1/ Thread about $ERD and the new Elrond Gold (eGLD) we announced recently. eGLD is the native Mainnet token, replacing the $ERD ERC20 and BEP2 tokens.

Here’s more context on how the process will take place:

2/ Important clarification: 1 eGLD = 1000 ERD. When eGLD starts being traded, it will automatically start at 1000x the price of ERD. This is a process we have already solved with our partner exchanges. *In USD, your Elrond Gold sum will be worth the same as your current ERD sum.*

3/ The swapping from ERD to eGLD will start in around 30-60 days. Until then ERD holders don't have to do anything. ERD delegated and staked into the Genesis SCs are automatically swapped and minted into eGLD 1000 : 1 via the genesis block.

4/ When swapping will be enabled in approx. 30-60 days via listing partners like @Binance, you will be able to exchange your ERD into eGLD very easily and smoothly. Until then trading of ERD will not be affected and will remain exactly the same.

5/ Once swapping is enabled and eGLD is integrated with our partners wallets and exchanges, eGLD will be the main token listed and tradable. Swapping from ERD (ERC20 and BEP2) into eGLD will be supported for a sufficiently long period of time (6-12 months).

6/ The reasoning about these changes will be discussed in an AMA today at 2PM UTC and a blog post later today. Followed by the Economic paper that is due to be published soon.

7/ The most important takeaways from an Economic point of view are:

eGLD is not a second currency, but a major update and improvement, replacing the old model and $ERD token

8/ No major changes to the existing Economic model, but since 1 eGLD = 1 000 ERD we just adapt calculations, from a supply of 20 Bil ERD to 20 Mil eGLD. Stake per node shifts from 2.5 Mil ERD to 2 500 eGLD. 1 eGLD = 1000 ERD, so price of 1 eGLD = 1000x more than 1 ERD.

9/ During the first 10 years the maximum possible number of eGLD to be issued for validator rewards is capped at 11,415,927 eGLD. So the maximum total supply is 31,415,927 eGLD, significantly better than before since now it is capped.

10/ Since fees reduce the issuance of new eGLD, the maximum supply will never be reached and will be significantly lower depending on the fees sum accumulated in total in the next 10 years. If enough TPS demand is generated we can reach 0% issuance much sooner than the 10th year.

11/ Maximum theoretical issuance (considering 0 fees) per year:

12/ Please join us to discuss all of this and more in an AMA today at 2PM UTC.

Here is more context on our current reasoning for the decision: https://twitter.com/beniaminmincu/status/1289165923060822016?s=20