Thread by @AndreiMX_

[2min read]

Elrond Foundation holds around 1.221.000 #EGLD.

🧵 ↓
@egld_initiative @EGLD_Community #MultiversX @ElrondNetwork

MultiversX Foundation has 2 wallets on explorer.elrond.com

Wallet 1: 761k #EGLD
erd195fe57d7fm5h33585sc7wl8trqhrmy85z3dg6f6mqd0724ymljxq3zjemc

From which 760k are the last portion for the Team, being released on 4th of January 2023.

It is not yet known what the team will do once the vesting period is over, they can keep it there, transfer it to their wallet or do whatever they want, it's their hard earned income.

Wallet 2: 610k #EGLD
erd1vup7q384decm8l8mu4ehz75c5mfs089nd32fteru95tm8d0a8dqs8g0yst

Staking about 150k #EGLD
Available 460k #EGLD

Some #egld is sent to other wallets, then sent to @binance, assuming to withdraw funds for development of the protocol, products and services.

But what is MultiversX Foundation for?

1/ The MultiversX Foundation manages @ElrondNetwork Treasury and it's main goals are:

- Managing the development of the Protocol
- Managing it's services
- Managing it's products

2/ Investments in projects building on @ElrondNetwork. Some of them are: @holoride, @CantinaRoyale, @itheum, @ash_swap, soon also @HatomProtocol, basically all Maiar Launchpad projects get a piece of funding from the MultiversX Foundation.

3/ Acquiring projects. MultiversX acquired Crypto Payments firm @UTRUST in January 2022.

MultiversX Foundation also acquired an E-money license company @twispay in March 2022.

4/ Helping the MultiversX Community.
We all know the generosity of @ElrondNetwork at the launch of @holoride token, where many users, including myself, used the highest slippage possible and got rekt by bots.

These bots teached us a very valuable and expensive lesson, hope you learned it too.

First of all, @ElrondNetwork managed to talk with the owners of the bots and convinced them to return a lot of the funds.

Second of all, MultiversX foundation repurchased ~5.3Mil #Ride tokes and together with the returned funds from the bots, they have been distributed to the #Ride Listing Participants.

5/ MultiversX has over 100 employees atm, however only a few are displayed on elrond.com old website. An updated tab with all the members will for sure follow on the new website multiversx.com

The team is also using these 2 wallets to withdraw funds an they do so for their own privacy.

To conclude, this is how a project should display the information about their funds and how it's being used.

In these times transparency is very important for your community.

I made this research because I've asked many times myself what is this Elrond Foundation and I wanted to understand it better.

And now YOU can read it for free.

Cheers!
@ElrondNetwork @egld_initiative

Resources:

- Vesting Schedule: #Egld
docs.google.com/spreadsheets/d…
- Elrond team: elrond.com/team/
- Elrond Investments projects maiarlaunchpad.com/history
- Twispay elrond.com/blog/elrond-ac…
- elrond.com/blog/elrond-ac…
- explorer.elrond.com/accounts

Special thanks to tg:@ClassicMain Admin on @ElrondNetwork telegram, for his patience to answer some of my questions 😀.