Key Takeaways
- HXRO, a gamified crypto derivatives exchange, has announced plans to operate on the Solana blockchain.
- It cited Solana’s high performance as the reason for its decision.
- The exchange and token will continue to exist on Ethereum as well.
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Hxro, a crypto options trading platform, has announced that it will extend its derivatives trading service to the Solana blockchain.
Hxro Credits Solana’s Performance
Hxro currently offers time-based options markets in a gamified format, featuring multipliers, leaderboards, and other similar incentives. Its MoonRekt game is its flagship product.
Hxro has chosen Solana as its underlying architecture, citing its performance as its main appeal. “Solana matches our business needs both now and at future scale in terms of speed, throughput capability, and cost-efficiency,’ the project explained on Twitter.
Hxro says that it aims to decentralize the project and enhance the utility of the HXRO token. It will introduce staking, governance, and other incentive programs for token holders. The team also hopes to collaborate with the Solana-based DEX Serum as well.
The platform will continue to operate on Ethereum as well as Solana. “Users will be able to freely move HXRO seamlessly between both chains,” the team says. This will allow users to take advantage of Ethereum’s rich ecosystem and Solana’s high performance together.
High Ethereum Fees Cause Problems
With scalability issues and ultra-high gas fees on Ethereum, crypto projects are exploring faster options. Solana claims to support 50,000 transactions per second (TPS) with a 400ms block time.
While some projects are moving to layer-2 chains, Solana is proving to be a strong contender when it comes to alternative layer-1 chains. Unlike layer-2 scaling solutions, Solana is not built on top of Ethereum; it is a blockchain unto itself that is compatible with Ethereum-based ERC-20 tokens.
Ethereum’s own upcoming scalability improvements, which will be part of Ethereum 2.0, may reduce the need for projects to migrate to alternate blockchains in the future.
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This news was brought to you by ANKR, our preferred DeFi Partner.
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