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Dear LuxWorld Community!

In preparation for the upcoming main net operation, we’re excited to announce that LuxWorld is now live on Arbitrum One – an Ethereum Layer 2 scaling network, which means faster transactions and lower gas fees for all our users!

Tokens will be swapped at a ratio of 1:1 using snapshot taken on February 24th, 2023, and will be transferred to the holders’ wallet address on the Arbitrum network.

LuxWorld’s New Home: Arbitrum One

In response to user feedback since launching on the CEX exchange regarding high gas fees and slow transaction speeds on the Ethereum network, LuxWorld has made the decision to migrate to Arbitrum One, an Ethereum Layer 2 scaling network known for its ability to offer low gas fees and high transaction speeds.

To ensure that holders retain their respective rights, the project will conduct a token swap using a snapshot taken on February 24th, 2023. Tokens will be airdropped to holders at a ratio of 1:1 and subsequently transferred to their wallet addresses on the Arbitrum network.

Please be advised that the LUX/USDT trading pair on BitMart exchange is currently unavailable due to ongoing swap contract procedures. It is expected that the distribution of new tokens to holders and the resumption of trading on will take place from March 6th – 8th, 2023 (the exact date and time will be widely announced after receiving BitMart’s notice).

The contract address on Ethereum will be replaced by the new contract address on Arbitrum of 0x58b13dE0b56c91497B1AaEb344BE2a4D7d0478C2.

Link to Arbiscan: https://arbiscan.io/token/0x58b13de0b56c91497b1aaeb344be2a4d7d0478c2

The tokenomics remains unchanged.

LuxWorld Tokenomics - Leaps to the Future with Arbitrum One

Why Arbitrum One?

Ethereum is an incredibly popular platform for developing decentralized applications (DApps). But in recent years, a dramatic surge in adoption has seen the network pushed to its absolute limits — sending transaction fees through the roof and leading to rampant congestion. One solution — known as Arbitrum — has begun picking up considerable momentum due to its novel solution to the problem.
Arbitrum is a layer 2 solution designed to improve the capabilities of Ethereum smart contracts — boosting their speed and scalability, while adding in additional privacy features to boot.
The platform is designed to allow developers to easily run unmodified Ethereum Virtual Machine (EVM) contracts and Ethereum transactions on a second layer, while still benefiting from Ethereum’s excellent layer 1 security.

It’s built to address some of the shortcomings of current Ethereum-based smart contracts — such as poor efficiency and high execution costs — which have damaged the Ethereum user experience and frequently make transacting an expensive task.

Arbitrum uses a technique known as transaction rollups to record batches of submitted transactions on the Ethereum main chain, and execute them on a cheap, scalable layer 2 sidechain while leveraging Ethereum to ensure correct results. This process helps to offload most of the computational and storage burden Ethereum currently suffers from, while enabling new classes of powerful layer 2-based DApps.

Overall, Arbitrum One offers a faster, more scalable, and more cost-effective solution for blockchain applications than the Ethereum main network with several distinguishing features:

  1. Scalability: Arbitrum One is designed to process a large number of transactions quickly, which means faster confirmation times and more scalable applications.
  2. Lower Gas Fees: Arbitrum One utilizes a unique scaling technique called rollups, which enables it to reduce transaction costs significantly compared to Ethereum’s main network.
  3. Compatibility: Arbitrum One is fully compatible with Ethereum, which means that users can easily switch between the two networks without any hassle.
  4. Security: Arbitrum One is secured by Ethereum’s main network, which means that it benefits from the same high level of security that Ethereum provides.
  5. Decentralization: Arbitrum One is a decentralized network, which means that it is not controlled by any single entity or organization. This makes it more resilient to attacks and more censorship-resistant.
Comparing gas fee of Ethereum, Arbitrum and Binance. Source: Cointool

Comparing gas fee of Ethereum, Arbitrum and Binance. Source: Cointool

In conlusion, Arbitrum is a highly rated because it offers a fast, cheap, secure, and reliable platform for deploying and managing smart contracts. It also allows users to customize their contracts to meet their specific needs and offers a variety of tools for enforcing contract terms and conditions.

Embracing new trend, we’re thrilled to announce that LuxWorld is now powered by Arbitrum One, enabling us to provide a faster and more efficient blockchain solution for all Luxians!

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