Sigmadex is happy to announce its initial debut on Avalanche. The decision to build on Avalanche has been influenced primarily by the technological improvements, decentralization, reliability, low transaction fees and impressive scaling possibilities. This is especially the case when compared side by side to the Ethereum network which has been suffering from network congestion and abysmal smart contract interaction fees. Sigmadex ultimately aims to become a cross-chain DeFi liquidity protocol that will bridge to other blockchains like Ethereum and Binance Smart Chain through Avalanche subnets.
Being Solidity-compatible, Avalanche works with existing tools like Remix, Truffle and Tenderly, providing a full EVM compatible environment right out of the box with minimal modifications required.
Transactions on the Ethereum network have effectively priced out many potential DeFi users and continue to turn off newcomers. The overall cost for initiating a token swap is about 0.016 ETH - at a gas price of approximately 100 GWEI. As the value of Ethereum continues to soar we can expect that transaction costs will increase in parallel with ETH. At the time of writing this article the price of Ethereum was ~$2500.00. At this price we can assume many newcomers will be hesitant to come on board and use Ethereum backed projects.
On Avalanche transaction costs are significantly less and transaction speeds are much faster and fluid. We’re excited with our results from testing as we believe users will now be able to take greater advantage of trading opportunities with a smaller amount of capital. On Avalanche cost is not the only key component, in our testing we confirmed transactions 5 seconds faster than any competitor. Our research indicates that users prefer time and cost savings over any other feature which meant partnering with Avalanche was a no brainer.
Supporting the AVAX Community
Long time Avalanche adopters will be rewarded for their loyalty and early support of the ecosystem by having a bigger precedence on Sigmadex. If you've held AVAX in your wallet prior to New Years day be prepared to receive a generous gift from the Sigmadex team arriving within the next couple of weeks! If you have yet to adopt Avalanche as your chain of choice you are still eligible for a welcome bonus from Sigmadex when you becomed an Avalanche user as we celebrate our deployment.
Planning for the Future
The Sigmadex team would like to express gratitude towards our supporters in both the Sigmadex and Avalanche communities. By taking this important step we become closer to realizing our goals and this is ultimately a big leap towards the successful launch of Sigmadex.
We fully understand the impact a pivot of this magnitude can invoke, we also recognize that some community members may be concerned or even disagree with our choice. We wish for those individuals to take comfort in the fact that there are numerous advancements and advantages for our users by making this adjustment. The decision to make this change was not taken lightly and was carefully and strategically approached while being heavily scrutinized by our team and advisors to ensure long-term success for our protocol. All of our decisions are made to ensure the best user experience in every facet, trust in our experience and expertise to deliver a well polished and capable product.
With plenty of improvements, partnerships and growth in the pipeline for Sigmadex we look forward to the continued expansion of the protocol and the community. This new partnership is a step in the right direction for Sigmadex as we march closer to our milestones.
Our team has noticed Avalanche progressing rapidly in the DeFi sector and they've been continuously building out an ecosystem of DeFi products on its C-Chain. Our unique integration with Avalanche will open up opportunities and enable us to tap into a growing and well supported community.
All tradable assets, especially volatile assets should have liquidity locked in the Sigmadex ecosystem to instill confidence into their respective markets. Existing protocols on Avalanche are not optimized to support this. Sigmadex will be able to support the creation of reliable liquidity pools for newly developed and more volatile AVAX projects by being transparent and creating incentives to hold for the future. Our application will open up exclusive risk mitigation strategies with the integration of modified game theory elements and utility NFTs.
The team is looking forward to playing a key role in facilitating an increase in TVL as well as creating confidence and innovation within the Avalanche ecosystem.
Expansion is a critical step in our roadmap to become the leading liquidity protocol. Our debut on the Avalanche C-Chain is on the horizon as our team completes the foundation and initial smart contracts to handle token emissions. This is our first step in the right direction and we are confident that this will pave the way for the future of Sigmadex.
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.