Brady Dale
Ethereum Gas Fees Drive Gnosis-Powered Prediction Market to xDai’s Layer 2
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“The situation is different now,” Stefan George of Gnosis told CoinDesk. Lots of dapps are clawing for Ethereum’s compute power. If activity calms on one decentralized finance (DeFi) platform, it’s likely to perk up on another.
“Ethereum is on the way to becoming a whale chain,” George lamented, one where only people transferring large values can stomach its steep transaction fees. So now Gnosis is voting with its feet.
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The prediction market technology firm is copying all its smart contracts over to Ethereum sidechain xDai. The move will include DXdao’s Omen, an app for prediction markets, and SAFE, Gnosis’ decentralized exchange (DEX) and multisig wallet.
Gnosis is a ConsenSys spoke that has built a number of different applications on the world computer. It’s had time to do so after securing $12 million in an April 2017 initial coin offering (ICO) and then finding itself stymied in deploying its chief product as it attempted to secure regulatory approval for the technology.
Since turning its prediction market application (a way to gamble on the outcomes of future events) over to a decentralized organization, DXDao, and providing tech support for its implementation, Omen, Gnosis found that users balk at making bets with their friends when it costs so much to do so because of gas costs.
Saturday, November 28, 2020