Elrond TVL increases considerably, but what’s the reason behind the hike?

ambcrypto.com:

Formerly referred to as Elrond, MultiversX, the metaverse-focused project, has seen a surge in its Total Value Locked (TVL) since the start of the year.

According to data from DefiLlama , on a year-to-date basis,  the TVL has increased by 27% to reach a total value of $105.06 million by press time. This TVL level was last registered on the network two months ago. 

Read MultiversX [EGLD] price prediction 2023-2024

In November 2022, the team behind MultiversX announced its decision to change its name from Elrond and move forward under MultiversX and rebrand itself as a decentralized blockchain network with a focus on the metaverse.

As part of this decision, the team launched three new products: xFabric, xPortal, and xWorld.

Following the rebrand, the launch of new products, and the promise of attached incentives have led to a jump in user activity on the network.

In fact, per data from on-chain data provider Artemis , the daily active addresses count on MultiversX rallied to an all-time high of 86,000 on 8 February.

Source: Artemis

Likewise, shortly after the name change and the launch of xFabric, xPortal, and xWorld, the transactions count on the blockchain touched a high of 135,000 on 9 February 2022. As of 19 February, MultiversX logged a transaction count of 85,000. 

Source: Artemis

As user activity grew on the network, fees charged for processing transactions also rallied. According to Token Terminal, in the last month, fees paid by MultiversX users grew by 38%. 

As expected, the growth in network fees culminated in revenue growth during the same period. Per Token Terminal, MultiversX registered a 42% growth in daily network revenue in the last 30 days.

If this user activity momentum is maintained, annualized