As a seasoned crypto investor with a knack for spotting promising projects, I find the recent move by XYO to bridge its network from Ethereum to Solana quite intriguing. Having witnessed the rise and fall of several blockchain networks, I can attest that scalability, low transaction costs, and high throughput are the key factors that separate the contenders from the pretenders in this rapidly evolving space.
XYO, a decentralized network for physical infrastructure (DePIN), announced its move from Ethereum to Solana, highlighting the latter’s advantages such as high data processing speed, affordable transaction fees, and scalability. This information was shared in a blog post published on October 31st.
According to the post, you can now find the XYO token not only on Ethereum but also directly on Solana. This move enhances cross-chain interaction and provides more versatility for users.
According to the post, it’s now possible to trade the native XYO token directly against tokens like Solana (SOL) and USD Coin (USDC) on decentralized exchanges (DEXs) such as Jupiter and Raydium that are built specifically for the Solana network.
By integrating XYO into the Solana decentralized finance environment and making it available on platforms like Jupiter and Raydium, users who possess tokens or memecoins based on Solana will effortlessly be able to exchange their assets for XYO and gain access to its DePIN data system. This is according to Markus Levin, the co-founder of XYO, as shared with CryptoMoon on November 1.
Expanding accessibility to XYO on the Solana network aligns with our larger ambition to make it compatible with various blockchain platforms, as stated by Levin.
Related: DePIN to be ‘crypto’s next big use case’ — MV Global
XYO is a DePIN designed to verify location and other real-world data for Web2 and Web3 projects.
It operates more than 8 million nodes across 150 countries, according to XYO’s website.
DePINs are blockchain protocols aimed at decentralizing real-world infrastructure and systems, including communications networks, data warehouses, energy markets, and more.
They will be Web3’s “next big use case,” with the potential to onboard “a significant number of new users to the crypto space,” according to a Sept. 5 report by MV Global, a Web3 investing firm.
As per MV Global’s report, there are over a thousand active projects within the ecosystem, collectively valued at over $50 billion in total market cap.
The relatively small average fee for transactions on Solana’s main network – approximately $0.00064 – has made it an appealing choice for DeFi projects such as Helium, IoT.n, and Render, according to XYO.
According to Johannes Fuchs, analyst at MV Capital, the power of Solana comes from its “multi-processing structure and affordable transaction costs.
According to Fuchs, we anticipate that the forthcoming update to Firedancer will make it even more appealing as the preferred option for future DePIN initiatives.
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2024-11-01 20:44