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If you’ve been using Ethereum for a while, then your only concern would be reduced gas fees but it’s not for these guys. Yes you’re right, we're talking about MATIC. The $15 billion L2 solutions for Ethereum. During the early days of 2021, ETH transactional costs were crazy. It was crazy enough for us to pay $50 for sending $1 worth of Ethereum to other accounts. It’s the same for sending $5M too. But the fact is that the gas fees went as high as 500 GWEI. Let’s understand how Ethereum works; Ethereum is a state machine. It stores accurate, straightforward information. For updated information on Ethereum, a handful of miners validate the transaction. Thus for their work of validation, we pay them a small number of transaction fees. These fees are made in the native currency of the blockchain, which is ETH. During these early days, it’s crazy for users, and it’s hard for them to pay these insanely high gas costs or transactional costs. Most of the applications on Ethereum are micro-financial ones where the price per ticket ranges from $100 — $1000. So paying $50 for a $100 transaction is losing 50% of the funds they transfer. That doesn’t make up a perfect ecosystem. So there came upscaling solutions, the so-called L2 solutions. MATIC is a famous name among them; the transaction costs on MATIC are less than 1000x less than that of Ethereum. So people started thinking of ZK-Rollups and Optimistic Rollups, the two kinds of L2 scaling solutions. Layer 2 implementation is a simpler one. The more secure blockchain with several validators/miners store the state (data), and the one with fewer validators/miners would compute complex transactions as they’re cheaper. But this L2 has certain drawbacks; for example, the plasma layer of Matic has a checkpoint duration of 7-days which is a longer duration and is not suitable for real-day applications. MATIC is working on it and soon will make it quicker. But the most significant gas guzzlers on the Ethereum network were Uniswap & USDT(World’s largest stablecoin by MarketCap). They were the primary reasons for crowding the network. In any blockchain, the transaction speed is the average of the block size and the size of each transaction. Ethereum’s block size increased 100% in the YoY growth implicating more transactions in a single block that might boost the network’s throughput. Learn more about the statistics of block size here https://ycharts.com/indicators/ethereum_average_block_size So, in short, the nature of MATIC is to be a side-chain to boost the adoption of the Ethereum network by reducing the computational cost. But Ethereum is slowly fixing the main problem in their primary network. Also, the L1 <> L2 communication between Matic and Ethereum is not easier for developers who follow traditional decentralized app development. It always needs an intermediary mechanism to verify transactions, making it even more challenging to maintain sync between both networks. 3-Hour wait time in PoS chain and 7-day wait time in Plasma chain (For Security Reasons, as per MATIC’s team) will not make up an application work in real-life. Also, the infrastructure needed to build a normal D-App and L2 Dapp drastically varies, which is unsuitable for standard applications built on Ethereum. So, suppose the gas fees are just 10 Gwei. In that case, MATIC is necessary for traditional apps like yield farming, staking, lottery pools, and other financial apps where computation is less expensive & intensive. So if Ethereum fixes the gas problem, the L2 projects become unnecessary. So investors should exercise caution in dealing with L2 projects, especially when ETH gas prices fall over 300% in less than a week. MATIC might become a dominant chain, but we cannot compare Matic to Ethereum in terms of nodes/miner/validators. Still, institutions planning to do intense and low-cost computation over a blockchain can consider Matic for sure. But this article is focused on the 90% micro-financial integral ecosystem of the Ethereum network. Disclaimer: This article is informational and doesn’t accuse or praise any project/token/cryptocurrency in any form. If perceived in such a way, it’s coincidental. Cryptocurrencies are a volatile form of investment where you might lose your living in seconds. Consult your financial advisor for investing.

Ethereum will Kill this $15 Billion Project if its Gas Fee Remains Low

There is a lot of confusion right now about the definitions of what are Layer 2 solutions and what are not. The reason for this is that every scalability solution is called , which is technically not always correct, as not all solutions fall into this category. Layer 2 If you try to understand this on your own, it is extremely difficult to find accurate and clear answers to these questions. So, in this article, we will take a closer look at some of the most popular Ethereum scalability solutions today and find out how they differ from each other. We will also understand exactly what , , and are. sidechain Layer 2 ZK-Rollup, Optimistic Rollup Why is there a need for scalability? Let's start with why there is a need for scalability in the Ethereum network. The Ethereum main network has a throughput of only 15 transactions per second. As its popularity grew, this was insufficient, and transactions on the main network became expensive and slow. The high cost of transactions is a result of the network's growing popularity and the limited throughput. What if more transactions are sent than can be processed? Validators (those who add transactions to the blockchain) will select transactions that have a higher reward (fee). In this case, there is competition between the senders of transactions, and the cost starts to skyrocket. As the network becomes congested and costs increase, the speed of transactions also decreases. Blockchain scalability challenges In understanding how scaling solutions work and the limitations they come with, it's easier to start with the blockchain trilemma, a theorem that says that the blockchain network has three main characteristics: - responsible for the network's resistance to attack. Security - responsible for the resistance to control by a lesser number of people. Decentralization - responsible for the blockchain's ability to handle large volumes of transactions. Scalability Only two of these three parameters can be increased to the desired level at the same time. The Ethereum network is designed to have extremely high decentralization and security, which in itself is very good for the network. But as we found out from the trilemma - you can't have all three parameters at a huge level at once, so the Ethereum network doesn't have the highest throughput. There is a demand to process a high volume of transactions at a lower cost, which results in the need for scaling. Off-chain solutions for scaling the Ethereum network are being actively developed. Off-chain means that the main computations are moved outside the main network. The most popular solutions are sidechains and layer 2. Let's discuss them in the following. What are Ethereum's off-chain scalability solutions: Sidechains and Layer 2? First, clearly define what they are. is a platform or service that is an overlay on top of the main network (Layer 1). All transactions in Layer 2 change the state of the main network, this way the security of the main network is inherited. Rollups are a way to implement layer 2 solutions. It's worth noting here that Layer 2 solutions are a platform, and it doesn't have to represent a blockchain. Layer 2 - This is a separate that runs in parallel with the main network. It is important to understand that Layer 2 always changes the state of the main network, inherits its security, and is on top of it, while sidechain is always a separate blockchain. Sidechains blockchain What is a sidechain? A sidechain is an isolated blockchain. This means transactions in sidechains do not change the state of the main network (layer 1/Ethereum). Because it is a separate blockchain, it could have its own consensus algorithm, set of validators, configurations that may differ from the main network, and its own native currency. This also means it may have a different balance of security - scalability - and decentralization. Sidechains usually sacrifice a level of decentralization or security to achieve high throughput. They are linked to the main network only by a cross-chain bridge that allows assets to be moved between the sidechain and the main network. Sidechains can be non-EVM compatible as well. A prime example of a sidechain is Polygon POS (MATIC). What are Layer 2 solutions? Take rollups as an example Rollups are a Layer 2 scaling solution for Ethereum. The general principle of rollups is that the transactions (TX) are being processed on a platform outside of the main network; a rollup is made from a multitude of transactions and sent to the smart contract in the main network (Layer 1), changing its state. As the rollup of these transactions is stored in the main network, its security is inherited. Actually, there are two types of Rollups implementation - and . Optimistic Zero Knowledge How are Optimistic Rollups designed? As mentioned above, transactions are packaged into a rollup and sent to the smart contract on the main network. In the case of Optimistic Rollup, the smart contract in the main network does not check the sent data and trusts it by default, so it is called Optimistic. But what if someone wants to cheat? The idea is that these transactions are not being considered confirmed for a certain amount of time. During this period, any validator can send a fraud proof. Here, it should be noted that to become a validator, you need to place a stake in a smart contract. When a fraud proof is sent, the smart contract checks it.  If cheating is detected, the validator who tried to cheat is penalized from his stake, and the validator who sent the cheating evidence is rewarded, motivating everyone to stay honest and watch the honesty of others. If a wrong fraud-proof is sent, the validator who sent it is penalized to prevent spamming. If no one has sent a valid fraud proof within this period of time and the period has expired, the transactions are moved to the confirmed status. The special feature here is that until this period expires, transactions are not confirmed, which means a long period of transaction confirmation. An example of a protocol working on the Optimistic Rollup principle is Optimism. What is the general structure of ZK Rollups? , different from Optimistic Rollups, do not depend on trust but on zero-knowledge cryptographic proofs called . ZK Rollups validity proofs Zero Knowledge Proofs allow one prover to cryptographically prove something to another verifier without providing any additional information. The way it works is as follows: a set of transactions is computed and compressed into a rollup. After that, a validity proof for this data is generated. With the data, the validity proof is sent to the smart contract of the main network. The smart contract verifies this proof, and if everything is correct, the transactions are immediately considered confirmed. In this case, everything is cryptographically linked, and there is no long waiting for confirmation of transactions. An example of this kind of protocol is StarkNet. What are the differences between Layer 2 and sidechains? Layer 2 is a solution that takes the computation and transaction processing outside the main network, but data verification still takes place in a smart contract on the Ethereum network. While sidechains are completely separate blockchains and are not directly linked to the Ethereum network, they work in parallel. Conclusion Blockchains can only have two of these three parameters at the right level simultaneously: security, decentralization, and scalability. Sidechains are individual blockchains that reduce one of these parameters to achieve high throughput. Layer 2 solutions inherit the security of the main network and modify its state. Optimistic Rollups and Zero-Knowledge Rollups are Layer 2 solutions. Optimistic rollups work on the basis of trust and use fraud proofs within a certain time period. Therefore, they have a delay in confirming transactions. With zkRollups, there is no such delay in transaction confirmation because they are not based on trust and instead are based on zero knowledge cryptographic proofs. These proofs are called validity proofs. Solutions are compared by key parameters in the table. It is important to understand that Layer 2 solutions inherit the security of the main network and are on top of it, while sidechains are just separate blockchains with different configurations.

