ProjectX is launching on Polygon to significantly decrease gas fees and make the platform more scalable.
ProjectX Launching on Polygon
NYC and Australia based ProjectX solves the problems associated with the lack of transparency and complications in the NFT market by making NFT investments liquid, accessible, and secure through its unique and dynamic NFT-pegged pools. Additionally, it makes NFT collecting more lucrative and beneficial for all by offering an array of liquidity mining and rewards farming programs.
Similar to many of the other NFT and DeFi platforms, ProjectX also faces a common problem. The issue derives from the high gas fees and slow transaction confirmations on Ethereum which brings a scalability problem. To solve this problem and scale the platform quickly and smoothly, ProjectX will utilize Polygon’s full-stack scaling solution for pools of NFTs, the NFT redemption mechanism, and for all of the rewards systems the platform has.
As a result of this integration, all of ProjectX’s users will be able to significantly reduce their gas fees and transaction confirmation time. For the platform, this means that it can scale the product much easier, faster, and cost effective.
ProjectX will release its platform in October on Polygon, opening its doors for the 150,000 users from the ProjectX community. Every quarter, ProjectX will be adding new features such as a loans platform for NFT owners, custom ETFs, and more. All of these features will be built by utilizing Polygon’s full stack scaling solution.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK — a modular and flexible framework which supports building and connecting Secured Chains like Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ transactions, and ~6M+ daily transactions.
ProjectX solves the problems associated with the lack of transparency and complications in the NFT market by making NFT investments liquid, accessible, and secure through its unique and dynamic NFT-pegged ETFs. Additionally, it makes NFT collecting more lucrative and beneficial for all by offering an array of liquidity mining & rewards farming programs. Due to the NFT/ DeFi nature of the project, ProjectX in particular addresses the market of cryptocurrency trading and yield-based investments (specifically to the DeFi and NFT market).
By further developing the use of indexes and ETFs, it aims to create different themed pools of NFTs — which include Music, Digital Art, Sports Cards, and KOL issued NFTs within its unique platform. This development will assist both Institutional and Public adoption — driven by hundreds of large-scale and Tier-1 entertainment corporations .