The growing need for blockchain scalability has become more outspoken across key industry verticals. Ranging from DeFi to NFTs and Metaverse projects, Ethereum cannot support everything properly.
Game of Silks, the thoroughbred horse racing Metaverse, will explore a multi-chain approach through an Arbitrum partnership.
The Arbitrum Momentum Swells
It has been an exciting period for Layer-2 scaling solutions. Particularly projects running on top of Ethereum are in high demand today.
Although Ethereum’s dominant position as the leading developer-oriented blockchain remains unchanged, the overall bottlenecks are still in place. Ethereum is a slow and expensive network and tends to get congested regularly.
Ethereum remains the leading blockchain for non-fungible tokens, blockchain gaming, and decentralized finance despite these bottlenecks.
The network represents nearly $131 billion in Total Value Locked, making it over four times as big as Terra and nearly ten times as big as BNB Chain. It will be tough to rival those numbers, although layer-2 solutions are building momentum in DeFi.
Arbitrum is one of the networks making inroads in DeFi. The Layer-2 solution provides higher throughput and much lower fees compared to Ethereum.
Moreover, the scaling layer is EVM compatible, making it straightforward for developers to deploy their projects cross-chain. As a result, the network now represents over $2.9 billion in DeFi TVL, a sharp increase from $64 million in September 2021.
While decentralized finance projects like Sushiswap find their way to Arbitrum, other industry verticals are ripe for exploration.
Arbitrum has become a powerful candidate for blockchain gaming and Metaverse projects thanks to ongoing scaling improvements and rollup technology. Game of Silks, the thoroughbred horse racing Metaverse, has partnered with Arbitrum to leverage the Layer-2 solution’s scaling benefits.
Game of Silks x Arbitrum
The partnership between Game of Silks and Arbitrum marks a key milestone for the Layer-2 solution. It is essential to build technology usable across potent industry verticals.
Metaverse and Web3 are hot topics in the industry today, creating new opportunities for technology stacks. Arbitron’s high throughput and low fees, combined with EVM compatibility, make a strong partner for Game of Silks and their approach to building new Metaverse experiences.
Silks will use the Arbitrum Layer-2 technology o strengthen its GameFi user experience. In-Game of Silks, players will gain exposure to thoroughbred horse racing, training, and breeding.
Real-world horses are tokenized on the blockchain with the help of Tropical Racing. NFT holders will earn rewards based on their horse’s performance in the real world.
Arbitrum’s technology will enhance the liquidity of Silks and the broader GameFi industry vertical.
Silks Head of Technology Michael Lira adds:
“We choose Arbitrum over other L2 solutions for its exponential method of increasing scalability and speed to the Ethereum network, without sacrificing security. We see this as extremely important to our users and allows us to add greater game utility and build a more expansive metaverse experience.”
Partnering with Arbitrum showcases the need for scalability beyond what Ethereum offers today. Moreover, it bolsters the scalability of the Silks ecosystem and its Metaverse. The mixed-reality play-to-earn derivative metaverse has secured $2 million in funding and will launch its in-game NFTs shortly.