The early years of the cryptocurrency industry have seen countless attempts to use blockchain as a technical solution to the problems faced by the financial services space. Some of these solutions have been successful, but others have run up against some of blockchain’s most fundamental limitations.
One of the biggest issues with layer-1 blockchains is scaling. For instance, Ethereum, the most popular smart contract platform in existence, is only capable of processing around 15-20 transactions per second, and that’s not to mention the absurdly high gas prices. While these layer-1 blockchains could theoretically implement changes to solve these issues, it almost always comes at the cost of decentralization.
This is where layer-2 protocols come in. Layer-2 protocols are networks that run on top of existing blockchains, allowing the main network to offload transactions and increase transaction throughput while maintaining the security properties of the underlying blockchain.
Phemex understands the potential of layer-2 solutions and is excited to announce the listing for 16 new coins. Phemex is committed to supporting the growth of the DeFi ecosystem and is always looking for new ways to do so. The addition of 16 new coins will provide users with more options for participating in this growing sector.
Phemex’s Layer-2 infrastructure and NFT projects listing
Phemex is committed to providing world-class trading services and ensuring that users have all the tools they need to participate in the exciting world of DeFi. With this in mind, Phemex has announced the listing of 16 new assets related to layer-2 infrastructure projects. In addition, Phemex will be hosting an exciting NFT Galore campaign and other giveaways to give back to its community with airdrops worth $10,000 USD. This move is part of the exchange’s efforts to expand its reach and meet the growing demand from users.
Some notable projects include:
ApeCoin is a token being distributed to holders of the Bored Ape Yacht Club NFTs – a class of NFTs that are notorious for their eye-watering prices and utility as celebrity profile pictures. The ERC-20 token can also be purchased and traded on exchanges, and will aid in the governance of the associated ApeCoin DAO.
With a market cap of over $350 million, ImmutableX is among the first layer-2 solutions to support NFTs trading on Ethereum with speeds of up to 9,000 transactions per second and no gas fees. Created and developed with StarkWare’s Rollup technology, the project primarily aims to solve the challenge of high gas fees on Ethereum.
OMG Network (OMG)
The OMG Network is a Plasma-based layer-2 scaling solution for the Ethereum blockchain that enables the network to process thousands of transactions a second. It reduces fees by approximately a third while maintaining Ethereum’s high standards of security. The network processes transactions off-chain, using the Ethereum mainnet only for final settlement. It also batches transactions, making the process less resource-intensive, and currently has a market cap of over $560 million.
Chromia is dubbed as one of the most practical or ‘rational’ blockchain platforms. because of how it facilitates the development of DApps. Chromia essentially bridges well-managed and structured databases with blockchain technology, optimizing DApp UX and the logic of a powerful database.
Chromia abstracts voting and consensus to a separate layer, creating a network of distributed nodes that log data to the blockchain in a fast and secure manner. Stored in relational databases, Chromia brings flexibility, versatility, and consistency to blockchain data. The protocol’s level of sophistication makes it perfect for use both as an enterprise blockchain as well as an independent public blockchain. In January, the project announced seed funding of $2.4 million from NFT Gaming platform Chain of Alliance.
Cartesi’s network design aims to push smart contract development to a new level, solving the issue of scalability and high fees using two broad solutions. As a project, Cartesi considers itself the world’s first Blockchain OS, using two broad solutions to solve performance issues on the blockchain.
The first, Cartesi Rollups, is a variant of optimistic rollups, and helps push transactions off chain to improve speeds. The second, its Proof-of-Stake consensus mechanism called Noether, ensures nodes are incentivised and remain in sync with each other.
Cartesi enables developers to access inexpensive storage, and provides a platform for dApps to achieve high throughput using a combination of rollups and sidechains that can run on top of most chains.
Biconomy delivers a non-custodial, gas-efficient, scalable relayer architecture that lets users enjoy the simplicity of Web3 applications using a thorough and streamlined transaction process. The project currently has a market cap of over $140 million, and aims to enable gasless meta-transactions and instant cross-chain transfers.
Coti is also known as the ‘Coin of the Internet,’ is the first enterprise-grade digital fintech platform aimed at eliminating intermediaries and empowering organizations to build their own private payment solutions using Coti’s Trustchain protocol.
It uses a DAG (Directed Acyclic Graph), which is an advanced blockchain structure that flows in a specific direction, with every transaction linked to multiple other transactions. Coti resolves many scalability issues with blockchain networks through its Trustchain protocol which can process over 10,000 transactions in a second.
Dent is building a better future for mobile data. This revolutionary project offers mobile data plans, eSIM cards, call minutes top-ups, and more. According to the official website, Dent employs the power of blockchain technology to curate a liberalized marketplace for mobile data.
Trading on Phemex
Phemex always puts its users first. By developing new features based on customer feedback, the platform is always looking for ways to improve user trading experience. The listing of 16 new coins on Phemex adds even more options for users, as well as giving them access to some of the newest and most innovative projects in the industry. With so many tradable tokens available on Phemex, users will be able to make the perfect trade every time. To learn more about Phemex and the newly listed tokens, visit Phemex’s most recent Spot Trading Announcement.