[PRESS RELEASE – Please Read Disclaimer]
New York – December 9, 2020 – TradeStars announced today the Integration of Matic’s L2 (Layer 2) scaling solution to help improve their product offering by ensuring a smooth and seamless user experience on the platform, even when trading activity on the platform grows exponentially in the near future.
In the current Ethereum network, transactions take no less than 20 seconds to get confirmed. By integrating with Matic, TradeStars hopes to bring this down to about 2 seconds, which will lead to an enhanced user experience.
Matic also lowers transaction costs by a factor of 1/1000. This will allow TradeStars to implement feasible meta-transactions and improve the quality of user experience even further.
Matic Network is one of the leading L2 scaling solution providers. Backed by Coinbase and Binance, Matic aims to provide a generalized L2 platform by using an adapted version of the Plasma framework along with Proof-of-Stake (PoS) consensus-based side chains. Matic has already been securely integrated with Ethereum, and will support other major smart contract platforms in the future.
Blockchain-based games have seen a significant surge in interest this year, and are being considered as one of the main vehicles of taking crypto to the masses. Most of the popular blockchain games are built on Ethereum, which has traditionally been the first choice for all DApp developers.
The abundance of DApps running on the Ethereum blockchain makes it prone to heavy network traffic. Congestion on the Ethereum network can completely ruin the user experience. Moreover, transactions on Ethereum can be quite costly too.
The use of Layer 2 side chains has come up as a promising technique for making blockchain networks more scalable. Here, transactions are moved and settled through the secondary blockchain, and only the final state is broadcasted to the main network. Many researchers have been working to integrate L2 scaling solutions into Ethereum.
Speaking about the partnership, Christian Hentschel, Founder of TradeStars, said “We’re creating the NASDAQ of Fantasy Stocks on blockchain, and we’re nowhere near that with the current user experience in terms of transaction timings, transaction costs, and scalability overall in the current Ethereum blockchain. Matic Network will help us overcome these technical challenges. I know they are a really solid technical team and have known them since early 2018 when I was contributing to Decentraland researching for suitable future proof scalability options. They have embraced this challenge with strong commitment and superb technical skills.”
Sandeep Nailwal, COO & Co-Founder of Matic Network, added “TradeStars is introducing some unique concepts to the blockchain gaming sector. Users can purchase Fantasy Stocks in the form of Fractionable NFTs while using their sports knowledge to trade these stocks judiciously and maximize their ROI. We’re optimistic that TradeStars will bring about a paradigm shift in the fantasy gaming industry, and we’re glad that we’ve associated with them right from their early days.”
TradeStars is the first Ethereum based decentralized exchange for trading fantasy stocks the value of which is influenced by real-life performance statistics of athletes. The fantasy stocks are implemented through Fractional NFT Markets. It gives users the flexibility to purchase any amount or fraction of these stocks. TradeStars also offers various DeFi benefits, such as the staking of fantasy stocks to Yield Farm the utility token TSX. TradeStars 2.0, the application’s updated version which supports Matic integration, will be launched this year. TradeStars has 30,000 registered users and more than 45,000 community members. The headquarters are in Buenos Aires, Argentina.
About Matic Network
Matic Network Pte. Ltd. is a decentralized scalability platform solution using an adapted version of the Plasma framework. The later empowers Ethereum-based DApps with the high-speed and extremely low-cost transactions required to achieve mass adoption. With 60+ DApps building on their network already, Matic Network is one of the most widely adopted DApp platforms in the industry. The Matic Network blockchain achieves finality using PoS checkpoints which are pushed to the Ethereum mainchain. This enables a single Matic sidechain to theoretically achieve 65,535 transactions per block, and possibly millions of transactions on multiple chains in the future. Matic’s headquarters are located in Bengaluru, India.