From L2 to the bank in just a few clicks – The cryptocurrencies experienced a major wave of democratization through the development of Challenge. However, deposits and withdrawals in fiat currencies remain one brake adult to adoption. Fortunately, more and more solutions develop, like the one recently presented by layer 2 Immutable X.
From ETH to Euro in Minutes with Immutable X
The project Immutable X is a second layer solution to Ethereum. Concretely, this layer 2 is based on technology developed by StarkWare, the company behind Starkex and Starknet.
Founded in 2018, the Immutable X project focuses primarily on the ecosystem NFT and the web 3 video games.
From now on, the second layer wishes to develop its connections with the real economy. Thus, it incorporates a conversion service from cryptocurrencies to fiat currencies.
Indeed, the Immutable X teams have just unveiled cryptoToFiat, a new module of their development kit (SDK). In practice, this module allows developers of projects on Immutable X to offer a fiat exit ramp. This gives the possibility of converting cryptocurrencies into fiduciary currencies, directly sent to your bank account.
“The exchange process allows users to sell crypto held on L2 on the Immutable X platform directly for fiat funds. These funds will be deposited directly into the bank account designated by the users. »
Declaration of Immutable X
Thanks to this module, any developer of Immutable X projects will be able to add an ETH withdrawal service in dollars within their decentralized application, in just a few lines of code.
Under the hood, the Immutable X module is based on the solution developed by the crypto payment processor MoonPay. Therefore, users will have to pay the fees inherent to MoonPay to make their withdrawals. In addition, they will also have to go through the KYC process from MoonPay.
For the moment, the offer proposes only ETH withdrawal and is only accessible in Europe, the United Kingdom and some North American states.
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Layer 2: Ethereum’s new bet
This new product offered by Immutable X and MoonPay expands the range of existing services on second-layer Ethereum solutions. Indeed, given the democratization of Ethereum, congestion is frequent on the network. These inevitably lead to higher transaction costs, leaving many users on the sidelines.
Fortunately, the solutions of second layeror layer 2, allow to deport the activity off the main chain and evade the crazy fees of Ethereum.
For a long time in a theoretical state, L2s are starting to take on more and more importance in the Ethereum ecosystem. In total, these are approximately 3 million ETH that are currently circulating through some twenty solutions of second layer.
Faced with the recent drop in the price of cryptocurrencies and, in fact, that of activity, Ethereum transaction fees came back on the decline. Thus, carrying out a transaction has returned below the dollar and interactions with a smart contract rarely exceed 5 dollars.
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