Oraichain, an AI-powered oracle and Layer-1 blockchain ecosystem, has officially upgraded its Mainnet to version 2.0. According to the official press release, this new upgrade features a Layer 2 rollup solution that will enhance Oraichain’s transaction throughput and its AI oracles functionality.
This milestone comes as a big boost to the Oraichain ecosystem given the platform’s value proposition in combining AI and blockchain technology. At the core, Oraichain seeks to revolutionize the Web 3.0 ecosystem by giving smart contract developers an opportunity to build AI-powered decentralized applications (DApps).
With the Mainnet 2.0 now operational, Oraichain is optimistic of scaling its footprint in Web 3.0 environments such as DeFi and the metaverse. This new upgrade leverages the Cosmos SDK relaying protocols, inter-block communication and bridges to introduce a higher level of interoperability between Oraichain and other blockchain ecosystems.
Furthermore, the customized Layer-2 rollups will separate Oraichain’s mainnet from its subnetworks, ultimately scaling the platform’s performance. Some of the subnetworks that will operate on the Layer-2 rollup include the VRF service and oracle networks. This will enable Oraichain to increase its capacity while maintaining the core logic and security features.
Smart contract developers on Oraichain will also have access to the platform’s AI functionalities and other features such as SDK building tools and the Royalty protocol. Notably, this ecosystem uses the Proof of Execution and Proof of Correctness mechanisms to enable the integration of AI-powered computations on smart contracts.
Oraichain’s team commented on the progress, noting that the upgrade will set the stage for the development of AI-powered DApps on Layer-1 ecosystems,
With the maturity of needed infrastructure, Oraichain is becoming a complete AI cascading network that expands on a seamless multichain space. This major revamp will bolster our core offerings and further define our ecosystem of AI, DeFi and oracles, while accelerating the much-needed development of AI-powered smart contracts and Dapps.
As per the projections, Oraichain’s Mainnet 2.0 will rival the likes of Ethereum, given that it supports up to 10,000 transactions per second (tps) with a transaction finality of two seconds. This level of efficiency will further enable the platform to facilitate over 100 oracle services and a faster synchronization time for new validators and executors on the mainnet.
OraiDEX Upcoming Launch
Following the debut of mainnet 2.0, Oraichain is also set to launch the OraiDEX. This CosmWasm smart contract-based DEX will enable users to swap Oraichain native tokens, including ORAI and other OW20 tokens while accessing the network’s lucrative yield farming incentives.
OraiDEX will also feature a token bridging functionality, allowing DeFi users to transfer native tokens and data from other blockchains such as Ethereum and Binance Smart Chain (BSC). A similar bridge has also been built for NFT assets. Last but not least, the OraiDEX IBC integration will enable trustless communication with ATOM, LUNA, UST, CRO and OSMO.
With DeFi set to grow exponentially in the coming years, the Oraichain ecosystem and DEX will pave the way for AI-powered decentralized markets. A significant step in this burgeoning and futuristic market ecosystem.
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