods of Fire offered a multiplayer Play-to-Earn PC game, granting players true ownership of their in-game assets and the opportunity to earn $EGODS tokens. The Cursed Land, developed for Android and iOS, promised a new era for Massively Multiplayer Online Role-Playing Games (MMORPGs), blending traditional gaming elements with the innovative features of blockchain technology.

The xDay Hackathon set the stage for the next wave of innovations within the MultiversX ecosystem as most teams that participated are now either funded or part of a program/grant helping them to build on their visions.

Sirius Release

On January 3, 2024, the Sirius v1.6 upgrade was released, introducing a range of enhancements aimed at optimizing the network's functionality and governance and marking a significant milestone in the network's development. This release is particularly noteworthy as it underwent the first governance voting process for a protocol release in MultiversX, reflecting a significant step towards a more inclusive and streamlined governance process.

Voting Process

This comprehensive upgrade not only represents a collaborative effort involving multiple teams but also coordination amongst the community vote via MultiversX’s first on-chain governance vote. While the voting occurs on-chain, the full governance system implementation is still in the pipeline. 

The voting process aimed to be both inclusive and meticulously structured, ensuring that a wide array of stakeholders have a say in the network's evolution. Eligibility to vote was granted to all users holding at least 1 staked EGLD during the snapshot period. Random snapshots of staked EGLD were taken between November 12 and November 21. 

The voting power of each participant is proportional to their staked EGLD. Specifically, it's calculated using the square root of the average staked EGLD across the snapshots. For example, staking 100 EGLD consistently during the snapshot period would result in a Governance Power of 10. The voting process spanned 10 epochs from November 23 to December 3, leveraging snapshot data taken between November 12 and 22. 

Voters had five choices:

• Yes: A vote in favor of updating the MultiversX Protocol with the new release.
• No: A vote against the proposed update to the MultiversX Protocol.
• Veto (NoWithVeto): This option is for votes against proposals that are considered spam, detrimental to minority interests, or in violation of MultiversX governance rules. If the 'NoWithVeto' votes exceed one-third of the total votes, the proposal is automatically rejected.
• Abstain: An abstain vote registers as neutral. It's important as it contributes to the decision-making process, ensuring that the outcome reflects the views of engaged and concerned network participants, rather than being skewed by apathy.

For the proposal to be approved, it must achieve a simple majority, meaning more than 50% of the total votes cast must be in favor ('Yes' votes). The voting, which resulted in a 98% approval rate, emphatically demonstrated the community's endorsement of the new features and changes. However, insights from this voting process have led to a decision to revise the voting mechanism for future governance calls. Recognizing a potential security issue with the quadratic-based voting power calculation, a shift to a linear weight voting system is planned, aiming to ensure greater security and fairness in the governance process. Additional tweaks include enabling anyone to submit proposals, introducing an anti-spam deposit fee, setting a higher quorum, and allowing the participation of liquid staking users. 

Technical Upgrades

The update introduces numerous enhancements designed to optimize the efficiency, security, and governance of the platform. A notable feature is the optimization of the consensus signature check, which significantly reduces CPU usage during the verification process, thereby enhancing the network's performance. Additionally, the upgrade also includes improvements in the P2P peers rating system, addressing previously identified bugs to enhance response efficiency. 

One of the most significant advancements in this release is the introduction of multikey support, enabling nodes within the network to sign with multiple keys.  This drastically improves the cost for validators as they can host multiple keys on one machine. This is especially helpful for validators that have more than many nodes (20+) as they can now have all their keys on one machine. This feature is essential for ensuring heightened security, particularly in chain shards. Complementing this, the PubKeyConverter has been upgraded to support unique human-readable parts for sovereign shards, further bolstering the network's robustness and UI. 

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To the delight of developers, the Sirius upgrade introduced a new streamlined mechanism for upgrading smart contracts while ensuring they are still compatible with legacy contracts. This ensures existing contracts remain functional, with the new process making contract management easier and more efficient for developers going forward. Also relevant to smart contracts is the introduction of a dynamic gas cost and load balance adjustment. This change results in a slight increase in gas costs that reflects the actual time consumed in accessing the data tree. This adjustment is part of an ongoing effort to optimize gas costs by decreasing access time. The interim impact is estimated at a 20% rise in gas costs, with a projected 10% increase remaining post-optimization.

