Why did this happen? Transactions were all being done on chain and it got congested.
Uniswap currently has more than 200 mio daily volume, but transactions are on-chain so ETH gas fees are through the roof.
Stakenet (XSN) is solving this by implementing the Raiden Network, AND the Lightning Network to perform instant off-chain transactions which are way cheaper.
All the fees that are collected from people trading is used to pay masternode owners, AND to buy up XSN and burn it from the total supply.
In other words, XSN will be deflationary, just like Bitcoin. Once people realize how EASY it is to use their DEX, volume is going to go through the roof.
It's currently in BETA, but has more volume than Blocknet's DEX, which has been on the market for 2 years.
It won’t. I recommend filling my buy order immediately, I will be a bro and help you cut your losses.
Owen Bell
>i bought link at 0.80 instead of 0.20
Landon Garcia
I feel bad but not bad enough to sell at a loss
Leo Cruz
While I do see the potential in XSN, this is never going to be as big as link
Gabriel Hill
Nobody seems to address this issue.. are you telling me you have to rent a channel to do one trade? You would have to be a serious trader to leave one open.. so thats not a reasonable explanation for a normi. Does X9 have an in house solution for this to make it normi friendly and easy to use?
Charles Reed
No, but nobody outside of the most retarded moon boys has claimed that. The tongue in cheek phrase is LINK 1 XSN 2 for marketcap. I don’t think that will happen but I do think XSN will hit top ten mcap once hydra is implemented. The other thing is XSN already has functional staking, so even though LINK will reach a higher price/market cap, passive income is already present and working with XSN and that’s a big deal if you’re looking to maximize in the mid term.
Austin Morales
The defense is that "you can leave it open", which is silly since most people don't do day trading. They do a trade or two and that's it for the week or so.
Kevin Lewis
It is still better than CEx where they can take your deposit and run or get hacked. Just opening a channel and closing it is basically same fees as a CEx.
Infact it's not even slower. You need an onchain deposit and a withdraw for CEx also.
However lightning channels really show off when you are buying and selling. This is good for market makers and swing traders. You can leave channel up for a week at a time and you can rent it for even longer I believe once time is up.
>The defense is that "you can leave it open", which is silly since most people don't do day trading. They do a trade or two and that's it for the week or so. Uniswap volume begs to differ. You’re correct that normies aren’t going to get much out of this, but the retards seeking to get rich off PnD’s will be on this like flies on honey. Like the fools who went to California for the 1800s gold rush. And Stakenet will be happy to stand by and sell them the shovels.
Elijah Barnes
But the Stakenet Devs dont want to add shitcoins to their DEX
Ethan Price
when hydra?
Jordan Rodriguez
Anyone stake from the core wallet? I would mint coins everyday but for the last 2 days I have been staking 24/7 and have not minted anything.
Austin Jenkins
They have said they are going to approve every token added. You wont see any Uniswap pnd action.
Aaron Baker
I think people are missing the point of Layer 2.
Layer 2 is where like 90% of the transactions are supposed to take place leaving Layer 1 clear and free to operate.
When we get to that point you won’t need to close channels, and opening them will be fast and reasonably cheap anyway. Stakenet are just way ahead of the curve here which is why people don’t understand it right now but as more and more services move offchain it will become more normal.
If you think about how tiny the entire crypto space is right now and already we hit onchain bottlenecks just think about what will happen with “mass adoption”. Layer 2 isn’t a gimmick it is an inevitability as it’s the only way to scale effectively long term.
Michael Mitchell
[citation needed]
Jason Hughes
it's gonna go to zero you should sell now and cut your losses >fuck you not your security blanket
Blake Brooks
Well they are adding XSN to the DEX so that’s proof they are happy to list shitcoins
William Hill
channel rental costs are trivial.
opening a channel is a one time activity, no need to open and close channels for every trade
Austin Powell
kek
Wyatt Perry
Is it too late to get into XSN?
Wyatt Hall
What kind of costs are we talking? Do you have a ballpark?
Im a MN holder.. really just curious about my investment. When everyone gets defensive i just assume your trying to paint it up prettier than it is.. you know what i mean? If FUDers bring up good points, the team should have good answers
Gabriel Morales
now is the perfect time while its going down
David Cooper
I am not a retard but I make at least 4-8 trades on Uniswap per week. And the fees right now are outrageous. I will be using the shit out of this Dex.
Angel Adams
We're experiencing a healthy correction. Relax.
John Roberts
I am confused as to why more people aren’t pumped about the Dex. Forget about the coin. Who cares aside from people who FOMO’d into it. The Dex is going to be huge and allow people to jump in out of tokens with ease and minimal fees. That alone is reason to root for this DEX.
Mason Carter
Raiden network website says fees will be orders of magnitude less than paying gas, that at least sounds promising.
I assume lightning is similar, they dont have hard numbers but if they even brought fees down to eve $2 a trade it would blow uniswap out.. ive been averageing $7 in gas/trade
Ian Perry
To be fair, I've literally said this from the very beginning. It solves nothing, and it is only for professional traders who want to arbitrage on cex trades.
Problem is it won't get those professional traders, as the 0.2% fee is too damn high, since most pro traders are running on fees of less than 0.01% lmao.
It's quite clearly going down for another couple of months until they announce raiden into the live dex. Could be longer. Either get out now and try to make it back somewhere else, or hodl and hope that raiden integration to the live dex pumps the price again.
