3 Advantages for Crypto Project to Evolve to Multichain
The future of cryptoverse is multichain as the growth of crypto users is growing exponentially and often turn popular blockchain like Ethereum become sluggish and expensive. To answer such growth, multiple blockchains with different approaches to scaling are made. As a DEX ecosystem ENEDEX Exchange having a smooth and speedy transaction for user to use is paramount, that is why ENEDEX also approach the development of our product with multichain orientation such as having $ENE in BSC convertible to other chain and DEX that has multichain bridge.
Now, why should other projects follow suit to have their token on multiple blockchains? Here are the advantages of such evolution :
- Attracting New Community from Different Blockchain
Ethereum is a very crowded place, a new crypto project with brilliant ideas can hardly make a noise if they build exclusively on Ethereum. These new yet brilliant projects can find more community outside of Ethereum by building simultaneously on other blockchains with a growing community such as BSC and Avalanche. Not only that it will boost their audience and exposure, but these blockchains have their own traits that can further improve their project.
2. Improved Security
Having the project on multiple projects can serve as a hedge against the risk of one blockchain failure. It’s a real possibility for a blockchain to fail and disrupt other projects that are built upon it, namely Luna. Therefore if a project is built on multiple blockchains, it can reduce the risk of service disruption on another blockchain.
3. Improved Speed
Ethereum has been struggling with scalability for years now, and the new improvements are yet to bear the result as seen in multiple cases where users take hours to transfer tokens during the clogging period. Other projects such as Avalanche and BSC may hold the key to the scalability issue by approaching their scalability with their own method, such as delegated PoS and proof-of-authority (PoA) for BSC and having parallel consensus protocol with Avalanche. Therefore by building on those blockchains can make the project’s user be able to trade faster on DEX such as ENEDEX.
Those are the benefit for crypto projects to go multichain. Tell your favorite project that ENEDEX is coming with DEX with multichain bridge.
Also let them know to join our ever-growing community to make sure they won’t miss it when we launch!
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