Elrond (ERD) gained about 25% against the US dollar over the last 24 hours. The bullish momentum follows the announcement that the project is launching a $40,000 reward program as part of its upcoming incentivized stress test.
Elrond (ERD) Gains Almost 25%
Despite the current red spread across the cryptocurrency markets, Elrond (ERD) is one of the few tokens in the market posting green on the daily chart.
ERD started the trading session on June 2, with a price of $0.0024. However, the token surged to as high as $0.00301, representing a 25% gain against the USD within the period.
Over the last five months, ERD has grown by 85% as the cryptocurrency started the year with a price of $0.001625 despite initially trading at $0.006406 after its IEO on Binance Launchpad.
At the time of writing, ERD is trading $0.0029 as the general crypto market continues to dip further.
Elrond Stress Testing
Starting Thursday, June 4, the event dubbed “Battle of Nodes: Onchained” will transform the Elrond’s test network into a virtual battleground where participants will try to take down the system with different attacks by completing missions to help weed out bugs.
According to a press release shared with Cryptopotato, the gamified testnet will educate users on how to run the latest version of Elrond nodes while challenging the security of the network.
The project further notes that the stress test will feature several network restarts, hard forks, and two special events to test the system’s performance.
Mainnet To Go Live After Successful Testnet
The goal of the upcoming Elrond incentivized stress test is to prepare the network ahead of its mainnet, which will go if the test network can run non-stop despite the heavy load from the testing event.
Battle of Nodes: Onchained is the last and most crucial step before the mainnet goes live. It provides one more opportunity for the public to identify flaws in the network before Elrond finally launches its mainnet, the release said.
Beniamin Mincu, CEO of Elrond, was quoted in the release saying:
Through it (“Battle of Nodes: Onchained), we will demonstrate a robust and performant network leading to the launch. This is a remarkable milestone, and once 15 days have passed where the network runs without interruptions in a high TPS environment, we will know Elrond is ready to go live.
With a total of $40,000 worth of ERD tokens in-store as rewards for the event, the project notes that it will award half of it ($20,000) to participants. And the remaining $20,000 will be used as staking rewards for mainnet node operators and will be distributed over the next year.