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.
Why Arbitrum One?
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.
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:
- Scalability: Arbitrum One is designed to process a large number of transactions quickly, which means faster confirmation times and more scalable applications.
- 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.
- Compatibility: Arbitrum One is fully compatible with Ethereum, which means that users can easily switch between the two networks without any hassle.
- 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.
- 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
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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