Ethereum in New Scaling Solutions and Gas-Free Transactions
People are waiting for the launching of Ethereum (ETH) 2.0 within a few months. However, the new scaling solutions and gas-free transactions already arrived. Then, the network started to grow more popular. This occurred as the number of active wallets is more than doubling to about half a million since January.
In addition to that, the developers behind Synthetix, the second largest DeFi protocol, have worked with Ethereum layer-2 research team Optimism. They aim to launch a demo deployment of Synthetix Exchange on the Optimistic Virtual Machine (OVM).
The OVM of Optimism is a layer-2 scaling solution made to enable DeFi financial platforms to operate with comparable speeds to centralized systems.
Also, in a report, the use of scaling has shown significant gains in performance. These include a decrease in oracle updates of 37.5 times. Moreover, a fall in transaction delay of 75 times. And lastly, major contractions in gas prices for oracle and exchanges related transactions.
Foreshadowing the move earlier this year, founder Kain Warwick explained that the existing Ethereum network still has much life left in it.
He stated, “Even if ETH 2.0 was to not happen, there’s still a lot of upside in ETH 1.”
Warwick added that the Optimism scaling solution creates a couple of thousand transactions per second obtainable. With that, it has made an order of magnitude more significant compared to the handful of transactions per second that was happening until now on Ethereum or Bitcoin (BTC).
Also, there might be a potential for ETH to scale up excellently without moving to Proo-of-Stake, according to the founder.
Last May 4, Biconomy revealed the beta mainnet for their relayer infrastructure.
They designed this platform to promote gas-free interactions with DApp protocols. As a result, it gets rid of technical barriers to greater adoption. Thus, making it more accessible for DApp developers to onboard and manage users. As of now, it is most helpful for Ethereum developers. But still, it is a blockchain agnostic.
Aside from that, DApps that will integrate Biconomy can have access to the applications with the use of a familiar username and password interface. Thus, it will remove the need for technical interaction with smart contracts or gas fees.
Top 10 Crypto Developers Partners
In a blog post on May 6, Biconomy claims that its research has pointed to relayer development, gas optimization, and clunky user-experiences among the major pain points stifling innovation.
As seen in the post, Biconomy has ten launch partners. They are Idle Finance, Fortmatic, Frontier Wallet, Alathea, Zefi, Sapien Network, Daostack, Torus, and Matic Network. And this hints a strong demand for the protocol’s pledge of improved customer and developer experiences.
Meanwhile, as the popularity level of DeFi increases and the highly anticipated roll-out of Ethereum 2.0, the active users have doubled since January. And recently, it bumps against 500,000 for the first time since June 2019.
Moreover, the making of unique Ethereum addresses has also boosted in recent weeks. And the number of daily new wallets surging from between 50,000 and 100,000 over the early months of 2020 to more than 100,000 throughout March. Now, the overall number of unique addresses is over 96 million.
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