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New blockchain offers minimal fees and fast transactions for DeFi apps

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  • New blockchain offers minimal fees and fast transactions for DeFi apps

    As DeFi sends Ethereum fees to a record average of $15, a new blockchain says it can execute an identical transaction for just $0.0008.

    finance applications.

    As reported by Cointelegraph, the transaction fees paid by Ethereum users have been hitting record highs recently, with congestion on the network taking the average fee at the start of September to as high as $15.

    But Lightstreams says the same application on its blockchain can be executed for a fraction of a cent, and it is even offering 12 months of gas-free transactions to projects that make the switch.

    An ongoing issue
    A sizable number of DeFi protocols rely on Ethereum’s blockchain, despite the fact that it has been plagued with scalability issues. An upgrade that will increase the blockchain’s throughput is in the pipeline, but it has been repeatedly delayed. Phase 0 of Ethereum 2.0 is yet to launch, even though it was scheduled to be released in January 2020.

    The team behind Lightstreams says solutions are urgently needed, as Ethereum 2.0 could still be one to two years away — with fears growing that the current levels of congestion risk stifling the growth of the DeFi industry.

    Lightstreams’ blockchain has now been running for one year, and composability with Ethereum’s Virtual Machine means any Ethereum application can run seamlessly on the Lightstreams network. According to the team, a number of audits have been performed to verify the robustness of its infrastructure.

    The company says its blockchain is 25 times faster, with transactions being settled almost instantly compared with a two-minute wait on Ethereum. Ease of use is also a priority. With Lightstreams’ gas relay service, users do not need to top up an account to begin using Lightstreams. Instead, decentralized applications have the option to pay transaction fees on behalf of their customers until they are ready to begin paying for use themselves.

    Finally, the blockchain provides a “unique privacy layer” for DeFi applications so data can be exchanged securely and potentially monetized.

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