Ethereum Scaling 101: A Quick Dive Into Understanding Layer 2 and Sidechains

Polygon is a new web browser for smartphones, it is set to revolutionize how we use Ethereum. The network has already received much attention from the community. In fact, big companies like Nike, Reddit, and Starbucks adopted the blockchain-powered solution. So, what exactly makes it so special? Well, let me give you a fuller runover. The Rise Of Polygon Network Polygon is a new Ethereum-based network created by some of the brains behind the second-biggest cryptocurrency in history. Its main goal is to make Ethereum faster and cheaper while making it easier for users. The blockchain was previously named as the MATIC network, but in February 2021, it rebranded to the Polygon network. Currently, MATIC is an token on the Ethereum blockchain serving as the native token for Polygon. ERC20 The investments and big collaborations in Polygon also fostered its growth. For instance, its partnership with the consulting wing of Infosys Limited, . The partnership would enable Infosys to provide emerging technology services to its customers and M-Setu would become an open-source bridge for brands to cross-operate on the Ethereum blockchain. M-Setu On May 25, 2021, the billionaire crypto investor, Mark Cuban shared that he has invested in Polygon and this is still visible in his on the Mark Cuban companies website. He said that Polygon has a high transaction per second TPS and that is important to reduce the transaction cost for users. On May 28, Polygon made a huge announcement of which would allow the users of Big Query to adopt Polygon thereby, increasing its flexibility and brand positioning. company’s portfolio integrating its asset into Google Cloud’s Big Query What is the hype all about? Recently, there has been so much hype building around the Polygon blockchain, it is considered a potential game changer in the world of dApps. Well, that is because it is the first Ethereum 2.0 network with more flexibility and accessibility. The network will be faster than Ethereum and cheaper to run, in fact, its cost per transaction could be as low as $1. Also, Polygon uses a new technology called C++ scala that makes it possible for developers to write their code once, then compile it into multiple languages like Java or JavaScript and run it on any computer system without needing any special hardware if you have an internet connection (and sometimes even when you don’t). The Polygon hype doubled when to help creators mint and sell Polygon NFTs (Non-Fungible Tokens) on . Meta partnered with polygon Instagram In addition, for a technology that once struggled to raise funds, Polygon started to attract the interest of venture capitalists with its innovative technology. In February 2022, it raised in India. Through a private sale of its native token, MATIC, to expand its scaling solutions and improve operations. $450m from Sequoia Capital Polygon vs Ethereum: What is the difference? The Polygon Network is a new blockchain that will be faster and cheaper than Ethereum, but it also has some advantages over Ethereum itself. Polygon is an open-source project, meaning anyone can contribute code or otherwise help make it better by providing feedback on how they can improve their own experience with the network itself. They are not just going through the motions when creating this new product, they really want people who are using it now - whether it is as part of their everyday lives or just because they like what this platform stands for - to feel involved in its development process as well. The difference between Polygon and other cryptocurrencies like Bitcoin or Litecoin is that instead of using Proof-Of-Work (POW) to confirm transactions, it uses delegated proof-of-stake (DPOS). DPOS allows anyone with enough stake in the network (which means holding at least 10% of all tokens) to vote on who will be chosen as block producers or validators. The more coins you hold within Polygon networks, the greater chance you have of being selected as the next block candidate during POS voting rounds. If you are selected as the winner then the transaction fees will be paid out into your account as rewards. This allows the producers to have greater control over how much power they have over the network. Also, this is more incentive than other cryptocurrencies offer since the block producers get paid based on how many blocks they produce each day instead of being rewarded for solving difficult puzzles. Although, unlike the Ethereum network which is more private and secure, Polygon is more decentralized. However, this gives it better scalability than Ethereum because Polygon counterbalances lesser security with its flexibility. This does not mean that the polygon network is entirely unsafe, just that it is not as secure as its layer1 blockchain (Ethereum). Conclusion Many people do not understand Ethereum and what it does, but Polygon should be a good way for them to get into blockchain. The company is making progress and has already launched new products that will make blockchain transactions faster than ever before without any transaction fees or stress. This means that people who want to get involved with cryptocurrency will have no excuse but to use Polygon as their go-to site when they need their things done quickly. Also published here.

What’s All the Polygon Hype About?

