We are thrilled to share the latest updates from our development team as we embark on an exciting journey to expand the Kryll ecosystem by introducing multi-chain capabilities for the KRL token.
Previous edition: Kryll³ Dev Diary - Week 4
Why expand to other blockchains?
Our decision to evolve KRL into a multi-chain environment is driven by our commitment to providing an optimal user experience and enhancing accessibility to our token and the Kryll ecosystem. This strategic approach offers numerous benefits for our users:
- Increased accessibility and flexibility: By integrating KRL across multiple blockchains, we enable our users to choose the network that best suits their needs in terms of fees, speed, and specific benefits.
- Optimized transaction costs: Multi-chain support allows our users to optimize their costs by selecting networks with lower fees.
Research and development on Base and Arbitrum blockchains
Our team has conducted extensive research and development on the Base and Arbitrum blockchains, positioning us to leverage their unique capabilities and advantages. Base and Arbitrum are widely-used Layer 2 solutions, known for their ability to enhance scalability and reduce transaction costs on the Ethereum network. By choosing these Layer 2 solutions, we ensure that we benefit from their advanced technologies and broad adoption within the web3 ecosystem, enabling us to provide the most efficient multi-chain solutions for our users.
Impact on the Kryll ecosystem
The transition to a multi-chain environment not only benefits KRL holders; it also has significant positive implications for the entire Kryll ecosystem:
- Increased adoption: Multi-chain support can attract a broader and more diverse audience to the Kryll platform.
- Innovation and collaboration: Integration with multiple blockchains opens the door to new collaborations, partnerships, and innovations that benefit the entire ecosystem.
- Strengthened ecosystem: The multi-chain approach enhances the robustness and resilience of the Kryll ecosystem, ensuring its competitiveness in an ever-evolving web3 landscape.
Simplified withdrawal functionality
In our constant quest to enhance the user experience on Kryll³, our team is currently working on a highly-anticipated functionality that will greatly simplify the process of withdrawing your KRL tokens to a Web3 wallet.
Why this new functionality?
We have identified that the current withdrawal process, which involves a fixed fee of 20 KRL per transaction, can be a barrier for some users, especially for small withdrawals. That's why we are working to drastically reduce these costs.
Once deployed, this update will allow you to easily transfer your KRL from the Kryll³ platform to any decentralized wallet, such as MetaMask, Rabby, Trust Wallet, or Coinbase Wallet, with a 90% reduction in fees. We are confident that this optimization will bring increased flexibility in managing your digital assets within the Web3 ecosystem. It aligns with our commitment to offering innovative solutions to our community by facilitating access to and usage of KRL tokens.
The deployment is scheduled to take place very soon and will be accompanied by a detailed tutorial to guide you through this new simplified process. Stay tuned for our upcoming announcements on this matter! In the meantime, we recommend keeping your KRL on the current platform. This will allow you to fully benefit from this functionality as soon as it launches and be ready for the transition to Kryll³.
