MultiversX (formerly Elrond) is a highly scalable, secure, and decentralized blockchain network that enables radically new applications for users, businesses, society, and the new metaverse frontier. MultiversX’s unique sharding architecture allows it to process over 15,000 transactions per second (TPS) at a fraction of the cost of other blockchains.

EcosystemxFabric, xPortal, xWorlds etc.

MultiversX aims to solve the scalability trilemma of blockchain technology. This trilemma refers to the difficulty of achieving scalability, security, and decentralization simultaneously. MultiversX addresses the scalability trilemma by using a sharding architecture that divides the network into multiple shards, each of which processes transactions independently. This allows the network to process a large number of transactions in parallel, significantly increasing its throughput. In addition, MultiversX uses a novel Adaptive State Sharding (ASS) mechanism that dynamically adjusts the number of shards based on network load. This ensures that the network can always maintain optimal performance, even under heavy load. MultiversX is well-suited for a wide range of applications, including:

  • Finance: MultiversX can be used to build decentralized financial (DeFi) applications, such as exchanges, lending platforms, and asset management tools.
  • Payments: MultiversX can be used to make fast and secure payments anywhere.
  • NFTs: MultiversX is a popular platform for NFTs, which are digital assets that represent unique items such as artwork, collectibles, and in-game items.
  • Metaverse: MultiversX is building a metaverse platform that will allow users to create and interact with virtual worlds.

In November 2022, MultiversX rebranded from Elrond to reflect its new focus on the metaverse. The company has launched several new metaverse-based products, including xFabric, xPortal, and xWorlds.

  • xFabric simplifies building web3 projects by offering user-friendly building blocks (like Legos) that require no coding. This empowers anyone to create and deploy web3 apps without technical expertise.
  • xPortal is a multi-purpose app for storing avatars, cryptocurrency, and NFTs. Users can also swap supported crypto-assets, send and receive fiat payments, chat to friends, and manage a crypto-fiat debit card.
  • xWorlds is the engine where developers and gamers can create their own immersive digital worlds.

Step by Step Staking Guide

Disclaimer: This guide is a technical guide to a possible approach to the staking process and is not financial investment advice. Telekom MMS is not liable for any losses that may occur as a result of staking via the MultiversX network or any other staking process.

  1. First you need to own EGLD tokens. If you don’t already have EGLD tokens, have a look at the purchase options here.

  2. Create or connect to a MultiversX wallet: You can use any MultiversX wallet to stake your EGLD. If you don’t have a wallet, you can create one using the MultiversX Wallet extension or the Maiar mobile wallet.

  3. Transfer your EGLD to your wallet: Once you have a wallet, you will need to transfer your EGLD to it. You can do this from an exchange or another wallet.    

  4. Choose a staking provider:  There are many different staking providers to choose from. Be sure to do your research and select a provider with a good reputation. Find the list here.

  5. Delegate your EGLD to a validator node: Once your EGLD is in your wallet, you can delegate it to a validator node. To do this, you will need the validator node’s address. You can find validator node addresses on the MultiversX Explorer. If you want to stake with us, check out our validator here
  6. To stake click on the “Stake now” button and follow the steps to connect your wallet.

Unstaking EGLD

  1. Unstake your EGLD: To unstake your EGLD, you will need to submit an unstake transaction. This will unbond your EGLD from the validator node and start the unbonding period.

  2. Withdraw your EGLD: Once the unbonding period has elapsed, you can withdraw your EGLD from the validator node. The Unstaking will take 10 days.

Further information:

Jonathan Beyer, Working Student at Web3 Infrastructe & Solutions | Telekom MMS

Jonathan Beyer is a working student at the Web3 Infrastructure & Solutions of Telekom MMS and supports the Telekom Staking team with research and analysis around the topic of Staking.

Maximilian Beyer, Product Owner | Telekom MMS

Maximilian Beyer is a product owner at the Web3 Infrastructure & Solutions of Telekom MMS. There, he and his team are responsible for building staking infrastructure for public blockchain networks. Before this, Maximilian gained many years of consulting experience in strategy and digitization projects, which he also uses today in projects in the area of blockchain and web3.

More insights into blockchain