Non-fungible token minting protocol SuperFarm has made moves to reduce costs by implementing Layer 2 scaling solutions.
SuperFarm is an Ethereum-based cross-chain DeFi protocol allowing projects to deploy NFT and crypto farms with little technical know-how. It launched an IDO (initial DEX offering) on Polkastarter on February 22 and has now partnered with Immutable X to deliver low-cost NFT minting and trading using Layer 2 scaling solution zk-rollups.
Having a massive dig at Ethereum, the protocol announced this partnership with;
“Gas fees are insane, and waiting years for ETH2.0 is not a viable solution.”
Gas fees are insane, and waiting years for ETH2.0 is not a viable solution.
— SuperFarm (@SuperFarmDAO) February 23, 2021
Rollup for NFT Minting
Any operation on Ethereum these days is going to sting with demand and transaction fees at record levels. Layer 2 takes some of the work off the primary chain by using side chains resulting in faster and cheaper transactions.
Rollups enable near zero-cost transactions and are highly scalable, supporting up to 9,000 transactions per second, the announcement added before continuing;
“Immutable X’s tech is an ideal solution for SuperFarm on account of its ability to support the ERC-standards used for NFTs.”
It added that NFT users will now be able to mint and trade their crypto collectibles without being stung with astronomical gas fees. Immutable X works specifically with the growing NFT industry, providing scaling solutions for Ethereum-based platforms and marketplaces. SuperFarm stated that NFTs should be for everyone, not just the whales;
“We’ve no desire to create an NFT ecosystem that’s only affordable to whales, which is why we’ve made the decision to move off-chain to Immutable X’s zk-based layer two.”
It added that the recently launched SUPER token will remain on Ethereum as will the NTFs launched on the platform, but their trading and swapping can be done on Layer 2.
Ethereum Gas Insanity Continues
Average transaction prices are at an all-time high of around $40, according to Bitinfocharts.com. This has generated more pressure to get off the Layer 1 Ethereum network and move to faster alternatives such as Solana or Binance Smart Chain or implement Layer 2 solutions as SuperFarm has done.
Ethereum is still the industry standard for smart contracts, DeFi, dApps, and NFTs, but in its current state, costing $50 for a token swap it is totally unusable and has become a “whale chain.”
A quick glance at crypto Twitter will reveal the angst among Ethereum users at the moment, though it has been a month of birthdays for the miners, the only beneficiaries of sky-high gas prices.
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