Bitcoin laid the foundation of a decentralized and peer-to-peer digital asset, aiming to fix the broken international monetary system with a unique economic security model that is borderless, trustless, and censorship-resistant. Ethereum brought much-needed flexibility and extensibility to the space by introducing a Turing-complete 'programmable blockchain' platform that can run decentralized applications. As platforms like Bitcoin and Ethereum started to gain traction, the limitations started surfacing, sparking a debate around scalability issues. Ethereum got affected the most because the bulk of the activity has always been happening on Ethereum, from the ICO boom back in 2017, and now the Defi era that started in late 2018. Layer-2 solutions were proposed to help solve the prevalent scalability problem and increase the throughput of the underlying Layer-1 platforms. The earliest examples of Layer-2 solutions are Bitcoin Lightning Network that uses state channels, and Ethereum Plasma, an off-chain scaling solution for Ethereum. This article discusses the advantages and drawbacks of Layer-2 scaling solutions and how Composable helps unite the Layer-2 platforms with its unique approach towards establishing cross-chain and cross-layer interoperability. Current State Of The Layer-2 Scaling Solutions Layer-2 (L2) scaling solutions refer to the protocols built on top of the underlying blockchain platform (L1) to increase throughput, lower operating costs (transaction fees), and enhance the overall efficiency of the system. Sidechains are often correlated with L2 solutions, even though they are widely different because L2 solutions inherit consensus security from L1 chains, whereas sidechains work independently and have their own consensus security and finality. The current market state of the L2 solutions is very fragmented. Although L2 solutions serve the same purpose, they all differ in terms of their technology and approach. If we were to segment all the L2 solutions available today based on their technology, we would see five different categories. Optimistic Rollups Optimistic Rollups (ORUs) is a kind of L2 construction that leverages the Optimistic Virtual Machine (OVM) to run smart contracts in L2, secured by the L1 chain. ORUs are fraud-proof, and they rely on aggregators that deploy smart contracts, accumulate large amounts of transactions in a 'rollup block', and publish them on the L1 chain in bundles. Some of the notable projects using Optimistic rollups include Off-chain Labs Arbitrum rollup, Fuel Network, Optimism. ZK Rollups ZK-rollups (Zero-knowledge rollups) is a kind of L2 construction that runs off-chain computations and bundles transactions in 'roll up' blocks. It then generates a SNARK cryptographic proof called the 'validity proof', which is later posted on the L1 chain. ZK-rollups only require validity proof instead of all the transaction data, which means blocks are validated much quicker and cheaper. It also provides faster finality time because the state is instantly verified once the validity proof is sent to the L1 chain. Some of the notable projects using ZK-rollup include Loopring, Aztec 2.0, Matter Labs zkSync, Starkware. Validium Validium is very similar to ZK-rollups as both generate zero-knowledge proofs that are sent to the L1 chain for settlement and finality. The only difference is that in ZK-rollups, the data is stored on-chain, while in Validium, the data is stored off-chain, which increases transaction throughput and system efficiency. Some of the notable projects using Validium include Matter Labs zkPorter and Starkware. Plasma Plasma is an L2 construction that was proposed by Vitalik Buterin himself, along with his team members. It involves non-custodial chains called 'child chains' that are created with the use of smart contracts and Merkle trees. These child chains offload a lot of the data and computation from the L1 chain, increasing system efficiency and transaction throughput. All the communication between the child chains and the L1 chain is secured by fraud proofs. Some of the notable projects using Plasma include Polygon (Matic), Leap DAO, Gazelle, OMG Network. State Channels The idea of state channels was derived from payment channels that existed for quite a while now with the Lightning Network. State channels is an L2 construction where the arbitrary state transitions happen off-chain, involving not just payments but transactions and off-chain computation. Some of the notable projects using State Channels include Perun, Raiden, Connext. The problem - Lack of composability and interoperability There is one single advantage of L2 solutions; they solve the scalability problem at a considerable rate without compromising the security as they all rely on the consensus security of the underlying L1 protocols. They allow you to perform near-instantaneous transactions with much lower fees while reducing the network congestion on the L1 chain. However, L2 protocols introduce a new set of problems that makes it harder for average users and Defi developers to make a shift towards them. The technology behind these L2 protocols is incredible, but using them is not a piece of cake as there is a much higher degree of complexity surrounding them. Let's discuss each of these problems and how they hinder the growth of the overall L2 ecosystem. Fragmented Market The L2 protocols we see today work in silos, and the entire industry is disjointed and disparate. L1 protocols suffer the same fragmentation problem, but a lot of work has been done to bridge these protocols and establish cross-chain communication and interoperability. If we look at the top Defi ecosystem players on Ethereum, each one of them is planning to migrate to a different L2 solution, creating more fragmentation into the ecosystem. Uniswap is planning to use Arbitrum for its v3. Curve is migrating to zkSync. Aave is migrating to Polygon (Matic). None of these L2 solutions dominate the market, creating a fragmented ecosystem for both users and Defi developers. Defi developers want to remain competitive by utilizing cross-chain and cross-layer protocols to build applications, but the fragmented ecosystem makes them time-inefficient, resource-intensive, and vulnerable to attacks. Lack Of Composability If there is one thing that has changed the face of the internet, it's composability in the ecosystem. In the blockchain and Defi context, composability refers to a model where developers can combine pieces of different protocols together to build their decentralized applications. Think of it like lego bricks, which you can combine in infinite ways to build interesting things. Lack of composability is a serious problem in both the L1 and L2 ecosystems, especially among the L2 protocols where there is still no concept of cross-layer communication and interaction. We do have some degree of cross-chain composability among the L1 protocols through bridges and wrapped assets, but they are very constrained when it comes to actually building applications on top of them. This lack of composability results in a fragmented ecosystem and poor user experience for both developers and users. Lack Of Cross-layer (L2/L2) Interoperability As of today, no protocol facilitates moving between different L2 applications. Moving between L2 applications requires you to move back to the L1 chain first, which is highly insufficient due to long lockup periods (up to a few weeks) and a lot of fragmentation. Due to this lack of cross-layer (L2/L2) interoperability, applications on one L2 network can't communicate with the applications on another L2 network, resulting in siloed infrastructures and increased complexity. Cross-Layer Interoperability Solutions Composable Finance is building a cross-chain and cross-layer interoperable infrastructure for the interconnected blockchain ecosystem of the future, by tapping into the Defi economy. Composable Finance $57.42 billion Composable will be the first protocol to exhibit cross-layer (L2/L2) interoperability that will allow assets to move between different L2 protocols without going back to the L1 chain first. Composable Finance has two development phases. In the first phase, they are focusing on multi-layer (L2/L2) interoperability, bridging the gap between different Ethereum Layer 2 implementations and sidechains. In the second phase, they will launch a Parachain on Polkadot, which will enable cross-chain interoperability by allowing smart contracts from different Layer 1 blockchains to run on a