OVR Migrates To The Polygon Network In Quest To Dominate The Metaverse
January 29 2022 - 7:28AM
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OVR has successfully completed the first phase of its two-phase
migration to the Polygon Network. The move began in January and has
already shown promising results for the project, with the second
phase to be deployed in February. It announced that it has
transferred the Merkle Proof and minting functions from the
Ethereum network over to the Polygon network, allowing for NFT
minting at low fees. Furthermore, OVR also announced that Polygon
network payments have been added to the Ethereum and BSC network
payments currently available to users in the primary market. This
will greatly decrease transaction costs while providing a higher
scalability potential for the metaverse project. But Why Polygon?
Ethereum may be the leading smart contracts platform in the crypto
space but there is no doubt that it is an overcrowded and
oversaturated network. This high demand on the network, coupled
with the network’s inability to scale properly to accommodate its
growth, has led to recurring scalability and fee issues, which
happen to be some of the highest in space. In light of these
problems, OVR, a project initially built on the Ethereum network,
has had to move operations to the Polygon network which can
accommodate its growth and provide low transaction/minting costs
for its users. The high rate of adoption of the Polygon blockchain
and its closeness to the Ethereum network also helps to
dramatically reduce the risk of ending up in “ghost chains.” “The
blockchain scalability landscape is vast and quickly evolving;
choosing one solution over another is not a simple task, but it’s a
multidimensional problem with many variables and forecasts to
digest,” the website reads. Polygon presents as the best choice for
OVR given its low transaction costs, its decentralization
trade-offs and project vision, adoption trajectory, and vicinity to
the Ethereum network/EVM compatibility. Trading OVR On Polygon With
the move to Polygon, trading OVR tokens has never been cheaper.
Users can now easily swap their OVR tokens on the Polygon
implementation of Uniswap V3. Gas fees for each swap are at $0.01
each as the move has made transactions easier and cheaper. What’s
more, is that OVR tokens can now easily move from Ethereum to
Polygon and vice versa using the Polygon Bridge. It is a simple
DApp that only requires a user to connect their wallet to it and
they’re good to good. Just as transaction fees have dropped with
the move to Polygon, so have NFT minting fees. OVR users are able
to mint their OVRLands for really cheap on the Polygon network
compared to the Ethereum network. This capability is currently live
and OVRLand holders can mint them as NFTs on the Polygon
blockchain, which can only be sold on the OpenSea marketplace for
the time being. The second phase of the move to Polygon will come
with even more exciting capabilities such as batch minting of all
light minted OVRLands, direct minting of new primary market sales,
an Ethereum <> Polygon NFT bridge, as well as a fully
decentralized secondary market where users can sell their OVRLand
NFTs. It is up to each user if they want to mint their OVRLand on
Polygon now or wait for the batch minting that comes with phase II.
Those who choose to wait will have their OVRLands, which are
currently saved as Merkle Proofs on Ethereum, minted directly to
their wallets on Polygon. There are currently more than 700,000
OVRLands in circulation owned by over 24,000 wallets. OVR is also
pushing an update to its app to improve the AR experience of its
users.
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