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MXC: Building a Layer 3 on Arbitrum
At EDCON 2023, MXC shared some exciting news: MXC is the first ever Layer 3 on Arbitrum.
The announcement of what MXC has been building towards has been met with enthusiasm and curiosity from both the Ethereum and Arbitrum Foundation communities. Today, we are sharing more about what this entails for MXC, our network, and most importantly, our community of miners and token holders.
Introduction of Layer 3
Ethereum has introduced the possibility of launching smart contracts, through which various projects can build and deploy their unique apps while using the infrastructure of Ethereum. Then, with the introduction of Ethereum Virtual Machine - or EVM - the concept of layer 2 was introduced. Some popular EVMs such as Polygon and Binance Smart Chain have attracted incredible attention. One of the layer 2 solutions on Ethereum is Arbitrum, a unique EVM that uses zero-knowledge (ZK) roll-up for faster, more secure transactions.
MXC is the first-ever Layer 3 to launch on Arbitrum, allowing for an even faster transaction with the embedded zero-knowledge roll-up, while enjoying both the stability and the diverse dApps offered by Arbitrum and Ethereum.
Bringing Purpose to Modularity
Traditionally, choosing which EVM to build on top was largely a financial decision for most developers. This is why there is no purpose-driven EVM, as all EVMs see a variety of projects coming onboard, ranging from NFTs to GameFi, to DeFi derivatives. With the introduction of the MXC zkEVM, MXC is bringing purpose to an EVM for the first time.
With a series of native dApps, the MXC zkEVM is designed to attract the kind of innovators who have a specific purpose and interest in combining Web3 technology with data and IoT. For the first time in blockchain history, we are building an EVM that exists for a purpose and attracts the like-minded.
Introduction of Native dApps
Due to the lightning-fast transaction speed of MXC zkEVM, a multitude of native dApps are soon to be introduced. With the integrated bridge between the MXC zkEVM and Ethereum that takes less than 1 minute and a block time of 10 seconds, the MXC network is bound to be more vibrant than ever before.
The MXC community can expect useful dApps such as MXC Swap - a native decentralized exchange (DEX) to bring a seamless trading experience for all ISO (initial sensor offering) projects, and MNS (MXC Name Service) - a unique domain that all MXC users will be able to claim to attach an easily identifiable wallet domain to their existing wallets. Moreover, the all-new DataDash wallet is expected to migrate to 100% self-custody, significantly reducing any friction users may have.
Evolution of MXC
At its inception, the MXC token was launched as an ERC-20. With the major milestone achievement of the MXC zkEVM, current MXC holders can expect an evolution of the MXC token to better encompass the expansion of MXC from a token to a complete layering solution. Soon, token holders can expect an official announcement detailing the process of a token swap - from MXC (ERC-20) to native MXC for the zkEVM.
The launch of MXC zkEVM as the first Layer 3 on Arbitrum also means that the MXC token is gaining a new utility - a transaction gas fee for all transactions originating within the MXC zkEVM. This means that all transactions - for both the native MXC and ISO tokens that have launched on MXC zkEVM - will require a small amount of MXC tokens as a transaction fee.
We believe that this news would bring a new wave of enthusiasm for the current MXC token holders, as the implementation of MXC as a gas fee creates a perpetual demand and expenditure of the MXC token.
The Next Steps
Currently, MXC’s Wannsee testnet is live and fully functional, as demonstrated at EDCON 2023 in front of key stakeholders and developers, including Vitalik Buterin - the founder of Ethereum. Soon, the MXC community will be able to participate in an incentivized testnet, where they will be able to receive airdrops in exchange for their participation.
We look forward to your engagement and support.