Top 4 Benefits for Crypto Project to Become Multichain
ENEDEX recently launched the ENEDEX Alpha version, complete with a BSC-Avalanche bridge that enables $ENE to be bridged over to Avalanche from Binance Smart Chain and has an alternative contract address in Avalanche blockchain.
The Avalanche smart contract itself can be reviewed at the following address
Contract address : 0x214B86ed37d709C9aDA719Ec00ABBe9E0c802D1d
Symbol : ENE
Decimal : 18
From a technical review of the multichain $ENE above, it can be certainly confirmed that it does not increase the supply of the token as it has a lock-unlock mechanism that safeguards the multichain ability of $ENE. The team has gone through all the way to develop $ENE to make it as it is with more chains incoming. But why does the developer, develop it this way?
Let us see the top 4 reasons why it is best to have your favorite project as a multichain project :
- Exposure to Other Blockchain’s Community Base
Community is always been the heart of a crypto project, that’s why the larger and more diverse it is, the better. But crypto is somewhat still segregated by tribalism between blockchains, which pushes each community to only support the projects that are built in the blockchain that they like or are invested on. This may sound like a problem, but with the right approach, this is an opportunity for early projects to expand to multiple blockchains to be supported by the so-called local tribe of each blockchain.
2. Expand Usability of the Token
There are hundreds, if not thousands of DApps already made in the cryptoverse since the inception of bitcoin. Some are built on Ethereum, some on BSC, others on Avalanche, and more. Some DApps found their success by building exclusively on one chain like Pangolin on Avalanche. Therefore to interact with DApps such as ENEDEX Alpha or Pangolin, for operations such as Liquidity Provision, a token needs to be available in Avalanche.
3. Hedging the Security of the Project
Crypto is built in the spirit of decentralization. But to have a project built on one blockchain is the total opposite of decentralization. It is highly risky to trust the foundation of a project in only one chain, knowing that one day the chain might fail such as in the case with Luna. Once the chain has failed, the project is highly likely to collapse with it. But by building on multiple chains, a project can hedge its success on multiple blockchains, securing the project from the risk of unilateral blockchain collapse.
4. Leverage on the Strenght or Special Trait of Different Blockchains
It is common knowledge that Ethereum although it is versatile and base for thousands of DApps, is infamously expensive in gas fees and sometimes slow during peak hours which can really slow down traders that wanted to trade on DEX and reduce their profit due to gas-fees. Avalanche on the other hand is blazing fast and has a very cheap gas fee, ideal for traders that wanted to trade often on DEX. To have $ENE able to trade in a fast pace and cheap, it has to be bridge on Avalanche first where it goes into Avalanche ecosystem
Those are the top 4 reasons why ENEDEX is becoming multichain project. Do we missed something? Let us know on ENEDEX community channels.
🐦Twitter : https://twitter.com/ENEDEX_HQ
🗣 Telegram : https://t.me/ENEDEX_Official
📖 Medium : https://medium.com/@enedex
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