unified execution environment on Composable’s Polkadot parachain. Users can seamlessly move assets between various chains and layers, and the developers get a cross-chain and cross-layer framework with higher degree of interoperability that abstracts away all the complexity. Ethereum Cross-layer Asset Swaps If you want to bring an asset from one L2 to another, the process is fairly complicated and requires moving back to the L1 chain that can take up to 2 weeks. Let’s take Uniswap v3 deployed on Arbitrum L2, and Curve deployed on zkSync L2. If you want to move an asset from Arbitrum to zkSync, you will need to move the asset from Arbitrum to L1 (Ethereum), and then move it to zkSync. This process can take up to one week due to long lock-up periods. With Composable multi-layer solution, you can avoid these long lock-up periods of moving back to the L1 chain and instead, bring the assets directly from the L2, e.g., bringing assets from Uniswap (Arbitrum) directly to Curve (zkSync). Interoperability with Polkadot Polkadot provides interoperability with other chains via bridges. However, this interoperability isn’t universal and only supports those chains that Polkadot bridges to. Composable Finance Parachain will be a polyglot assembly machine that will merge various existing infrastructures like the Ethereum Virtual Machine (EVM), Tezos, ink!, and Solana's eBPF, to run any compiled smart contract in the same place and allow them to talk to each other on the same chain. To secure a parachain slot, Composable Finance team has recently launched their novel ‘Vault Strategy’ that allows for the participation in their Parachain auction with ETH or any ERC-20 token asset, rather than purchasing KSM/DOT and locking them up. Users will deposit their ETH in an unlocked multisig vault and get a receipt token (parachain Auction Tokens or pAT), which can be further used to mint their multi-layer stablecoin, the Equal Cash (EQLC). Connext Connext is a cross-chain liquidity network that powers fast, fully noncustodial swaps between EVM-compatible chains and Ethereum L2 networks. At its core, Connext is a network of liquidity pools on different chains. Users swap value between these pools, similar to AMM DEXes like Uniswap. Connext is a fully featured generalized state channel protocol. The entire system relies on routers (the liquidity providers) that provide liquidity for user swaps and earn fees in return. This model is similar to the DEXes like Uniswap or PancakeSwap, where users provide liquidity and earn LP rewards according to their share of the pool. On a higher level, this is how a process of L2-L2 asset transfer looks like in Connext: User A transfers his asset A to user B User B is a liquidity provider (a router) that send the equivalent amount of asset B to user A Both of these transactions were conditional transfers, and at the end, both User A and User B unlock their conditional transfers to receive their assets Unlike Composable Finance, Connext is very simple and fairly limited. It relies on liquidity pools and liquidity providers (routers) just like a DEX. You can swap a token only if the routers are providing liquidity for it. If there are no routers providing liquidity for your token, you won’t be able to perform a swap. Connext does not have a token at this time. It is geared towards developers who can build applications like DEXs on top of Connext, or they can provide liquidity to the network by running Connext routers. It currently supports all the EVM-compatible chains and L2 networks, and works out of the box with any erc20 token. The Connext mainnet bridge and tech is live at where you can test out different features, or become a router and earn fees based on your share of the liquidity pool. Another great thing about Connext is that it's fully non-custodial, and neither Connext, nor any projects building on Connext have custody over a user's funds. xPollinate Hop Protocol Hop is a protocol for sending tokens across rollups and their shared Layer 1 network in a quick and trustless manner. Rollups have the potential to scale the Ethereum network, but each rollup creates a siloed environment for its applications. Moving assets between rollups and the Layer 1 network is slow and expensive, diminishing the savings users gain by using the rollup. The Hop protocol allows assets to be moved directly from rollup to rollup, providing cost savings and enabling cross-rollup composability of applications. The Hop protocol provides a scalable rollup-to-rollup General Token Bridge that allows users to convert between Layer 1 tokens and their canonical Layer 2 representations, not just create a new representation of the Layer 1 token on the rollup. The General Token Bridge uses a two-pronged approach: that can be quickly and economically moved from rollup to rollup or claimed on layer-1 for its underlying asset. Create a cross-network bridge token to swap between each bridge token and its corresponding Canonical Tokens on each rollup in order to dynamically price liquidity and incentivize the rebalancing of liquidity across the network. Use Automated Market Makers Hop Bridge Tokens (e.g., ‘Hop ETH’, ‘Hop DAI’ with symbols ‘hETH’, ‘hDAI’ respectively) are specialized Layer 2 tokens that can be transferred rollup-to-rollup in batches and act as intermediary assets in the Hop protocol. Each Hop Bridge Token represents a deposit in the Layer 1 Hop Bridge contract. For example, if 4 ETH are deposited into the Layer 1 Hop Bridge contract, 4 Hop ETH can be minted from a layer-2 Hop Bridge contract. Inversely, a Hop Bridge token can be redeemed for its underlying asset on Layer 1, which burns the Hop Bridge Token being redeemed on Layer 2. When a Hop Bridge Token is transferred from rollup to rollup, it is burned on the origin rollup and minted on the destination rollup. With both the Hop Bridge Token and Automated Market Makers on each rollup to swap between the Hop Bridge Token and the Canonical Token, users can quickly and easily convert from one rollup’s Canonical Token to the next. Rollup-to-rollup transfers through the Hop protocol are highly scalable because individual transfers do not require any Layer 1 transactions. Consider the following scenario where Alice has Rollup A Canonical ETH and wants Rollup B Canonical ETH: For convenience, Alice can also make her cross-rollup transfer by making a single transaction. She makes a call to the Hop Bridge, which performs a swap from Rollup A Canonical ETH to Hop ETH for Alice using the AMM and then sends the Hop ETH to its destination. This time, the Transfer is sent with instructions to automatically swap Hop ETH for Rollup B Canonical ETH at the destination. Hyphen Hyphen is another protocol aiming to bring cross-chain liquidity by solving the pain points of getting your assets from Layer 2 back to Layer 1. It uses the same model of liquidity providers, where the protocol maintains token liquidity on both sides of the chains and instantly transferring tokens on the second chain after accepting tokens on the first chain. Hyphen also rebalances the liquidity automatically if there's too much one sided transfers. Just like a traditional DEX, If Alice wants to transfer tokens across chains then she'll be charged a 0.3% fee which goes directly to the Liquidity Providers. Also, the transfer transaction fee is also deducted from the tokens being transferred in the same currency. Hyphen is a product of Biconomy, and they have deployed LiquidityPoolManger contracts on all supported chains where all Liquidity will be stored. Executor Nodes are off-chain servers that are constantly monitoring these smart contracts for any incoming deposit transactions. The LiquidityProvider fee and transfer transaction fee is deducted on-chain on LiquidityPoolManager smart contract only. Hyphen also supports automated re-balancing. The re-balancing scripts are run to find if there is less liquidity on a particular chain, then it triggers re-balancing operations and funds are transferred from other chains to balance the liquidity via corresponding native bridges. Conclusion Cross-chain and cross-layer interoperability is undoubtedly the future of the interconnected blockchain ecosystem. These new players in the cross-layer ecosystem will reduce the complexity and fragmentation for developers by allowing them to benefit from multiple L1 chains and L2 protocols, and build multi-layered applications that was never possible before, with better user experience for the end users. Over and out! 👋 Haroon

