Ethereum promises big things. Big projects are being built on its platform and its market cap is exploding. Its currency, ETH, recently touched an all-time high and decentralized applications running on its network are impressive.
But there’s a catch.
The platform is suffering from congestion: with so many apps and people using the network, gas fees are high and transactions can be slow.
One platform, Singapore-based TomoChain, is proposing solutions. The smart contract company uses an innovative consensus method called PoSV (Proof of Stake Voting) which gives an incentive to all TomoChain token-holders to play an active part in staking across a network of 150 high-quality Masternodes.
It is working solely to help the Ethereum network function more efficiently.
And it has just announced a coin swap platform running on its network that will help achieve this.
LuaSwap is a coin-swapping platform. LuaSwap lets users swap tokens — be it UNI for USDC, or SUSHI for BTC.
The thing is, until now, the act of swapping coins was tricky: a single trade on Uniswap or SushiSwap, for example, could require up to $20 in gas fees.
TomoChain has helped LuaSwap by allowing it to run on its blockchain — essentially eliminating such fees and speeding the process up.
Why this is a good thing
With the Ethereum network so clogged up, until ETH 2.0 drops, small value transactions are going to continue to be expensive, and excluding beginners from the market in the first place… right?
TomoChain’s LuaSwap launch is going to change all of this; now coin swaps will be cheaper, faster, and easier.
Gas fees will be near to zero and transactions will be a lot faster than on Ethereum, with 2 sec block times and more than 2,000 transactions per second.
And this is just the beginning.
TomoChain has said that it will continue to help other DeFi projects use its system to make the Ethereum network reach its true potential.