DeFi protocol moves blockchains to sidestep ‘unsustainable’ gas fees

An open-source, decentralized, interoperable platform has announced that it will be the home of a multichain decentralized finance protocol.

Gene Finance launched on Metaverse on Friday and is designed to help cryptocurrency enthusiasts “easily deploy and optimize their digital assets within the DeFi space.”

An intuitive dashboard has been built that enables users to manage their DeFi portfolio across a plethora of products — including yield farming, algorithmic stablecoins and liquidity mining.

Metaverse, which recently launched its mainnet, is providing an all-important infrastructure layer that results in a faster, cheaper, more efficient transaction experience for DeFi’s ever-expanding user base.

According to Metaverse, gas fees have become “unsustainable” across a number of blockchains that host DeFi protocols — meaning that it can cost hundreds of dollars to complete transactions on platforms such as Ethereum. Gene Finance’s migration means that its community will no longer be priced out, and will be given the freedom to pursue their strategies without worrying about how expensive they will be.

What to expect

Gene Finance has been making a concerted effort to ensure that the switch from Ethereum to Metaverse is as smooth as possible — and as a result, users were encouraged to stop trading their assets on Gene Swap from April 19 until the launch was finalized.

To begin with, six pools have been migrated to Metaverse: ETP/USDT Dog, GENE/USDT Taotie, DNA/USDT Dragon, ETP Deer, GENE Tiger and DNA Bull.

The project has stressed that all remaining pools in the DeFi protocol are going to remain on Ethereum and will continue to be accessible through a dedicated website. Users who were already staking assets on Ethereum were assured that they didn’t need to do anything during the migration, as the transfer of their assets was going to be facilitated free of charge and automatically. A bridge has also been established so assets can be transferred over to Metaverse.

Comprehensive guides have been created in order to educate existing users on what to expect when they start to interact with Gene Finance on Metaverse — familiarizing them with token swaps, liquidity pools and farming.

At present, there is a circulating supply of 174 million GENE tokens across Ethereum and Huobi Eco Blockchain, and Gene Finance has announced that an additional 36 million tokens are being issued to deliver mining incentives on Metaverse. Liquidity providers of the ETP Deer and ETP/USDT Dog pools will receive ETP rewards distributed by the Metaverse Foundation, which donated 1 million ETP to Gene Finance.

Metaverse milestones

Metaverse recently marked its fourth anniversary and had even more cause to celebrate following the launch and continued development of the long-awaited Hyperspace mainnet.

More insights from Metaverse here

This has been heralded as “the first milestone of a robust roadmap of development that embodies the New Metaverse.” The rollout of new features is being spearheaded by the Metaverse Foundation, which has been tasked with maintaining the operations of the blockchain and creating a “complete and affluent” ecosystem.

Metaverse says it has delivered the first hybrid consensus algorithm to Substrate — creating a resilient network that doesn’t compromise on scalability. The New Metaverse ETP also unlocks an interoperable platform that allows anyone to build smart contracts and deploy them.

Looking ahead, the project is now inviting influencers from across the crypto-asset space to join its community. The project says those who take part in the Metaverse Ambassadors Program can become an important cornerstone in the expansion of the Metaverse ecosystem — utilizing a secure, powerful, accessible blockchain that is pioneering the human-to-digital asset interaction of the future.

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