Cross-layer Interoperability: The Future Of Interconnected Layer 2 Ecosystem

Background What is a sidechain? According to Barry Whitehat, who proposed the concept of Rollup, a sidechain is a group of verifiers that submits the latest state of a chain to a smart contract (on the mainchain), which is a type of system that advances in this way. These checkpoints that monitor the latest status of a blockchain can be used by a Bridge Contract to support user deposits and withdrawals. Generally speaking, there will also be a leader election process among the group of verifiers to determine who will create the sidechain block at a certain moment, such as the Proof of Authority (PoA) algorithm and the Proof of Staking (PoS) algorithm. Barry also mentioned that with the maturity of some Layer 2 scaling solutions, it is possible to consider how the sidechain can be better integrated with other solutions. On some specific occasions, the characteristics of the sidechain can yield unusually brilliant results. At present, mainstream sidechain solutions mainly include Polygon (formerly Matic Network), xDai Stable Chain, and SKALE Network. This article will sort out SKALE's technical solutions, extension packages, IMA cross-chain bridge, SKALE token and governance, and SKALE ecological development as well as investment and financing. Introduction to SKALE NETWORK , capable of supporting thousands of independent blockchains, sidechains, storage chains, and other types of subchains. These blockchains are all connected to the Ethereum mainnet and are fully compatible with the Ethereum ecosystem. The SKALE network is positioned as the "elastic sidechain network" of Ethereum . Each sidechain is highly configurable, and users can freely choose sidechain specifications, consensus protocols, virtual machines, parent chains, and customized security measures. The sidechain on the SKALE network is operated by a set of virtualized subnodes selected from a set of network nodes The SKALE network adopts Solidity as the programming language for smart contracts. The operating model is fully compatible with EVM and supports the mainstream Ethereum token standard. It can also connect to the network through web3.js and , and use Truffle and Remix tools to achieve a developer-friendly environment. web3.py SKALE Network Structure . The SKALE network is comprised of two parts: the SKALE node and the SKALE administrator, of which the SKALE administrator is a smart contract deployed on the Ethereum mainnet The SKALE administrator contract acts as an "entrance", which undertakes tasks such as the creation and destruction of nodes, the creation and destruction of elastic sidechains, the rotation of virtualized subnodes, and the distribution of SKALE rewards. Among them, the virtualized subnode is a participant of the elastic sidechain, responsible for executing the SKALE consensus, running the SKALE EVM, and promoting inter-chain communication. Node Creation and Destruction on SKALE NETWORK The following steps are necessary to transform potential nodes into SKALE network nodes: (1) Run the SKALE background program first, and it will evaluate whether the potential node meets the hardware requirements of the network; (2) If the evaluation is passed, the potential node can submit an application to the SKALE administrator to join the network. To submit an application, you need to pledge a network deposit and provide node metadata such as its IP address, port, and public key; (3) After submission, potential nodes join the system and are called "full nodes" or "light nodes". (The difference between the two types of nodes is: full nodes provide all resources for a certain elastic sidechain, while light nodes participate in multiple elastic sidechains.) When a node is created, the SKALE network will distribute a set of peer nodes (currently 24). . The peer node will periodically review the downtime and delay of the node to determine the rewards issued to the node in each network cycle If a node wants to be disconnected from the network, it needs to broadcast an exit message to the network first and wait for a period of termination. Afterward, the node can get back its pledged network security deposit. Creation and Destruction of Elastic Sidechains on SKALE NETWORK . "Elasticity" means that the blockchain is not fixed, users can follow their needs according to 1/128(small), 1/16(medium), or 1/1 (large) node resources and 3, 6, and the 12-month duration option as well as the storage capacity of the network to select the configuration of the blockchain, combining with the use of SKALE tokens to pay the corresponding rent. One of the innovative ideas on SKALE is its customizable "elastic sidechain" Currently, the cost of resources consumed in the SKALE network depends on the specifications and life cycle of the chain and will be dynamically calculated in the future based on current network conditions and system load. After the user submits the application to the SKALE administrator, a new elastic sidechain is created correspondingly. If the rent paid by the user has been consumed or the user deletes his elastic sidechain, the elastic sidechain will be destructed on this occasion. Furthermore, users can also rotate the virtualized subnodes to avoid collusion and ensure the decentralization of the elastic sidechain. As a whole, the creation and destruction of SKALE's elastic sidechain are similar to our usual model of renting cloud servers, which means selecting resources on-demand and paying for resources. After the rent is consumed, the user can choose to either renew or delete the server (that is, the elastic sidechain). . Just as Docker and Kubernetes allow easily customized and scalable cloud services, SKALE's vision is to provide decentralized "chain services" SKALE Reward Distribution After the termination of each SKALE network cycle, the SKALE tokens released during that period will be equally distributed to all nodes participating in the network before the beginning of the cycle. The number of tokens allocated to each node depends on the average indicators submitted by 16 of its 24 peer nodes (excluding the highest and lowest 4 indicators). Tokens not distributed to nodes due to insufficient running time or delay will flow to the N.O.D.E Foundation. The elastic sidechain is composed of virtualized subnodes in the SKALE network. These virtualized subnodes participate in the creation and confirmation of blocks by an asynchronous, leaderless and provable security protocol. As long as over 2/3 of the virtualized subnodes verification set is online, they will continue to create and confirm new blocks on the chain. The consensus process of SKALE is shown in the figure: Elastic Sidechain and Consensus Process Block Proposal on SKALE NETWORK Virtualized subnodes need to follow the following principles to create a block proposal: (1) Check the pending transaction list; (2) If the transaction size in the pending list is less than or equal to MAX-BLOCK-SIZE, the virtualized subnode will take out all the transactions and add them to the block proposal; (3) If the transaction size in the pending list is greater than MAX-BLOCK-SIZE, the virtualized subnode will take out the pending transactions in the order of receipt and add them to the MAX-BLOCK-SIZE block proposal; (4) Afterwards, according to the transactions sorted by the SHA-256 root node from minimum to maximum, the virtualized subnodes collect block proposals. (5) If the pending list is empty, the virtualized subnode will wait for a BEACON_TIME. If the list is still empty afterward, then a block proposal that does not contain any transactions will be created. After a virtualized subnode creates a block proposal, it will notify other virtualized subnodes according to the data availability protocol. The data availability protocol ensures that information can be delivered to most virtualized subnodes. Consensus and Rounds on SKALE NETWORK The consensus on the block proposal adopts the Asynchronous Binary Byzantine Agreement (ABBA). Currently, SKALE employs a variant of the ABBA derived from Mostefaoui et al. After the proposal phase is over, each virtualized subnode A that receives most of the signatures of proposal P will immediately vote for ABBA in a consensus round R. The agreement is as follows: (1) For each round of R, the virtualized subnode will execute ABBA instances of number N; (2) Each ABBA [i] is equivalent to a vote of the virtualized subnode I in the block proposal; (3) Each ABBA [i] ends the consensus voting with a "yes" or "no"; (4) After all ABBA [i] is over, a voting vector v[i] will be generated, which includes the "yes" or "no" of each proposal; (5) If there is only one vote for "yes", the related block proposal P will be submitted to the elastic sidechain; (6) If there are multiple votes for "yes", the pseudo-random number R will be used to select P from the "yes" voting proposal pseudo-randomly. The selected proposals index the remaining part of R divided by N-WIN, where N-WIN is the total number of "yes" proposals; (7) The random number R is the sum of all COMMON-COINs (a source of random numbers) in ABBA. (8) If all votes are "No", then submit an empty block to the blockchain. The probability that all votes are "No" is quite low, and decreases as N increases. Once the consensus successfully selects block P on any virtualized subnode A, the virtualized subnode will execute the following algorithm to determine the proposal and submit it to the blockchain. (1) A will check whether it has received the selected proposal P; (2) If A does not receive the proposal, it will apply to its equivalent virtualized subnode for downloading; (3) A will sign a signature fragment S to P, and then send it to all other virtualized subnodes; (4) A will wait to receive signature fragments from most virtualized subnodes including itself; (5) Once A receives most of the signature fragments, it will combine them into a threshold signature; (6) Finally, A submits P to the blockchain together with the threshold signature S. Additionally, the containerized structure of SKALE also provides enterprise-level performance and options for dApp developers, aiming to achieve the same level of flexibility, configurability, and modularity of the centralized system, providing SKALE management services, node monitoring services, virtualized subnode deploy services, and integrate a series of emergency strategies and failure recovery plans to cope with emergency situations such as network attacks and failures. Extensions on SKALE NETWORK SKALE has developed two extension packages: file storage and interchain communication. File Storage . The file storage of the SKALE network relies on its built-in data availability protocol, which ensures the data is stored on at least 2/3 of the virtualized subnodes of each elastic sidechain The fileStorage.js is an npm package, and users can integrate SKALE FileStorage into their dApp with just a few lines of code. Moreover, by calling , / , and methods to upload, download and delete files, SKALE network users can divide files into 1MB "chunks", submit them to the fileStorage smart contract, and store them in the file system of each node in a continuous manner. uplodaFile downloadFileIntoBrowser downloadFileIntoBuffer deleteFile Interchain Communication on SKALE NETWORK . The BLS signature algorithm is an algorithm that can realize signature aggregation and key aggregation (that is, multiple keys can be aggregated into one key, and multiple signatures can be aggregated into one signature), which can avoid unnecessary communication between signers. The SKALE network employs BLS (Boneh-Lynn-Shacham) threshold signatures . Each elastic sidechain in the SKALE network supports the signature, thereby achieving fast and secure inter-chain communication That is, an independent elastic sidechain in the SKALE network can verify the block signed and submitted by another elastic sidechain so that the SKALE network can realize the execution of smart contracts and the conversion of encrypted assets between the elastic sidechains. IMA Cross-chain Bridge on SKALE NETWORK SKALE launched the IMA (Interchain Messaging Agent) cross-chain bridge in July this year, . allowing users to transfer digital assets supporting mainstream ERC standards and general message data between Ethereum and any SKALE chain If the user needs to transfer assets from Ethereum to the SKALE network, the IMA cross-chain bridge will deposit the assets on Ethereum into the Deposit Box contract and wait for the confirmation of 10 Ethereum blocks. Then the IMA cross-chain bridge will send a transfer request to an agent called “SKALE IMA Agent”, which will call SKALE TokenManager running in the SKALE network by turns to process the transfer in their respective SKALE chain. If there is a need to transfer assets from the SKALE chain to Ethereum, the tokens will be burned on the SKALE chain and unlocked on the Ethereum mainnet. If the token to be transferred is minted on the SKALE chain, it will be minted on Ethereum as part of the transfer to retain the ownership of the token. SKALE Token and Governance on SKALE NETWORK . SKALE Token represents the right to participate in the network as a verification node, or as a part of the resources obtained by developers deploying and renting flexible sidechains for a certain period of time (1) In the form of an elastic sidechain, users rent (computing, storage, and bandwidth) resources by a subscription model for a predetermined period of time. (2) The verification node pledges SKALE tokens to the network and then obtains the right to operate the node and earn transaction fees and inflation passes. . Generally speaking, the SKALE governance adopts a delegated pledge model, that is, stakeholders can directly participate in governance by pledging stocks or delegate their voting right to other stakeholders The default voting model adopted by SKALE is a simple majority vote. Proposals usually include a 14-day voting phase. SKALE tokens that have been "loyal and formally pledged" for more than 90 days are eligible to vote on crucial issues raised by the SKALE committee. Ecological Development, Investment, and Financing on SKALE NETWORK SKALE launched the first phase of its mainnet in June last year; in May this year, after completing the Denali upgrade, SKALE announced that its upgraded mainnet was officially launched. This upgrade introduces multiple chains to Ethereum and introduces a modular framework for the SKALE network, allowing it to include local and third-party chain services, including file storage, inter-chain messaging, Oracles, Rollups, etc. Meanwhile, the upgrade introduces high-performance App-specific, which means that each dApp and protocol can run on their own EVM compatible chains, which are isolated from other network traffic but will inherit the security of the Ethereum mainnet. , including Boot.Finance (decentralized liquidity protocol), Covey(portfolio sharing application), CurioDAO (real asset tokenization platform), Human Protocol (decentralized labor market framework), Ivy (NFT and token transaction protocol), and Minds (decentralized social network platform). At the end of July this year, SKALE announced the first batch of dApps running on the SKALE mainnet In addition, according to SKALE official news, apart from the dApps that have joined the SKALE Innovator program and are building on the platform, SKALE has also established cooperative relationships with over 40 partners and verifiers. SKALE network is supported by the world's top Validators platforms, including 01NODE, Ankr, Anonstake, Audit One, Blockdaemon, Blockware, Chainflow, Chainode, Chorus One, Cypher Core, Dokia Capital, Figment Networks, FreshSkale, Hashed x DELIGHT, Hasquark, Staked, Stakin, StakedWithUs, WolfEdge Capital, and Staking Facilities. At present, the SKALE network has 48 validators and 160 nodes in operation. As for financing, SKALE Labs announced as early as October 2019 that it had raised a total of US$17.1 million in financing, and obtained support from over 40 angel investors and venture capital institutions such as Arrington XRP Capital, Blockchange, ConsenSys Labs, Hashed, HashKey, Multicoin Capital, Recruit Holdings, etc. Conclusion Compared with popular Rollup-based scaling protocols and the sidechain projects such as Polygon and xDai, SKALE seems to be a little uninterested. As an established project that started operation in 2017, SKALE has made a series of ecological progress after the Denalis upgrade, such as launching the first batch of dApps, establishing partnerships with other projects and verifier platforms, etc. With the implementation of different scaling schemes, SKALE's years of accumulation have offered itself a relatively stable advantage, but it still needs to catch up in ecological construction. References [1] SKALE Network Whitepaper [2] SKALE Network Blog