Governance sees a significant upgrade with the implementation of Governance v3, which introduces a new voting smart contract. The introduction of a new governance contract, written in Go, operates alongside existing system VMs. This contract provides refined mechanisms for proposal submission and voting, representing a leap forward in the network's governance framework. 

MultiversX WASM Virtual Machine

A recent theme in blockchain adoption is the experimentation (and acceptance) of virtual machines (VMs) beyond the industry-leading Ethereum Virtual Machine. Alternative VMs like Solana’s Virtual Machine (SVM) and the MoveVM (Aptos and Sui) have garnered support in recent years and, in a similar vein, MultiversX has emerged as a noteworthy option with its  MultiversX Wasm Virtual Machine. MultiversX offers the ability to leverage WebAssembly (WASM) as an execution environment, offering a flexible and powerful platform for blockchain applications.
The Ethereum Virtual Machine (EVM) stands as the backbone of the blockchain industry, with ~90%+ of all smart contract TVL being secured by an EVM chain. Despite its critical role in fostering the development and deployment of smart contracts, the stack-based design of the EVM has encountered hurdles, including scalability constraints, elevated transaction fees, and performance bottlenecks for years.

Enter WebAssembly (WASM), a cutting-edge binary instruction format that offers a versatile alternative to the EVM's architecture. WASM distinguishes itself by being platform-agnostic, opening the doors to a broader range of programming languages such as C, C++, and Rust for smart contract development. This universality not only enhances flexibility and developer freedom but also paves the way for greater interoperability across different blockchain ecosystems. By addressing the limitations inherent to the EVM, WASM emerges as a promising solution that could reshape the landscape of smart contract execution and blockchain efficiency.

The choice of WebAssembly as the execution environment enables the MultiversX VM to run smart contracts developed in various programming languages, provided they can be compiled into WASM bytecode. While MultiversX supports multiple languages, it predominantly advocates for the use of Rust. This preference is grounded in the language's ability to produce clean and efficient code, a trait not commonly associated with blockchain languages like Solidity or Michelin.

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A key aspect of this VM is its statelessness. During the execution of a smart contract, direct writing to the blockchain or storage is not permitted. Instead, the VM accumulates changes introduced during execution in a transient data structure, which is then applied to the storage or blockchain, but only upon successful execution completion. This approach ensures that the global state remains unaltered until the contract execution concludes. This also helps with state growth, an issue heavily-utilized chains like Ethereum and Binance Smart Chain are currently looking to mitigate, as ever-increasing state growth puts an ever-increasing burden on node hardware requirements. 

The VM's execution engine is another area where MultiversX has made significant strides. Utilizing Wasmer, a just-in-time streaming compiler, the VM executes smart contracts at speeds comparable to native execution. MultiversX has enhanced Wasmer to include features like accurate metering for individual WASM opcodes, preemptive execution control, and improved compilation efficiency. Additionally, the exclusion of floating-point operations ensures strict determinism in contract execution.

An innovative feature of the MultiversX VM is its support for asynchronous calls between contracts. This is particularly beneficial given the adaptively sharded nature of the MultiversX Network. Contracts can seamlessly interact with each other across different shards, with the VM managing the intricacies of these interactions. Whether the contracts reside in the same shard or in different ones, the VM efficiently handles both synchronous and asynchronous executions, abstracting these complexities from the developers.

The Multitudes of Staking in MultiversX

Staking as a Node

In the MultiversX network, the transition from an observer node to a validator represents a critical shift in both function and potential gains. The primary difference involves staking, which not only alters the role of the node within the network but also its potential rewards and incentives. Validators are integral to the network's operation, playing a pivotal role in maintaining its integrity and functionality.

Staking, at its core, involves the node operator committing a specific amount of cryptocurrency – in this case, 2500 EGLD per node – into a designated system SmartContract. Note, that running a staking pool, as opposed to your own validator, only requires 1250 ELGD. Each solo validator also requires a unique validatorKey.pem file. This file is essential as it serves as the identifier and authenticator of the node within the network.

