- OVR has started the first phase of its migration from Ethereum to Polygon.
- The decision to migrate was made after OVR had problems with Ethereum’s scalability.
- The second phase of migration will begin in February.
OVR has started the first phase of migration from the Ethereum network to Polygon. The company has transferred Merkle Proof and minting functions from the former network to the latter. As a result, users can now mint their OVRLand NFTs on Polygon for only a few cents.
Similarly, OVR has added Polygon network payments alongside Ethereum and BSC payment options in the primary market. This, therefore, results in lower transaction costs.
The secondary market will remain unaltered until the migration’s completion. OVR made its decision– according to their blog– to switch to Polygon based on the following: Transaction costs, decentralization trade-offs and project vision, current adoption, vicinity to the Ethereum ecosystem, and finally EVM compatibility.
Polygon offers the scalability that OVR is searching for to make NFT minting and transfer affordable enough for average transaction sizes. Most importantly, Polygon’s vicinity to Ethereum dramatically reduces the risk of OVR falling into a ‘ghost chain’.
The migration’s second phase will take place in February. OVR will begin minting OVRLands saved as Merkle Proofs on the Ethereum network to their owners’ wallets on Polygon. There are currently over 24k different wallets owning more than 700k OVRLands. This will result in fully decentralized ownership of OVRLands, as well as widespread public scrutiny of minted lands and the owners’ community. Additionally, the light minting function will disappear as every purchased OVRLands will be directly minted on Polygon as NFTs.
This news follows the OVR announcement of being able to swap OVR tokens on the Polygon implementation of Uniswap V3. Users were able to use the official Polygon Bridge to move ERC-20 OVR tokens from the Ethereum network to Polyon and vice-versa. The bridge will automatically recognize the OVR tokens in users’ Ethereum wallets and will perform the bridging. Users simply needed to connect their wallets to the DApp.
Prior to that, OVR announced new app updates including additional features. A brand new UI was introduced for OVRLive, along with custom animation avatars, group chats, and preview and support for 3D assets. Additionally, users were given the option to display and add new friends directly from Live Events. OVR expressed to CoinQuora its pride in greatly improving user experience. This follows the fact that OVR has exceeded 700k OVRLands sold, as well as having integrated many NFT projects in the metaverse.
- Australian HR-startup Raises $30 Million at Funding Round
- DeFi Land Announces Gen-0 NFT Launch and Land NFT Seed Sale
- What is Web 3.0 and How Will It Change the Way We Use the Internet?
- Uquid.com Integrates With Binance Pay, Offers No-Fee Crypto Payments
- Everest Partners With Polygon, Delivers Regulated DeFi to the Internet of Blockchains