ZKSwap Tech Review: SKALE – An Elastic, Decentralized Sidechain Network 

DEXs (decentralized exchanges) have become increasingly popular within the cryptocurrency world in recent months, as they provide traders with an alternative to centralized exchanges that essentially hold and control user funds. Today’s popular DEXs are still blockchain specific, with Ethereum-based solutions leading the charge; and has since exploded both in popularity and valuation, with a current market cap of around $16 billion. Uniswap was deployed to the Ethereum mainnet back in November 2018 and is another leading DEX platform running on Ethereum. Binance Smart Chain and Polygon (formerly Matic) have since emerged with various DEX solutions on their respective blockchains, including PancakeSwap and QuickSwap, offering users alternatives to Ethereum’s sometimes high GAS fees and long transaction times. Sushiswap was later forked from Uniswap The Polkadot blockchain is the lovechild of once Ethereum core developer Gavin Wood and is one of the most exciting blockchains to have emerged in recent years; the ever-expanding Polkadot ecosystem has over 250 projects (including dApp platform Plasm, Smart Contract platform Moonbeam and Operating System parachain Clover) on its innovative parachain infrastructure that is supported by Substrate. Referred to as the ‘blockchain of blockchains', Polkadot enables private and public blockchain apps to exchange data in a trustless and decentralized environment. With the eyes of the blockchain community fixed on , there will undoubtedly be an influx of both platform participants and traders on the platform in the coming months. It, therefore, comes as no surprise that in order to give users a place to trade the various tokens that power projects built on Polkadot and it’s parachains. Polkadot’s crowd loan (PLO) events DEXs are today being built throughout the ecosystem Below are four promising platforms and protocols that offer Polkadot users decentralized token swapping functionality and a lot more besides. Polkadex With a mainnet launch scheduled for Q3-Q4 2021, Polkadex looks to bridge the gap between DEX and CEX, enabling users to utilize features that are traditionally only available on centralized platforms, such as margin trading, but in the self-sovereign DEX environment that sees them keep complete control of their funds at all times. Built on Substrate, the order book-based DEX is more than just a simple swap protocol, as it also enables users to place market orders and limit buys/sells, as well as trade their assets for fiat or even delegate their assets to third parties for use with bot trading and the likes. Central products and features within the Polkadex suite include: Orderbook The Polkadex Orderbook can support up to 500,000 transactions per second with low latency, made possible using its unique TEE architecture, and is the flagship product of the Polkadex platform. The order book supports both Ethereum and Substrate-based assets; the Polkadex team will connect to Ethereum via Snowfork, a trustless bridge, and, once complete, users will be able to lock up their assets in Ethereum and trustlessly bridge liquidity to Polkadex. PolkaIDO Polkadex IDO is a one-stop-shop efficient solution for all the activities from conducting the fundraise to listing tokens on Polkadex exchange fully on-chain. The IDO platform will be the easiest way to deploy tokens and distribute them among IDO participants. Teams will receive an end-to-end product that allows them to create tokens, bridge to other networks, list in the Orderbook, conduct IDOs and also finally migrate to their own blockchains later on in the project’s development. It’s a full governance-driven DAO using on-chain randomness to select lucky participants. Polkapool Polkapool tackles the often unmanageable Gas fees and transaction times that plague traders on the Ethereum network with the introduction of feeless swaps; as a DEX AMM (automated market maker) inspired product, Polkapool also eliminates front-running with fast transaction fees on the Polkadot blockchain. Polkapool will also take advantage of Polkadex’s cross-chain bridges and allows for interoperability between tokens and liquidity on different blockchain networks. Polkadex’s “Fluid Switch Protocol” helps investors to park funds and earn interest as part of its Perpetual Liquidity Mining program powered by blockchain rewards, making sure that Polkadex can offer traders and liquidity providers continuous liquidity and eradicating slippage issues. Trading Bots + Fiat On-Ramp Polkadex low latency Orderbook also allows for high-frequency and algorithmic trading, with users able to set buy and sell orders through third-party bots whilst still retaining custody of their funds. Bots will handle both institutional and retail customers. Polkadex also plans to introduce a fiat on-ramp function with Polkadex Fiat, meaning that DeFi users will have more options to choose from when exchanging their assets. The platform aims to make powerful trading tools more accessible to DeFi users while maximizing liquidity and cross-chain support. Polkadex received funding from Web3 Open Grants Program and is also partnered with CMS, Cluster, Blocksync Ventures, Existential Capital, and others. “At Polkadex we are combining the benefits of centralized and decentralized exchanges to create a revolutionary decentralized cryptocurrency trading platform built for newcomers, experienced DeFi users and institutional traders alike.” Zenlink Zenlink is an exciting Polkadot-based cross-chain DEX that enables users to swap any crypto asset across Polkadot’s parachains seamlessly and safely. with the introduction of a powerful DEX module and aggregator that any Polkadot-based project can utilize for themselves. Zenlink aims to build a “cross-chain DEX network” Zenlink differs from others on this list, as it essentially has the power and functionality to connect the liquidity of all projects and parachains built on Polkadot; amongst the main products, Zenlink offers a pluggable DEX module that allows different parachains to have DEX capabilities with just one-click. Zenlink consists of two innovative core products: Zenlink DEX Protocol Zenlink DEX protocol is the underlying cross-chain DEX protocol for parachains to interoperate and share liquidity pools. It is built on the XCMP protocol developed by a team led by Gavin Wood, Founder of Polkadot. The cross-chain protocol on Polkadot can be compared to the traditional TCP/IP protocol. The XCMP protocol is similar to the data link layer on TCP/IP, which solves the transmission function of the indiscriminate perception protocol between each chain (route). Zenlink DEX Protocol is similar to the application layer on TCP/IP. As long as a parachain implements Zenlink DEX Protocol, it can share all the liquidity pool of parachains on Polkadot. Zenlink DEX Protocol introduces into the Polkadot ecosystem a simple yet powerful and highly versatile pluggable DEX Module, that gives parachain project teams the power to access and offer DEX capabilities to users. Notably, the ability to replace and upgrade Zenlink DEX modules means that systems can be easily customized and improved with minimal friction for project teams. The Zenlink DEX Protocol will be implemented in three forms: Module, WASM, and EVM. Cross-Chain Capability and Liquidity Sharing Once the Zenlink Module is deployed on a Polkadot-based platform or parachain in a “plug-and-pull” style, projects can connect with others and share liquidity across the entire network, representing an exciting move forward for the Polkadot ecosystem as a whole. Liquidity pools are formed in each parachain after deployment of the Zenlink Module, with a powerful DEX Aggregator then opening the liquidity pool across parachains to enable liquidity sharing between the DEX Module on different parachains. Zenlink promotes more overall growth in the ecosystem and encourages robust connections between Polkadot’s various parachains with the introduction of liquidity sharing capabilities; sharing of the DEX orderbooks across parachains also means a smooth and superior trading experience for users in the Polkadot ecosystem as the overall platform steps further into the limelight. to power the DeFi products that are being built with its cross-chain DEX modules. Zenlink also integrates Chainlink’s price oracles Zenlink DApp The Zenlink DApp is a front-end interactive product that ensures a smooth user journey and a “one-click” trading experience. By performing actions on the back end, such as path searches for trading pairs that may not yet be supported, the Zenlink DEX DApp takes the logic out of the hands of the user and enables a simple and unified trading experience with low slippage and rapid transaction finality. The Zenlink DEX Protocol and, having already partnered with several parachain , Plasm Network, Phala Network, and Math Chain, the Zenlink team are on a mission to unite the many pioneering projects being built on Polkadot in a bid to unlock the liquidity that is currently siloed within each of the parachains within the DOT ecosystem. The project has already received two Web3 Foundation grants, the second to develop the DEX smart contract implementation, which is open-source in line with Polkadot’s ethos of a decentralized web and also secured a $1.1M angel round of funding that was led by Continue Capital, Hashkey, D1 Ventures, IOSG Ventures, and Youbi Capital. will be integrated into Shiden and Bifrost soon according to recent team updates auction-winning projects such as ChainX “As an important protocol layer project in the Polkadot DeFi stack, Zenlink will play a key role in connecting the huge liquidity of the Polkadot DeFi ecosystem, such as helping parachain projects to deploy DEX and achieve liquidity sharing with one click, linking all DEX aggregation liquidity on the Polkadot.“ Polkaswap Hosted on the SORA 2.0 network, Polkswap’s DEX is another project supported by the Web3 Foundation Grants Program and it’s focus on interoperability looks to connect the rest of the blockchain development world with the Polkadot ecosystem as a non-custodial liquidity aggregator and cross-chain AMM DEX. Behind the colourful and friendly branding of Polkaswap sits a powerful product aiming to bridge the gap between the broader crypto landscape and the quickly growing Polkadot ecosystem; Users can add tokens from the Polkadot ecosystem as well as from other blockchains to the platform’s exchange, opening up a world of new trading opportunities for both ERC-20 tokens and assets from any other blockchain that can be connected to Polkadot. Built on Substrate with scalable Hyperledger Iroha v2 and written in Rust, Polkaswap looks to offer users rapid transaction finality and lower gas fees than Ethereum-based DEXs. Open Source Development Polkaswap’s codebase is open-source and anyone can add liquidity sources by making contributions to the Polkaswap codebase. The project has been contributed to by , a Japanese firm and “global technology company delivering blockchain-based solutions for enterprises, universities, and governments”. Soramitsu Polkaswap is constructed upon , which utilizes Substrate and includes bridges to many other blockchains, including Ethereum and Bitcoin. SORA Network is looking to have its own parachains for Polkadot and Kusama and will have its own set of validators in the future. The Soramitsu team are the developers behind SORA Network and have also developed solutions such as Kagome, a C++ implementation of the Polkadot Host, and the  C++ Filecoin implementation. They are also collaborating with the National Bank of Cambodia to develop Bakong, an integrated fintech payment system. SORA Network The PSWAP Token The native PSWAP token was introduced after community governance and serves as a utility and governance token used to reward liquidity providers on the platform. PSWAP tokens are burned with transactions and decrease in supply over time, with a 0.3% fee (the same as Uniswap) for every swap used to buy back tokens; new PSWAP tokens are minted to reward liquidity providers. Rewards to liquidity providers started at 100% of burned trading fees but will gradually be reduced to 35% of daily burned tokens after 5 years. Polkaswap’s native PSWAP token was not made publicly available via IDO but instead was rewarded to users who provided liquidity for specific Sora.farm pairs over several months. In total, 3.5 billion PSWAP tokens were issued as farming rewards, with further tokens distributed through the build-up of reserves in the token bonding curve for SORA v2 and issued as rewards to market makers on the Polkaswap DEX. Peer-to-peer fiat to crypto transactions and fee-less transactions are some of the releases outlined on the Polkswap roadmap in the coming months. “Polkaswap is a non custodial AMM DEX designed uniquely for the Polkadot ecosystem and the interoperable future. Polkaswap aims for liquidity, security, convenience and a user-friendly interface, where an immediate exchange of assets can take place.” KaruraSwap Karura is not only a DEX-focused platform being built within the Polkadot ecosystem but is a scalable, EVM-compatible DeFi suite that was founded by the . The platform offers an array of DeFi applications such as a trustless staking derivative named liquid KSM, a multi-collateralized stablecoin backed by cross-chain assets named kUSD, and an AMM DEX trading platform. The DEX specifically was successfully launched and near the end of July 2021. Acala Foundation went live for trading on Polkadot’s canary network Kusama Karura Swap between an expanded selection of token pairs away from centralized exchange listings. New tokens can be quickly added to Karura Swap through governance; fresh trading pair listings are approved through governance, and pairs can be added quickly to the platform without the need for intermediary or centralized involvement. Karura Swap's novel design that was inspired by the (first introduced by Uniswap) also allows for users to transact in illiquid markets, enabling the swap of any token to any other token in a single transaction provided there is a path between the two. allows for users to trade directly “constant product formula” TVL (total value locked) on , with an initial TVL of over $3.4 million USD locked in by utilizing a “Bootstrap feature,” which allows a liquidity sandbox for trading pairs. This warm-up period essentially encourages a pool to reach adequate liquidity before going live, also aiming to tackle frontrunning and market manipulation. KaruraSwap hit $35.65M on August 9th 2021 conducted by Kusama recently with 501,000 KSM  (equal to over $100 million USD at the time of writing) raised by the Karura and Polkadot communities. As part of what aims to be a complete DeFi package, Karura enables users to swap, borrow, lend, earn, and more all in one spot. Karura won the first Parachain Slot Auctions “Karura Apps offer the ability to trustlessly trade tokens without intermediaries through Karura Swap. Karura Swap is a trustless, automated market maker (AMM)-style decentralized exchange on the Karura network. Karura Swap supports the ability to trade native Substrate tokens and ERC-20 tokens.” Conclusion The future of Web3 is seemingly unstoppable, and the cryptocurrency world is sure to benefit from the various solutions and products explored above, with several pioneering projects now offering DEX functionality within the Polkadot ecosystem. Although some are offering different solutions than others, the overall goal to incentivize growth within the blockchain industry remains the same, and the above projects are shining examples of what can be achieved when utilizing both Polkadot’s and Kusama’s exciting infrastructure. What is the DEX solution on Polkadot that gets you most excited right now? Let me know on Twitter!

