PhoenixDAO Scaling — Layer 2 & Multi-Chain
PhoenixDAO are Ethereum believers through and through, we expect Eth to remain the leading smart contract blockchain as the space matures, this belief is strengthened by tech adoption around Layer 2. That said being agile to a changing landscape and having the ability to adapt quickly is key. Whilst our core strategy is that the PHNX ecosystem will remain on Ethereum we want to offer our community a more agnostic approach!
Over the last couple of months scaling solutions have been a topic in which has consumed the space, it’s also been a hot topic here at PhoenixDAO.
As previously shared — our research team at Xord have been focused on a number of KPI’s to ensure that we accommodate the ever expanding ecosystem but not only that we want to also enhance the trading experience for our users wherever possible.
KPI’s (not an exhaustive list)
- Increased transaction speeds and cost
- Compatibility with existing application code bases (e.g. EVM compatibility)
- Supports NFTs (e.g. ERC-721)
- Established technology provider
- Availability (main-net launch/lead time)
- Chain interoperability
Technologies which have been in focus
- Polkadot — Side-chain
- Avalanche — Side-chain
- Polygon (Matic) — Side-chain
- Binance Smart Chain — Side-chain
- zkRollups — Layer 2
- Starkware — Layer 2
The plan we have opted to go with remains strongly tied to Ethereum, utilising layer 2 technologies wherever possible however, one size doesn’t fit all and so we are supplementing Ethereum with a multi-chain approach.
Each Layer 2 and side-chains are different stages in their development, some are either operational but limited or close to the main-net which is why we are taking a multi-pronged approach to scaling.
A decision which has been made to enhance exposure and the PHNX trading experience specifically for secondary markets. PhoenixDAO will be creating a BSC bridge and will look to offer liquidity and liquidity initiatives. Our aim is to bring PHNX to BSC early Q2. Definitive details on when this will be available will follow soon.
