Throughout the continued development of Sigmadex our team is constantly on the look out for the best possible options that will benefit the platform in meaningful ways. In a rapidly changing landscape like DeFi, adaptation and important decisions need to be made on an ongoing basis while requiring in-depth research and analysis before commitments.
With TGE around the corner, our team is on the verge of making a crucial decision regarding its layer 1 partner and the possible collaborations that lay ahead for Sigmadex.
The development of our application has undergone extensive trial and error in regards to building on Binance Smart Chain as a commencing layer 1 option. Initially our plan to build on BSC was simple: Utilize its basic low cost transactions since Ethereum would continue to suffer from network congestion due to an inefficient Proof-of-Work consensus model. Through extensive learning and development, our team made the decision that building on BSC may not be the best option for a layer 1 protocol for our genesis deployment. This is not to say that BSC is not a powerful and well resourced blockchain - We plan to revisit the BSC network as an expansion vertical into the Binance ecosystem in the near future.
We are excited to share that we are close to establishing a layer 1 ecosystem partnership with a very promising candidate. While our team has yet to have our connections solidified, we have determined that Avalanche, Polygon and Fantom are the most viable options that would be best suited for Sigmadex at this stage.
While we still intend to revisit the BSC architecture in the future, our needs at present time call for a different solution.
Our journey is leading us to partner with a layer 1 that will support the Sigmadex ecosystem and narrative to be a top DeFi project. There are many layer 1 options to help scalability while having solid infrastructure, liquidity and providing sufficient co-marketing support. With these factors in mind we are exploring three main prospects:
Avalanche C-chain promises various technological improvements, decentralization, reliability, low transaction fees and an adequate degree of scalability that can potentially be a great fit for Sigmadex. AVA Labs has also shown immense support for Sigmadex and our development team. We have also tested on the Avalanche C-Chain resulting in confidence from our development team that we would not run into the same issues that we were previously encountering.
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality and has the most validators securing its activity of any proof-of-stake protocol.
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.
Polygon combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system.
Fantom network has also been presented as a consideration for the future home of Sigmadex and promises robust functionality, scalability and compatibility. The Sigmadex team also admires the work of Andre Cronje and his contribution to the DeFi community.
Fantom’s aBFT consensus protocol delivers unparalleled speed, security and reliability with almost instant transactions and extremely low fees.
The issues that we encountered through rigorous testing and exploration demanded that our team investigate alternatives for building the Sigmadex ecosystem. Our decision on a platform partnership will be made in the best interest for the project, our community and for the longevity of the protocol as a whole.
We will explore all of these details and more during our fireside chat that is scheduled for Saturday, December 4th 2021.