DEX on Polkadot? Here are 4 projects to Consider

Blockchain faces a scalability problem due to limited transaction throughput, slow confirmation times, and resource-intensive consensus mechanisms. As user bases grow, demand for transactions increases, causing congestion and hindering the widespread adoption of blockchain technology. Solving scalability is crucial for enhancing user experience, supporting real-world applications, and ensuring the competitiveness of blockchain networks in a rapidly expanding industry. Here, I’ll explore the main blockchain scalability solutions available in 2023, dividing them into on-chain and off-chain solutions. 5 On-Chain Scalability Solutions On-chain scalability solutions, also known as ‘first-layer scalability solutions,’ refer to , and include methods like: scalability improvements made directly on the blockchain’s base layer Sharding Consensus algorithm optimization Forking Dynamic block size State rent These solutions typically change the underlying consensus mechanism, data processing methods, or block structure. Regardless, the goal is to boost the transaction throughput of the L1 chain. 1. Sharding Each shard works as an independent blockchain, meaning it can process a subset of transactions autonomously. A single main chain is tasked with keeping all shards synced. Sharding divides the blockchain network into smaller parts called ‘shards.’ For example, Ethereum has been adopting sharding since , when it launched the Beacon Chain. By parallelizing data processing, the network’s capacity increases substantially. However, sharding makes the blockchain consensus more complex and introduces new risks. For these reasons, Ethereum developers have postponed implementing sharding. December 2020 2. Consensus Algorithm Optimization Consensus algorithm optimization is a broad term encompassing various improvements to the underlying consensus mechanism for scalability. Here are some examples: removes unnecessary data from the blockchain, such as old transaction information no longer needed for validation. It makes the blockchain more manageable by reducing its size. Pruning allows the network to process transactions in parallel rather than sequentially, increasing throughput. Parallelization reduce the computational workload needed to validate a transaction, speeding up the consensus process and block confirmation. Optimized signature schemes For instance, has pioneered decomposing circuits for parallel transaction processing. Some blockchains that have used pruning to boost performance include and Zircuit VMware Blockchain, Monero, Aptos. In some cases, consensus algorithm optimization leads to soft or hard forks. 3. Soft and Hard Forking Soft and hard forks often implement significant changes to the blockchain protocol, such as introducing new features, fixing security vulnerabilities, or changing the consensus algorithm. A is a major structural or fundamental change to the blockchain’s protocol (e.g., increasing block size or reducing block time). It requires all nodes to upgrade to the new version, which is often contentious and can cause network splits. hard fork Conversely, a is backward-compatible, meaning nodes that haven't upgraded can still interact with the upgraded ones. soft fork The most notable soft and hard forks are , respectively. Segregated Witness (SegWit) and Bitcoin Cash SegWit, a protocol change to the Bitcoin network,  introduced a crucial improvement by separating transaction signatures from data. This separation boosted scalability by reducing the size of each transaction, meaning more transactions could be included in a block. While it was technically a soft fork, some Bitcoin developers started a hard fork to avoid the protocol update. The split resulted in a whole new network — Bitcoin Cash. 4. Dynamic Block Size Some blockchains , accommodating more transactions during busy periods. This allows them to manage high activity efficiently. adjust block size dynamically according to network congestion However, excessively large blocks pose centralization concerns by favoring nodes with greater resources. Striking a balance between achieving optimal scalability with dynamic block size without compromising decentralization and network stability is difficult. , a privacy-focused cryptocurrency, is the most successful and well-known example of a blockchain with a dynamic block size. Another example is Safex Cash. Monero 5. State Rent State rent is a mechanism implemented within the blockchain’s protocol that . This helps prevent indefinite storage, reducing network bloat and improving efficiency. In addition, it encourages responsible blockchain usage and ensures a more sustainable and scalable system. charges users ongoing fees for maintaining their data and smart contracts on the blockchain The main objective of the Nervos blockchain, also known as Common Knowledge Base (CKB), is to reliably store and preserve users’ data and assets. It to compensate miners for providing storage space and to ensure network scalability by discouraging the storage of unnecessary data. charges state rent 6 Off-Chain Scalability Solutions Off-chain scalability solutions aim to increase the transaction throughput of the base layer just like on-chain solutions. However, instead of making changes to the L1 chain, . off-chain methods scale their capacity by processing transactions and smart contracts off the main chain Here are the off-chain scalability solutions I’ll explore below: Bridges and interoperability protocols Sidechains Layer 2 blockchains (L2s) State and payment channels Rollups Validium The terms “off-chain scalability solutions” and “layer 2 blockchains” are sometimes used interchangeably, but they’re not synonymous (more on this later). A quick note before we start: 1. Bridges and Interoperability Protocols Bridges and interoperability protocols aren’t scalability solutions per se. However, they by facilitating cross-chain transactions and communication. This allows for the distribution of the load across multiple interconnected chains, contributing to scalability. make different blockchains interoperable Essentially, bridges use smart contracts deployed on the mainchain and a side chain or layer 2 to control the bridging of assets and data between them. Assets aren’t physically moved across chains, though. The bridging mechanism typically involves burning or locking and minting for transferring value. Bridges can be used to connect blockchain layers or separate blockchains. For example, you can use a bridge to move funds from (L1) to (L2 built on Ethereum) or to transfer them from Ethereum (L1) to (another L1). Ethereum Arbitrum Solana 2. Sidechains A sidechain is a , using a two-way bridge for cross-chain communication. These chains can have radically different protocols, block parameters, consensus algorithms, and tokens, and are often optimized for specific use cases. separate blockchain that runs independently from the mainchain While they’re commonly geared towards efficient transaction processing, using sidechains involves trade-offs. They often sacrifice some measure of decentralization and security for high throughput, add complexity, and require a lot of investment and effort to set up. Sidechains are independent but typically pegged to the main chain. To communicate, assets are locked in the main chain, and an equivalent amount is unlocked in the sidechain (and vice-versa). The mainchain can be connected to several sidechains and be used as a relay network for inter-sidechain communication. Here are some prominent sidechain examples: was one of the first-ever Ethereum sidechains. Its main aim is to scale the mainchain through faster and cheaper transactions. Gnosis Chain improves Bitcoin’s functionality with faster transactions and greater confidentiality. The Liquid Network adds smart contract functionality to the Bitcoin network, allowing them to build dapps using Solidity. RootStock Polygon is often referred to as a sidechain, but it evolved to feature layer 2 characteristics when it rebranded from Matic Network in 2021. 3. Layer 2 Blockchains Layer 2 blockchains aren’t one solution, but a group of solutions. As mentioned, . the terms “layer 2 blockchains” and “off-chain scalability solutions” are sometimes used interchangeably, but they’re not synonymous In essence, what makes layer 2s different from other off-chain methods, including sidechains, is that they derive their security from the layer 1 chain. L2 scalability solutions include state channels, payment channels, optimistic rollups, and zero-knowledge rollups. 4. State and Payment Channels Channels allow participants to — one to open and another to close the channel. This facilitates extremely high transaction throughput at a low cost. It also reduces congestion, fees, and delays in the mainchain. carry out an unlimited number of instant, feeless transactions off-chain, while only submitting two on-chain transactions are suitable for all types of transactions, including general-purpose computation. They are particularly useful for scenarios requiring frequent interactions between parties, like gaming or microtransactions. State channels are a specific type of state channel for conducting fast and cost-effective micropayments directly between participants. Payment channels While there are some nuances specific to payment channels, the process of using a channel generally has three steps: Participants create a multi-signature on the blockchain and lock a certain amount of cryptocurrency into it, establishing the initial state. Setting up the channel: wallet Participants conduct a series of off-chain transactions among themselves. These transactions are not broadcast to the blockchain but are instead signed by the involved parties. Off-chain transactions: When participants are done, they can close the channel by submitting the final state to the mainchain. Closing the channel: The two most notable channels are the for Bitcoin and the for Ethereum. Lightning Network Raiden Network 5. Optimistic and Zero-Knowledge Rollups Rollups are built to increase transaction throughput and reduce costs for users. They’re called “rollups” because they roll up (i.e., bundle) a set of transactions, execute them on an off-chain virtual machine (VM), and submit a state update representing all batched transactions to a smart contract in L1. The smart contract deployed on the mainchain connects the two layers and maintains the rollup state — it works as a bridge between the two layers. The main difference between optimistic and zero-knowledge (ZK) rollups is their security models. only submit a summary of all transactions and a validity proof to finalize a batch of transactions. Once the smart contract verifies the validity proof, funds can be moved from L2 to L1 immediately. ZK-rollups post all transaction data to the mainchain in batches and assume transactions are valid by default. This results in quick processing, but there’s a delay period for L2 to L1 withdrawals so that any participant can submit a fraud proof if they believe a transaction is invalid. Optimistic rollups Rollups are one of the safest and most promising scaling solutions because they operate independently, but rely on the mainchain for data availability and transaction finality, deriving its security and decentralization. ZK-rollup examples include zkSync, Starknet, and Polygon zkEVM. Arbitrum and Optimism are the most popular optimistic rollups. Zircuit is a pioneering hybrid architecture rollup, combining optimistic and ZK infrastructure. 6. Validium Validium combines the benefits of rollups and state channels, creating a highly scalable, privacy-focused layer 2 solution. It executes transactions and stores data off-chain, substantially increasing throughput. So much so, that a single Validium chain can process (and several chains can be run in parallel). over 9,000 transactions per second Like ZK-rollups, it submits validity proofs to a smart contract on the base layer to verify off-chain transactions and allows for speedy withdrawals. However, it doesn’t store transaction data on the base layer — this is the main difference between Validiums and ZK-rollups. While this is one of the reasons Validiums offer such high transaction throughput, it introduces trade-offs. For instance, off-chain data can be withheld from users, freezing their funds in L2. StarkWare’s StarkEx is a validity-proof-based scalability solution where you can choose to operate with ZK-rollup or Validium data availability. Another interesting example is Matter Lab’s zkSync. They sharded the network — one part works as a regular ZK-rollup and another, the zkPorter root, works as a Validium, where data availability is secured by the supermajority of the validator’s stake. Closing Thoughts: Why Do We Need So Many Blockchain Scalability Solutions? Diverse blockchain scalability solutions are essential for the mainstream adoption of blockchain and due to the varying needs of different use cases and user preferences. Each network and application has unique scalability challenges; that’s why no one-size-fits-all solution exists. Web3 Having multiple solutions allows for flexibility in addressing specific scalability issues, suits diverse applications, meets the requirements of a global user base, and prevents single points of failure. This variety fosters innovation and competition, ultimately enhancing the overall efficiency, usability, and accessibility of blockchain and Web3 technologies. In 2023, developers introduced numerous blockchain scalability solutions, including . Research breakthroughs have reignited interest in . 2024 promises excitement for the blockchain space, and I anticipate continued growth in the scalability ecosystem. innovative hybrid architectures zero-knowledge rollups Also published here.