Just like in other PoS networks, this serves as a form of collateral, ensuring the vested interest of the node operator in the network's health and success. The staked amount can be unstaked and eventually returned after an “unbonding” phase of 10 days.

At the end of each epoch, the calculation and allocation of the network’s rewards and fees are executed. The process involves adding them to the first block of the subsequent epoch. The distribution mechanism is such that the block proposer receives 10% of the transaction fees from each block they produce within a shard. The remaining 90% of the transaction fees from all blocks in a round are pooled and then distributed among all validators at the epoch's end. This structure ensures that while block proposers are incentivized for their contributions, a significant portion of the fees is equitably shared among all validators, thereby supporting the collective health and growth of the network.

As a User

The dynamic ecosystem of the MultiversX Network offers various participation opportunities, catering to different levels of involvement and investment. A key feature of this ecosystem is the ability for individuals who are unable to run a node to still engage in the network's staking process. This inclusivity is achieved through the delegation of stakes to either validators or Staking as a Service provider, allowing for a shared rewards system that benefits all parties involved.

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The MultiversX ecosystem offers a number of diverse, third-party professional staking providers equipped to manage large-scale infrastructure. Importantly, becoming a staking provider is permissionless, enhancing competition and diversity. Additionally, the staking providers employ a delegation smart contract model. The primary function of such a contract is to distribute the rewards generated by the validators fairly to those community members who have staked their tokens through the contract. Key considerations in this distribution include the timing and the proportion of service fees deducted.

Staking Economics

The staking model is designed to ensure the long-term sustainability and growth of the network through a blend of inflationary block rewards and transaction fees. The economic foundation of MultiversX and its staking design is heavily influenced by its carefully calibrated inflation rate, which is designed to decrease annually until it reaches zero by the eleventh year. This diminishing inflation rate is part of a broader strategy to transition the network towards a fee-based reward system over the next decade. The cap on the annual issuance of eGLD, the network's native token, necessitates organic growth in the network's fee market. This growth is essential to compensate validators for their ongoing contributions to the network's security and efficiency. 

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The other critical aspect of the network's economy revolves around fees. The MultiversX Network aims to establish a sustainable economic model primarily through transaction fees, rather than relying solely on asset inflation. The rationale behind this approach is that the network's success and growth are intrinsically linked to its adoption and usage, which naturally generate transaction fees. These fees, in turn, fund the network's ongoing development and maintenance.

The network's design ensures that the Annual Percentage Rate (APR) for staking rewards fluctuates with network activity. As the volume of transactions increases, validators can expect a corresponding rise in the APR, reflecting the higher demand for network resources. Conversely, in periods of lower activity, the APR will decrease. This dynamic model aligns the interests of validators with the overall activity and health of the network, incentivizing them to support its growth and efficiency. Furthermore, if the total transaction fees collected over a year exceed the minimum guaranteed rewards from inflation, the inflation rate for that year drops to zero. This mechanism ensures that the total rewards distributed to validators can surpass the baseline established by inflation, providing an additional incentive for network participation and support.

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An innovative aspect of the MultiversX network's reward system is the allocation of a portion of validator rewards and transaction fees to the Protocol Treasury. Specifically, 10% of these revenues are earmarked for this purpose, underlining the network's commitment to sustainable development. The treasury's funds are intended for deployment according to the Elrond Governance model, which guides the strategic use of resources to support the ecosystem's growth and resilience. This provision reflects a long-term vision for network development, ensuring that resources are available to address future challenges and opportunities. 

Changes Incoming! Staking Phase 4.0 and the Vega Upgrade

The upcoming Staking Phase 4.0 upgrade, as part of the wider Vega Upgrade, represents a significant advancement in the network’s validator mechanism. This phase builds upon the groundwork established by the earlier Sirius Upgrade and is poised to substantially enhance the network's security, efficiency, and decentralization. The changes introduced in this phase are primarily focused on revising the staking process, particularly in the selection and management of validators participating in consensus. While the code for the upgrade has been finalized, a community vote for its approval has yet to be held. Below is a breakdown of the proposal, its rollout, and its potential ramifications for the MultiversX staking ecosystem.

