How to save your money with Connext? Saved means earned!
Nothing explains the value of a project better than saving money, as smart people say, saved means earned.
Old paradigm
In the past, we have mostly used the Ethereum network since most of the tokens were erc20, let’s take a look at what are the average commissions in this network?
As we see that at the peak, the transaction fee can cost $25 and this is only a transfer! If you want to swap tokens during the bull market, it will cost you $35–60.
New paradigm
Over the past few years, many blockchains have emerged with low fees, as well as l2 solutions. See picture below.
As you can see the difference is significant.
And now to the economy.
Bob makes 20 transactions per month and 15 swaps. How much will he spend? For a clear example, let’s take the Ethereum network and Optimism.
ETH 20 transactions — 35.44$, ETH 15 swaps 132.75$ in total 168.19 per month or 2018.28$ per year.
OPTIMISM 20 transactions — 3.6$, OPTIMISM swaps 4.05$ in total 7.75 per mont or 91.8$ per month.
Difference is 1926.48$ per year. But what if Bob is very active defi-user ? And make 10x activity from the one example? Savings is 19264,80$ It’s a lot! This is because Bob knows how to switch between networks. After end of the year Bob buys Ford Mustang because he saved money.
You ask and where does the Connext?
Connext solves the problem of interoperability so that you can have an asset on chain A and move it to chain B, C, and so on, while using the cheapest possible сhains.
Instead of selling asset A on an expensive chain, you go to the Connext.network, transfer the asset to chain B and sell on this chain, thereby saving you money on commission (look example with Bob).
Connext connects many networks and allows cross-chain transfers, thereby solving the problem of blockchain interaction.
In this article, we showed with a specific example how exactly you save money by being able to be in different networks thanks to Connext Network.
The next article is a tutorial in which we will analyze which networks the Connext supports and how to use the platform itself.
Connext links:
https://www.connext.network/
https://bridge.connext.network/
https://twitter.com/ConnextNetwork
https://blog.connext.network/?gi=f93ad637c612
