Layer 2

TwoX, a Financial Technology To Launch on L2 Blockchain Arbitrum

  • Ethereum is unable to benefit from layer 2 scalers.
  • Arbitrum is one of their preferred layer 2 protocols and will be live on the testnet.
  • Arbitrum maintain an equivalent level of security to that of Ethereum

The TwoX Protocol will be introduced on the Arbitrum platform, according to the TwoX Protocol developers. TwoX claims that it is a decentralized financial technology that creates yielding stablecoins. The team has been considering and investigating the best infrastructure for launching TwoX over the last few weeks. Their initial strategy was to “utilize its decentralised network for the implementation of their contract” because Ethereum comes with a built-in DeFi blockchain technology.

However, it has been acknowledged that Ethereum is unable to benefit from layer 2 scalers that provide high performance due to the division within their organization. The decision to deploy both platforms separately has been made after an agreement was reached in this regard. As a result of its ability to provide a developer-friendly environment, Arbitrum is one of their preferred layer 2 protocols.

The Team In a Dilemma 

Since a few weeks ago, their team has been “researching & discussing which infrastructure is great fit to deploy TwoX primarily.” They had originally intended to “use its truly decentralised network to deploy their contract” because Ethereum is a native DeFi blockchain platform.

In contrast, “to be on Ethereum specifically and not benefiting with high performance layer 2 scalers is acknowledged” after their team’s dispute.

They have now decided, in agreement with one another, to launch separately for both platforms. Layer 2 option Arbitrum is one of their top choices and it provides developer friendly environment.

According to a blog post, TwoX will be live on the testnet within the upcoming month. The team will be “testing smart contracts and getting ready for technical documentation” during this time. They have “not released web or community channels except Twitter only,” as you may have seen.

Their Discord server will be made available for early contributors with private access, and it shall be announced in a week, according to their plans.

Testnet To Soon Be Launched

TwoX is expected to be released on the testnet in the future month, according to a blog post. The team will now begin looking into smart contracts and putting together technical documentation. It should be noted that, except for Twitter, they have not yet made any web or community channels available.

The opening of their Discord server, which will only be open to early contributors and have restricted access, will be announced in their announcement. Within a week, this news is anticipated. The variety of blockchain scaling solutions offered by Arbitrum, according to the description, maintains an equivalent level of security to that of Ethereum while providing expedited transaction processing at a noticeably lower cost.

Following years of preparation and nearly 18 months of operation on the mainnet, the Arbitrum Foundation recently announced the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, which is a significant step towards decentralization.