Key Improvements in Phase 4 Staking

1. In the current system, validators require a minimum stake of 2,500 EGLD in order to qualify for participation. Even once they have done so, this does not guarantee them a validator spot in the current system. Once the 2,500 EGLD has been accumulated, they (validators) must then wait in a queue for an opening in the active set of validators. Potential validators have no control over when or how this opening may materialize. In the Phase 4 enhancement, a dynamic auction system allows for market-driven entry of validators, replacing the fixed staking queue with a more flexible bidding process for positions.
2. As it is currently designed, the node selection process is static. When a node is jailed or unstaked, a new node from the top of the queue is selected. In Phase 4, a new algorithm that considers the top-up value will be used for node selection, making the process more comprehensive and dynamic.
3. As of Q1 2024, the MultiversX architecture limits flexibility in managing the entry and exit of validators. After Phase 4, an automated, real-time management of validators will be introduced, based on continuous performance and network health metrics.

Phased Rollout of the Upgrade

The upgrade to Staking Phase 4.0 will be implemented in stages to ensure a smooth transition:

• Phase 1: Introduction of the Auction List and Removal of the Staking Queue
  
  

The objective is to transition from a static staking queue to a dynamic, auction-based system. This entails the replacement of the current fixed staking queue with an auction list, wherein validators will have the opportunity to bid for positions. This strategic shift aims to introduce a more competitive and efficient mechanism for validator selection, aligning with broader goals of network optimization and enhanced stakeholder engagement.

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• Phase 2: Redistribution of Shuffled-Out Nodes and Waiting List Adjustment

The objective focuses on refining the management of the waiting list to ensure fair opportunities among validators. To achieve this, a significant change will be implemented in how nodes are managed upon being shuffled out from the active validator set. Instead of automatically moving to the waiting list, these nodes will transition to the auction list. This approach aims to enhance the dynamism and fairness in the selection process for validators.

Furthermore, a notable adjustment will be made to the structure of the waiting validators list. The total number of nodes allowed on this list will be capped at 1280, with these slots distributed evenly across four shards. This modification is designed to streamline the waiting list and improve the efficiency of validator rotation.

In terms of transitioning to eligible status for active validation, the requirement has been set to a duration of four epochs. Additionally, nodes that find themselves in the auction list will be subjected to an extra epoch shift. This measure is intended to maintain a balance between ensuring network security and offering equitable access to validation opportunities, thereby fostering a more competitive and fair environment for all network participants.

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• Phase 3: Full Implementation of the Soft Auction Mechanism and Node Limit Adjustment

The objective centers on the full implementation of the soft auction mechanism, alongside an adjustment in the maximum node count permissible for each validator, contingent upon the top-up threshold. The implementation strategy involves applying the soft auction selection process across all validators. This process will feature a dynamically adjusted top-up threshold, reflective of the network's average top-up, which, in turn, will dictate the maximum number of nodes a validator may deploy to qualify for participation in consensus.

This approach aims to introduce a more flexible and responsive framework for validator participation, ensuring that the allocation of consensus opportunities is both merit-based and reflective of the current network conditions. By tying the maximum node count to the network's average top-up, the system encourages validators to align their contributions with the evolving dynamics of the network, thereby fostering a more balanced and competitive ecosystem.

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These enhancements in Staking Phase 4.0 are designed to create a more dynamic, competitive, and efficient ecosystem within the MultiversX Network. By moving towards a market-driven mechanism for validator entry and management, the network aims to achieve greater decentralization and incentivize optimal performance. 

Conclusion

The xDay Event has unequivocally marked a milestone in the journey of MultiversX, underscoring its pivotal role in shaping the future of blockchain technology. Through ambitious technological advancements, strategic partnerships, and a deep commitment to community engagement, MultiversX has showcased not only its ability to enhance transactional efficiency and scalability but also its dedication to cultivating and growing its developer ecosystem. The introduction of Sovereign Shards, the Sirius release, and the innovative Staking Phase 4.0, among other developments, signal a transformative era for the chain, emphasizing security, efficiency, and user-centricity. As MultiversX continues to evolve and expand its ecosystem, it looks to set new standards for what is possible in blockchain technology, inviting developers, institutions, and users to be part of a dynamic, interconnected, and prosperous digital future.

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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.

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