Ergo (ERG) Price, Charts & Market Data

The ERG token, as the native cryptocurrency of the Ergo platform, is primarily used for transaction fees within the network, much like Ether in the Ethereum network. In addition to this, Ergo allows users to write and execute smart contracts, which can be used for a wide range of financial applications such as DeFi (Decentralized Finance). This means ERG tokens can be used to participate in DeFi applications, such as lending and borrowing, yield farming, and other decentralized applications built on the Ergo platform. Ergo also introduces a new form of Proof-of-Work consensus algorithm called "Autolykos", designed to be more ASIC-resistant and secure, which miners use ERG for rewards. The ERG token facilitates all these functionalities within the Ergo ecosystem.

EFYT (Ergo First Year Tokens) served the dual purposes of helping to build an early community of stake holders and enthusiasts for Ergo and of raising a small amount of funds for the platform before launch to fund development, promotion etc. EFYT is strictly a Waves token and is not the same as an ERG, which is the Ergo mainnet native token mined after Ergo’s mainnet launch.

EFYT were swapped with a fraction of the ERG mined within the first 1 year post mainnet launch (July 1st 2019)