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WEGLD represents a wrapped form of EGLD, the native asset of the MultiversX blockchain. MultiversX is designed as a blockchain protocol focused on very high transaction throughput through sharding. The project positions itself as a technology ecosystem for the new internet, spanning fintech, decentralized finance, and the Internet of Things. It also states that its smart contract execution environment can reach 15,000 transactions per second, with six-second latency and a $0.001 transaction fee.
Within the network, the native token is eGold (EGLD), which is used to cover transaction fees, stake, and reward validators.
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