Since its early days, Ethereum network has faced the issues of scalability and transaction fees. However, the latest crypto bull run and the spike in the price of Ether (ETH) has sent things off for an extremely wild ride.
While the transaction speed remains bearable, the gas users’ need to pay for every small or huge transaction has skyrocketed. Before this bull run, one would have to pay between one to five dollars for every transaction on the Ethereum mainnet, be it staking new tokens or swapping tokens on a decentralized exchange.
But ever since ETH price started spiking, the gas on Ethereum did too. These days, the fee may spike as high as $90 or above for fast transactions.
This, we have noticed, has made it very expensive for our community members to stake POOLZ every time. Suppose you decide to stake 300 POOLZ in a new staking pool, you will have to pay anywhere between $40 to $90 for that transaction. Then again, if you win an IDO allocation, you will have to pay a hefty fee just to claim your IDO tokens. This makes it significantly expensive for you and the rest of the POOLZ community to participate in the POOLZ ecosystem.
As is clear, no one likes paying hundreds of dollars in transaction fee. So, we put on our work coats and brainstormed solutions we could integrate to curb the issue of hiking fee on the Ethereum network and offer our users a low-fee staking experience.
Bridging to Polygon for Cost-Efficient Transactions
Polygon has evolved as one of the highest potential layer 2 blockchain solutions for Ethereum’s lack of scalability and high transaction fee. The network has enabled users to transact on Ethereum-based tokens on dApps for fees less than one cent per transaction. This is why the transactions on Polygon have skyrocketed in recent times.
Considering how smoothly the Polygon network solves these issues faced on Ethereum, we have decided to bridge the Poolz ecosystem to Polygon network. This bridge will allow all our community members to stake POOLZ for a transaction fee as low as one cent.
While POOLZ tokens will still be an ERC-20 standard token, users will be able to transact them on the Polygon network. *However, not all IDOs will be conducted on the Polygon network. We will organize some on Polygon while keeping others on other blockchain networks.
In addition, users will no more have to spend any transaction fees for claiming their IDO allocations. We have decided to airdrop the tokens directly to the users’ wallets, saving the users both time and money.
That being said, we want to assure you that Poolz will always continue to work in the best interest of our community members. We will take every step necessary to make Poolz the most community-centric cross-chain IDO platform.
So, for the latest updates, stay tuned!