OVR migrates to the polygon network in quest to dominate the metaverse
OVR has successfully completed the first phase of its two-stage migration to the Polygon Network. The move began in January and has already yielded promising results for the project, with the second phase set to begin in February. It announced that it has ported Merkle Proof and coin functions from the Ethereum network to the Polygon network, enabling low-cost NFT coins.
Furthermore, OVR also announced that Polygon network payments have been added to the Ethereum and BSC network payments currently available to users in the primary market. This will significantly reduce transaction costs while providing higher scalability potential for the metaverse project.
But why Polygon?
Ethereum may be the leading smart contract platform in the crypto space, but there is no doubt that it is a crowded and oversaturated network. This high demand for the network, coupled with the network’s inability to properly scale to accommodate growth, has led to recurring issues with scalability and fees, which happen to be among the highest in the space.
In light of these issues, OVR, a project originally built on the Ethereum network, has had to move its operations to the Polygon network, which can accommodate its growth and offer its users low transaction/coin fees. The high level of adoption of the Polygon blockchain and its proximity to the Ethereum network also helps to drastically reduce the risk of getting into “ghost chains”.
“The scalability landscape of blockchain is vast and evolving rapidly; choosing one solution over another is not an easy task, but it is a multidimensional problem with many variables and predictions to handle,” the website reads.
Polygon presents itself as the best choice for OVR given its low transaction costs, decentralization trade-offs and project vision, adoption trajectory and proximity to the Ethereum network/EVM compatibility.
OVR trading on polygon
With the move to Polygon, trade OVR tokens have never been so cheap. Users can now easily exchange their OVR tokens on the Polygon implementation of Uniswap V3. Gas charges for each swap are $0.01 each, as the move has made transactions easier and cheaper.
In addition, OVR tokens can now be easily moved from Ethereum to Polygon and vice versa using the Polygon Bridge. It is a simple DApp that only requires a user to connect their wallet and they are good to good.
Just as transaction costs have decreased with the switch to Polygon, so have NFT coin costs. OVR users can mint their OVRlands really cheaply on the Polygon network compared to the Ethereum network. This opportunity is currently live and OVRLand holders can mint them as NFTs on the Polygon blockchain, which can only be sold on the OpenSea marketplace for now.
The second phase of the move to Polygon will come with even more exciting capabilities such as batch mining of all lightly minted OVRLands, direct minting of new sales in the primary market, an Ethereum <> Polygon NFT bridge, as well as a fully decentralized secondary. market where users can sell their OVRland NFTs.
It’s up to each user whether they want to mine their OVRLand on Polygon now or wait for the batch mining that comes with Phase II. Those who choose to wait will get their OVRLands, which are currently stored as Merkle Proofs on Ethereum, slapped into their wallets directly on Polygon.
There are currently over 700,000 OVRlands in circulation owned by over 24,000 wallets. OVR is also pushing an update for its app to improve the AR experience of its users.