Borderless Finance Platform Gluwa Taps Infura Transactions (ITX) To Reduce Ethereum Transaction Fees By 15%
Cryptocurrencies and blockchains are primarily seen as next-generation payment gateways. Unfortunately, a fair few of these projects suffer from scalability issues, affecting any service or applications built on the same infrastructure. Optimizing Ethereum transactions often requires partnerships, like the one between Gluwa and Infura Transactions.
Achieving Better Ethereum Efficiency
Even though Ethereum is the go-to blockchain for developers to build smart contracts and decentralized applications, the network’s performance isn’t ideal. Users often pay transaction fees in the double digits as the network cannot handle the overall load. The Ethereum developers are working on solutions through ETH 2.0, although that upgrade has no official release date yet. Until that happens, users and developers will need to find other solutions.
Different solutions exist to alleviate these gas fee concerns. Layer 2 scaling solutions make Ethereum more efficient than the network has ever been. One of those solutions is Infura Transactions (ITX), a high throughput transaction relayer service. Due to its minimization of stalled and dropped transactions and by reducing gas costs, users can expect 10-15% lower transaction costs – a significant improvement that can prove beneficial to many developers.
Infura Transactions uses an incremental bidding process to reduce the gas fees and dropped transaction instances. When transactions on Ethereum remain pending for an extended period, they will often drop off the network entirely. Infura’s solutions can verify whether there is a sufficient gas tank balance. A portion of that balance is locked and relayed to the network. Once a transaction is mined, the gas tank balance is reduced accordingly.
Through ITX – designed by ConsenSys’ Infura – everyone can simplify Ethereum transactions. Transaction delivery and securing TX mining are two essential factors in this equation. For developers, it removes many headaches associated with gas management and lets them focus more on developing products and services. Services like these can be game-changing for other projects on the Ethereum blockchain. Gluwa, with its focus on borderless transactions, is partnering with Infura Transactions to make its solution more efficient.
Efficiency is Crucial To Gluwa
As a blockchain service combining decentralized finance infrastructure with global investment opportunities, high transaction fees and dropped transactions are a problem for Gluwa. Providing this service to potentially millions of people is only viable if the underpinning network is efficient. As Ethereum is not that efficient, partnering with Infura Transactions can make a significant difference. The partnership can benefit all of Gluwa’s services, including its Invest, Wallet, Exchange, and Capital solutions.
Moreover, Gluwa provides services to attach a loan portfolio to a public blockchain and expand their reach through native applications. Known as Creditcoin, this technology can give rise to various packages and features depending on individual needs.
Gluwa Founder and CEO Tae Oh adds:
“At Gluwa, it is our belief to constantly strive to improve the experience for our users. By integrating ITX, our users no longer need to worry about dropped transactions or retry functionality that causes higher gas fees when a transaction is pending for a long time.”
As Gluwa recently launched its savings and bond accounts, efficiency becomes even more important. The project notes 100,000 investors and over 10 million borrowers to date, confirming the business model is viable. The global pool of existing customers will benefit greatly from reduced transaction fees, as will any new users trying out the various services under the Gluwa umbrella.