OVR announced the successful completion of the first phase of migration to the Polygon network. Transition procedures began in the first days of January. The second phase is expected to take place in February.
The company announced that the Merkle Proof and Minting functions have also been transferred from the Ethereum network to the Polygon network, so that NFTs will now be created with much lower fees.
Moreover, OVR stated in its statement that Polygon network payments have been added to the Ethereum and BSC network payments already in the project market. According to the company, this step will greatly reduce transaction fees, resulting in greater scalability potential for OVR.
So Why Did the OVR Project Choose Polygon?
Although Ethereum continues to lead the way in smart contracts, no one can deny that this platform is overloaded. Excessive demand on the network combined with the inability to properly scale the growth of the network results in very high transaction fees. Transaction fees on the Ethereum network are known to be the highest in the market.
Originally developed on the Ethereum network, OVR stated that it had to switch to the Polygon network, showing these problems. According to the company, this step will contribute to the growth of the project by allowing its users to pay lower transaction fees for creating and transferring NFTs.
"The field of blockchain scalability is huge and growing rapidly. Choosing one scalability solution over others is not easy, but it's a multidimensional problem with a lot of variables."
The altcoin project has announced that with the latest developments, OVR tokens can now be swapped in the Polygon application on Uniswap V3. At the time of this writing, transaction fees on the Polygon network are around $0.01, while on the Ethereum network they are around $6.