Blockchain technology is on the rise as it continues to attract new people. Sectors such as decentralized finance (DeFi) have enjoyed their fair share of growth over the years. DeFi applications used to be built on one blockchain network. This is changing as new projects add multi-chain features to minimize the impact that comes with relying on a single network. This allows projects to unlock the best features of different blockchains.
Logarithmic Finance (LOG) currently supports Ethereum (ETH) but intends to add support for networks such as BNB Chain (BNB), Polygon (MATIC), Avalanche (AVAX), Tezos (XTZ), and Solana (SOL).
Why Logarithmic Finance (LOG) is Add Multi-Network Support
Blockchain technology is still in its infancy as it was only introduced to the world in 2008 and officially became operational in January the following year. More and more blockchains have been created, with each new blockchain showing improvements over the previous one.
By having multi-chain support, Logarithmic Finance wants to utilize the best of both worlds by using the old and the new. Each protocol has its strength. LOG does not intend to cherry-pick a winner but rather offers its diverse users the opportunity to choose the blockchain network they feel comfortable with.
Logarithmic finance is a layer-III swapping protocol designed to connect innovators and investors. It is a non-custodial environment for projects to raise funding on any blockchain protocol.
The process follows pre-defined steps to benefit both investors and project innovators. The native token of Logarithmic Finance is LOG. It plays a crucial role as LOG token holders will get a discount when they invest in new projects.
Project investors create pools by adding details of their projects. This includes token name, ticker symbol, auction parameters, and the discounts afforded to LOG token holders. The innovators then register the pool on a blockchain of their choice. The next step is connecting a wallet for token transfer.
The last step is for project innovators to pay a small percentage of the amount raised from the auctioning of tokens reserved for LOG token holders.
On the investor side, the process is easy. Investors identify the blockchain network of their choice to find projects to invest in. There is a diverse pool of projects to choose from. It is the investor’s responsibility to do due diligence on the token they want to invest in. The final step is the selection of a pool and specifying the number of tokens to purchase. The purchased tokens will be deposited into the investor’s wallet.
For this to happen, Logarithmic Finance is implementing cross-chain and multi-chain features to attract more investors and innovators to the platform.
Ethereum is an open-source decentralized smart contract platform for building and developing decentralized applications. It is currently the second-largest cryptocurrency by market capitalization.
ETH is the native currency of Ethereum. The network’s innovation was allowing the execution of smart contracts on blockchains. This is a great achievement as the protocol has been at the heart of several crypto innovations.
The initial coin offering (ICO) boom of 2017 was catalyzed by Ethereum. NFTs and DeFi also capitalized on Ethereum to find the runaway success they did. Despite the challenges it has faced, Ethereum is undergoing massive upgrades that will transition to a Proof-of-Stake network.
Ethereum is also able to host other digital assets known as tokens. The blockchain network also hosts the LOG token as an ERC-20 utility token.
BNB Chain, previously called Binance Smart Chain (BSC), is a smart contract platform for launching decentralized applications. BNB Chain is similar to Ethereum, and some see them as competitors. Logarithmic Finance will add support for BNB Chain to take advantage of the network’s growing user base.
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