Decentralized financial protocol TwoX launches on L2 Blockchain Arbitrum

The team behind the TwoX protocol has revealed that the TwoX protocol is scheduled to launch on the Arbitrum platform. According to TwoX, it is a decentralized financial protocol that generates stable coins with returns. Over the past few weeks, the team has been engaged in researching and evaluating the most suitable infrastructure to deploy TwoX. Given that Ethereum is an inherently DeFi blockchain infrastructure, their original plan was to “use the decentralized network for the implementation of their contract.”

Nevertheless, due to the discord within their group, it has been recognized that Ethereum is unable to reap the benefits of layer 2 scalers that offer high performance. An agreement has been reached and it has been decided that the launch will take place separately for both platforms. Arbitrum is among their preferred layer 2 protocols due to its capacity to offer a developer-friendly atmosphere.

According to a blog post, it has been stated that TwoX is scheduled to be launched on the testnet during the coming month. At this time, the team will engage in the investigation of smart contracts and the creation of technical documentation. It should be noted that they have not yet made available any online or community channels apart from Twitter.

Their plan is to make an announcement regarding the launch of their Discord server, which will only be available to early contributors and will have limited access. This announcement is expected to come in a week’s time. According to the description, Arbitrum’s range of blockchain scaling solutions offers accelerated transaction processing at a significantly reduced cost, while maintaining a similar level of security to Ethereum.

The Arbitrum Foundation recently announced the introduction of DAO governance for the Arbitrum One and Arbitrum Nova networks, which is a significant step forward towards decentralization, after years of development and nearly 18 months of operation on the mainnet.”

The developers maintain that the DAO community is the rightful owner of Arbitrum’s future. They emphasize the importance of their recent achievement in decentralization and the crucial role played by the $ARB token in facilitating community-led DAO governance. As mentioned in a blog article, the main goal of developing Arbitrum has consistently been to enable secure expansion of Ethereum. The emphasis on security is the main motivator behind the decentralization of the network, as security and decentralization are inherently intertwined. Establishing a trusted and distributed L2 necessitates the elimination of all centralized control points across the chain, thereby enabling the chain to operate in a trustless manner.