Our new decentralized storage is used for rollup data and fraud-proof challenge processes, so a much larger number of transactions can be rolled up at once, resulting in a significant reduction of transaction costs — from a cost of about $2-$3 just a few months ago to 2 cents and 19 cents for a swap, at the time of this article!
The new IPFS-like distributed storage solution supports all types of API frameworks for easy integration with DApps that would like to leverage the benefits of native storage on Metis’ Layer 2 network.
At Metis Andromeda, we prioritize our users and our partners, which is precisely the reason why we are so excited. The decentralized storage is a major, solid step in the right direction for Metis Andromeda. This new development will not only create a wider community engagement, but also directly benefit the network efficiency. In this short article, we will cover many of the benefits that will be enjoyed by both: builders and users.
Lower Gas Fees
The implementation of the Decentralized storage will not only improve performance, but will also make it more economic through the reduction of gas fees. How are lower gas fees achieved?
Simple! Rolling up data and fraud-proof challenge processes, resulting in a much larger number of transactions being rolled up at once (fee get cut off in smaller slices). This takes us to our next point!
Since the gas fees for Andromeda Network have fallen so low, not only do the ecosystem and its products become more usable, but DeFi itself actually becomes more profitable. All the auto-compounding DeFi products would get incredibly benefited from this implementation, due to the fact that “auto-compounding” implies that the harvesting is done automatically and continuously. Since there are a lot of fees involved in these processes, the reduction of said fees in a process where their use is SO continuous can create a huge difference in the short, medium and long run.