A lot of projects built on top of Ethereum are running into gas fees problems. Gnosis is the latest to acknowledge this pressing problem. Partnering xDai to offset this problem is a necessary change.
Gnosis Taps xDai for Sustainability
- Operating on Ethereum’s main network has proven to be a headache when transaction costs rise significantly.
- In recent months, there have been numerous incidents affecting any project on the blockchain.
- For Gnosis and its users, the higher transaction cost is posing a lot of concerns.
- Making low-value transactions on Ethereum is, from an economic point of view, no longer feasible.
- Unfortunately, this will also mean that some projects may see less adoption than what they had initially expected.
- For Gnosis, teaming up with xDai is a solid decision.
- This Ethereum sidechain is designed for fast and cheaper transactions, combined with a developer-friendly environment.
- As part of the partnership, Gnosis has obtained STAKE Governance token through a proportional investment.
- These tokens will remain locked for 12 months.
- Following this partnership, Gnosis users can expect to see existing products launch on xDai, including the DEX, multiisg wallet, and token framework.
- It is very likely other Ethereum projects will need to explore scalable solutions to keep transaction fees low.
- Luckily, solutions such as xDai and many others can make this happen.
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