The Problem
Last updated
Last updated
Expensive Ethereum gas fees (Costs 20~80 USD per trade).
Slow transaction speed (Takes around 6 minutes for a trade)
DEX ecosystem diversification.
The blockchain industry undergoes exponential changes everyday. Especially from 2020, Decentralized finance (DeFi) continued to grow at an exponential rate. The total value locked in different DeFi protocols has exceeded 48.75 billion U.S. dollars (2021.04.05 according to DEFI PULSE). However, these on-chain assets require fast, frictionless, trust-free, and real-time exchange services, which has led to the rise of new decentralized exchange(DEX) protocols such as Uniswap, Sushiswap, PancakeSwap, and more. Although the new DEX model spearheaded by Uniswap has achieved significant development, it still has obvious drawbacks. First, the high gas fee of dozens of dollars per transaction hinders new users to entry; second, every transaction and every execution needs to wait for at least one block to confirm, which gives an unsatisfactory experience; and third, layer 1 DEXs have a clear bottleneck in transaction numbers and transaction capacity per second.
These horrific gas fees as well as slow transaction confirmations have certainly impacted new users to access DeFi. In order for new ideas to be created and implemented as well as be used by new adopters in the space, lightning fast speeds and extremely cheap costs are necessary. MCFinance hopes to address this problem by utilizing Polygon's Matic PoS Sidechain.
MCFinance will not only be a gas-free and super fast transacting environment to trade but also be an experimental environment for new user inflows outside of the current market such as the creation and integration of KPop NFT markets with MCFinance.