A Comprehensive Review of the 11 Most Promising Scalability Solutions in 2023

In today's ever-evolving digital landscape, online marketplaces have become hubs of economic activity, connecting buyers and sellers from across the globe. As these marketplaces expand, so do the payment options available to users. One of the most revolutionary developments in the world of online payments is the integration of cryptocurrencies. Their decentralized nature and potential for rapid transactions present a new way of carrying out online commerce. Crypto payments can provide various benefits to online customers but also have some potential pitfalls. One benefit is lower transaction costs. Traditional payment options, such as credit cards cost more per transaction. charged by processors for credit card payments. So crypto payments might be more cost-effective in this regard. Merchants pay about 1% on average to process crypto transactions, compared to the 1.5% to 3.5% fee Cryptocurrencies are also borderless, allowing customers to access online stores and items worldwide without worrying about currency conversion or exchange rate swings. This worldwide market access might give shoppers a broader and more extensive range of possibilities. Furthermore, cryptocurrencies have the potential to increase financial inclusiveness. They can provide financial access to the unbanked or underbanked, allowing them to participate in online buying and e-commerce activities that would otherwise be difficult. However, there are several factors to consider and potential disadvantages of using cryptocurrencies for online shopping. Cryptocurrencies are notorious for their price volatility, with the value of a coin fluctuating dramatically in a short time. This may worry shoppers who want pricing constancy in their transactions. Another aspect to consider is merchants' limited adoption of cryptocurrency. There has been growing interest by online retailers in using crypto, for example, said they intended to start accepting digital currency within the next two years. 75% of businesses surveyed by Deloitte in 2022 Although interest is increasing, it is still less prevalent than traditional payment methods, so customers may not discover as many online retailers that take cryptocurrency. Using cryptocurrency has a learning curve as well. Customers must have a basic understanding of the technology. They must maintain private keys, comprehend wallet security, and be aware of transaction fees, which some consumers may be unfamiliar with. Furthermore, cryptocurrency transactions are irreversible. Once funds have been sent, they cannot be reversed. This necessitates shoppers exercising vigilance and ensuring that payments are sent to the correct places. The decision to accept cryptocurrency payments should be based on individual business goals, customer preferences, and risk considerations, with merchants weighing these aspects in the context of their particular e-commerce environment. Whether crypto payments are beneficial depends on individual preferences, risk tolerance, and familiarity with the technology. So, now let's take a look at some of the different crypto payment platforms for online shopping. Please note that this is not a ranked list, instead it is a look at some of the platforms I have come across. The author acknowledges a vested interest in the organization(s) highlighted in this story. However, the views expressed within are delivered impartially and without bias. Disclosure: PayPal PayPal has ventured into cryptocurrencies by offering support for crypto payments and transactions. This initiative represents a significant development in adopting cryptocurrencies in mainstream finance and e-commerce. PayPal's crypto payment feature allows users to buy, sell, and hold cryptocurrencies directly within their accounts. starting with Bitcoin ( ), Ethereum ( ), Litecoin ( ), and Bitcoin Cash ( ). This marked a significant step towards legitimizing digital currencies, as it meant millions of PayPal users could access and use cryptocurrencies for various purposes. PayPal initially introduced support for cryptocurrency transactions in October 2020, BTC ETH LTC BCH One of the key aspects of PayPal's crypto integration is its user-friendliness. Users can purchase cryptocurrencies directly through their PayPal accounts, eliminating the need for external cryptocurrency exchanges. They can use their existing PayPal balance or link their bank accounts or cards to buy crypto seamlessly. Furthermore, PayPal offers a "Checkout with Crypto" feature, making it possible for users to pay for goods or services at millions of online retailers and merchants accepting it. When a user selects this payment method, PayPal converts the cryptocurrency in their account to the fiat currency accepted by the merchant. This conversion happens instantly, ensuring a smooth and convenient shopping experience. PayPal also provides educational resources on cryptocurrencies to help users understand the technology, its uses, and the associated risks. This educational initiative aims to promote responsible crypto usage and empower users to make informed decisions. PayPal uses industry-standard encryption to protect transactions and sensitive data. Additionally, users can enable two-factor authentication (2FA) for added security. It's important to note that PayPal's crypto service is subject to regulatory and compliance requirements, depending on the user's jurisdiction. This includes identity verification and reporting certain cryptocurrency transactions, ensuring that PayPal operates within the legal framework of each country. Coinbase Commerce Coinbase Commerce is a cryptocurrency payment processing platform that enables businesses and online merchants to accept payments in various cryptocurrencies. one of the most well-known and reputable cryptocurrency exchanges. Coinbase Commerce offers a range of features and tools designed to make accepting crypto payments straightforward and accessible for businesses of all sizes. The platform that launched in 2018 was developed by Coinbase, At its core, Coinbase Commerce allows businesses to integrate cryptocurrency payment options into their websites and applications. This integration is achieved through developer-friendly tools and APIs, meaning companies can customize the payment experience to fit their specific needs. By using Coinbase Commerce, businesses can tap into a global audience of cryptocurrency users and potentially expand their customer base. Coinbase Commerce leverages Coinbase's robust security infrastructure, including features like cold storage for cryptocurrency funds and two-factor authentication, to protect merchants and customers. This helps instill trust in the payment process and reduces the risk of fraud. Coinbase Commerce supports many cryptocurrencies, including Bitcoin, Ethereum, USD Coin (USDC), Polygon (MATIC), and more. This diversity allows customers to choose the cryptocurrency they prefer for making payments, providing flexibility and accommodating different user preferences. In terms of payment methods, Coinbase Commerce facilitates various options. Customers can pay by scanning QR codes or copying and pasting wallet addresses, depending on the integration choices made by the merchant. Additionally, Coinbase Commerce supports both one-time payments and recurring subscription payments, making it suitable for various business models. One notable feature of Coinbase Commerce is its ability to settle payments in the merchant's preferred currency. This is particularly valuable for businesses that want to accept cryptocurrencies but prefer to receive payouts in traditional fiat currencies to avoid exposure to crypto price volatility. Coinbase Commerce automatically converts received cryptocurrency payments into the merchant's chosen currency, simplifying accounting and financial management. Moreover, Coinbase Commerce offers detailed reporting and analytics tools. Merchants can access transaction history, track payment statuses, and generate reports for accounting and tax purposes. Blockonomics Blockonomics is a cryptocurrency payment processing platform designed to simplify the acceptance of digital currencies for businesses and individuals. It specializes in Bitcoin (BTC) payment solutions, offering tools and services that make it easy for merchants to incorporate Bitcoin payments into their online stores or websites. Blockonomics focuses on enhancing Bitcoin transactions' user experience, security, and privacy. The platform has plugins enabling integration with e-commerce platforms such as WooCommerce, Shopify, and Magento. This allows businesses to add Bitcoin payment options to their websites without the need for extensive coding or technical expertise. This user-friendly approach makes it accessible to many businesses, from small startups to established enterprises. Blockonomics also operates on a non-custodial model, which means it does not hold or control users' funds. Instead, it facilitates direct, peer-to-peer transactions between buyers and sellers, ensuring users maintain control over their Bitcoins throughout the payment process. This approach enhances security and privacy for both merchants and customers. Customers can choose between payment methods, including Bitcoin addresses and QR codes, making it convenient for users to complete transactions. Additionally, Blockonomics supports multiple fiat currencies, allowing customers to see the equivalent price in their preferred currency when making Bitcoin payments. Furthermore, Blockonomics has transaction tracking and notification features. Businesses can easily monitor the status of Bitcoin transactions in real time and receive notifications when payments are made. This helps streamline order processing and ensures that customers receive their goods or services promptly after making a payment. In regards to privacy, customers are not required to create accounts or share personal information during the payment process. This approach aligns with the principles of cryptocurrency, which emphasize pseudonymous and decentralized transactions. Merchants can access transaction history, view payment statistics, and generate reports for accounting purposes. These features simplify financial tracking and help businesses stay organized. CoinPayments CoinPayments is a cryptocurrency payment processing platform that enables businesses and online merchants to accept a wide range of cryptocurrencies for goods and services. It provides a comprehensive solution for businesses incorporating digital currencies into their payment options, making it easy to transact in cryptocurrencies securely and efficiently. One of CoinPayments' key features is its support for many cryptocurrencies. It accepts over 2,000 cryptocurrencies, including popular options like Bitcoin, Binance USD (BUSD), TRON (TRX), and more. CoinPayments offers an easy-to-integrate payment gateway for businesses, making adding cryptocurrency payment options to their websites and applications simple. This integration can be customized to match each business's branding and user experience requirements. The platform uses cold storage for cryptocurrency funds, two-factor authentication (2FA) for account access, and encrypted communication protocols to protect both merchants and customers. These measures help mitigate the risk of fraud and ensure that transactions are secure. CoinPayments also offers features like instant transactions and the ability to convert received cryptocurrency payments into the merchant's preferred fiat currency, similar to Coinbase Commerce. In addition to payment processing, CoinPayments provides reporting and accounting tools. Merchants can access transaction history, generate detailed reports, and track payment statuses. This simplifies financial management, accounting, and reconciliation processes for businesses that accept cryptocurrency payments. CoinPayments offers a point-of-sale (POS) solution, making it possible for brick-and-mortar businesses to accept cryptocurrency payments in a physical store setting. This can help businesses tap into the growing trend of consumer cryptocurrency adoption. Coingate CoinGate is a cryptocurrency payment gateway that facilitates the acceptance of various cryptocurrencies for online businesses and merchants. The platform provides various services and features to simplify the integration and management of cryptocurrency payments, making it accessible to a broad spectrum of businesses and users. The platform aims to bridge customers who want to pay with cryptocurrencies and businesses who wish to accept them. It achieves this by offering a user-friendly platform for businesses to integrate cryptocurrency payment options into their websites and applications. CoinGate also supports popular e-commerce platforms, making it convenient for merchants to add cryptocurrency payment functionality. The platform accepts various digital currencies, including Bitcoin, Dai (DAI), EOS (EOS), and numerous altcoins. This extensive cryptocurrency support enhances flexibility for customers who prefer different cryptocurrencies for their transactions. Depending on their preferences, customers can choose from various payment methods, such as QR codes or direct cryptocurrency address entry. This makes the payment process convenient and adaptable to different user needs. CoinGate provides real-time price conversion, allowing customers to see their cryptocurrency payments' equivalent fiat currency value. This helps users make informed decisions during transactions and clarifies the amount they pay or receive. Conclusion In conclusion, integrating cryptocurrency payment solutions into online marketplaces represents a noteworthy evolution in e-commerce. While its impact is still unfolding, it is clear that this development has introduced a new dimension to online transactions. As technology and financial landscapes evolve, cryptocurrencies' role in online commerce will likely remain a topic of interest and exploration, shaping the future of digital transactions.

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