Achieving faster and cheaper Ethereum transactions has been a crucial mission for users and developers alike. Thankfully, Layer 2 solutions like Infura Transactions can offer a helping hand. Blockchain-based borderless financial transactions provider, Gluwa, will integrate that technology and achieve a reduction of up to 15% in Ethereum transaction fees.
Gluwa Paves The Way For Financial Inclusion
There is a growing demand for access to financial products and services in the world. Unfortunately, billions of people remain unbanked or underbanked, even in this modern era. With the rise of smartphone adoption and internet connectivity - either through fiber or mobile connections, little has changed. So far, traditional service providers can't - or aren't willing - to explore specific regions for various reasons.
Decentralizing access to financial products and services is the logical next step. Instead of relying on [unnecessary] intermediaries, it is best to let users access the solutions they think are necessary and worthwhile. Gluwa, a blockchain-powered platform facilitating borderless financial transactions, is one such provider. The main objective is to make global investment opportunities more accessible by catering to a growing pool of customers worldwide. Users take control of their finances regardless of current access to financial services.
Several products and services exist under the Gluwa banner. Accessing investments in unbanked and underbanked regions and optimizing returns rates is possible through the "invest" product. The team provides a Wallet to support low-cost transfers and using stablecoins. Finally, Creditcoin supports linking loan portfolios to public blockchains and applications built on top of it. Through Gluwa Capital, the team enhances the borderless economy and expands users' loan books.
All of these services can make a crucial difference to millions of people globally. Speaking of which, Gluwa notes several million global users today, confirming the need for decentralized products and services. The user growth for Gluwa has been impressive, as the team noted 1 million borrowers in 2020. Today, there are 10 million borrowers, and the service has been scaled up to three lending companies, attracting over 100,000 investors. That growth curve is impressive, even though there is still room for future efficiency and improvements.
Infura Transactions For Lower Fees
One of the hurdles any solution on the Ethereum blockchain faces are the high transaction fees. These costs can increase at random intervals, which isn't beneficial for financial service providers or their clients. Gluwa acknowledges it is time to look at a different option. Integrating Infura Transactions - or ITX - will help secure the mining of transactions and lower transaction fees by up to 15%.
Gluwa Founder and CEO Tae Oh comments:
“At Gluwa, it is our belief to constantly strive to improve the experience for our users. By integrating ITX, our users no longer need to worry about dropped transactions or retry functionality that causes higher gas fees when a transaction is pending for a long time."
The solution by ITX relies on gas tank balances to lock a portion of the necessary funds and broadcast transactions to the network. Once the transaction is picked up, the gas tank balance is reduced. Through this method, the team wants to help reduce the number of dropped transactions on Ethereum. Improving the chance to complete transactions successfully at a lower cost than normal will benefit Gluwa and its millions of users.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.