Layer-2 protocols saves Immutable X NFT traders over $414k
As reported by BTC Peers this week, Immutable X in an effort to advance the growth of the non-fungible token (NFT) market launched a layer-2 protocol that will enable gas-free trading.
The Immutable X marketplace recorded over 10,362 trades in 24 hours at the speed of 9000 TPS (transactions per second). Ordinarily, each of these trades would cost at least $40 on the Ethereum blockchain, taking the total amount to $414,480.
The launch of this marketplace which offered gas-free NFT trading, therefore, means the platform has saved over $414,000 for traders in 24 hours. With a zero-knowledge-proof technology integrated, this marketplace is only offering gas-free trading for the Gods Unchained NFTs but plans are in place to integrate this feature on other platforms, enabling users to trade tokens gas-free anywhere.
The high cost of Ethereum gas has become a major sticking point for developers and users in the NFT and decentralized finance (DeFi) markets, thus, delaying the eminent global adoption.
The launch of this marketplace is proof yet again that there's still hope for massive adoption and Immutable X seeks to pioneer this movement by partnering with a few other marketplaces as hitherto reported by BTC Peers.