The boom in the DeFi space began last summer.

The total value booked and locked across the various protocols has risen to over $24 billion, an increase of nearly 4,000% in less than a year.

But there is one challenge that many believe is holding back the further growth of the decentralized finance space and that is the exorbitant Ethereum gas fees.

The growth of the DeFi space:

The massive increase in the popularity of Decentralized Finance (DeFi) has led to the creation of hundreds of projects, each struggling to gain user trust.

The most successful of them is the “Uniswap” project, which provides the possibility of decentralized trading in addition to automated market making, and as it is known, the “Uniswap” platform is built on the Ethereum blockchain.

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Given that Ethereum suffers from pressure and congestion, as there are many applications and people using Ethereum, which contributes to increasing gas fees, and slow transactions.

Gas fees have been so high recently that many are beginning to question whether the DeFi arena is profitable only for financiers and large corporations.

TomoChain proposes a solution to this problem through its Proof of Stake Voting (PoSV) consensus algorithm that incentivizes all coin holders to be active in betting across a network of more than 150 Masternodes.

The goal is to help the Ethereum network run more efficiently, as suggested by TomoChain, the LuaSwap platform.

What is the “LuaSwap” platform?

platform”LuaSwapIt is a decentralized cryptocurrency exchange platform.

The main benefit and advantage of the LuaSwap platform is that it offers low fees compared to Uniswap or SushiSwap.

This is because the LuaSwap platform runs on the TomoChain blockchain instead of Ethereum.

LuaSwap promises to offer near-zero gas fees and faster transactions thanks to a confirmation mechanism that takes no more than two seconds and the ability of the TomoChain blockchain to process up to 2,000 transactions per second.

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It is worth noting that the fees on the Ethereum network have been very high recently, to the point that they exceeded the Bitcoin network by 3 times.

Over the past seven days alone, Ethereum has seen around $10 million in fees.

While the Bitcoin network saw only about 3 million dollars.

Interestingly, Uniswap ranked third, with weekly fees amounting to $2.4 million.

Read also:

What are the fees for gas and transactions in the Ethereum network?

Ethereum transaction fees rise to a new record for these reasons!