Scalability has been a major concern for L1 (Layer 1) blockchain solutions. From high gas fees to slow transaction speed, there are numerous operational challenges that have made way for Layer 2 solutions. However, Vulcan Forged’s Elysium blockchain, the world’s first carbon-neutral blockchain, continues to witness increased adoption. MyHealthVerse, a blockchain-powered biomarkers NFT marketplace, has decided to build on Elysium.
MyHealthVerse is the world’s first Biomarkers NFT marketplace. It brings together users and pharmaceutical companies to ensure increased accessibility to seminal medical research. Once the platform goes live, MyHealthVerse will accumulate biomarkers and synthetic data and analyze them through means of artificial intelligence before they get converted to NFTs.
“After much thought and discussions with the CEO of Vulcan Forged, we have decided to launch our entire ecosystem on Elysium. Our values align, and we believe we’ll receive the support and exposure our project needs,”
MyHealthVerse said in a tweet while announcing the partnership with Elysium.
Chasing Sustainability With Elysium
Dubbed the blockchain for the Metaverses, Elysium is a PoA (proof-of-authority) blockchain with 51 nodes that powers the Vulcan ecosystem. Despite being a PoA blockchain, Elysium is eco-friendly, and the energy consumption is significantly low compared to other blockchain networks. Elysium is powered by $PYR, whereas $LAVA, the secondary token of the blockchain, is used to pay gas fees.
But why is Vulcan Forged moving from Polygon/Vechain to Elysium? The answer is simple. Elysium is specially designed for metaverse games and NFTs. It is fast, cost-effective and environment-friendly. Vulcan Forged has used Substrate to mix and match the best of EVM chains like Polygon to build a superior product. Substrate is the only flexible, open, interoperable, and future-proof blockchain framework. Built on Rust, Elysium is set to power the next wave of web3 applications. Going forward, Elysium can compete with Polygon, which handles 7,200 transactions per second (TPS). However, the actual transaction speed as of now is nearly 2,500 transactions per second.
Polygon is nearly 2X faster than Algorand (1,300 TPS) and Solana (3,000 TPS). Other popular networks like Avalance and EOS are also far behind. Elysium competing with Polygon would mean it becoming one of the fastest L1 solutions out there with comparatively lower gas fees. This itself is a reason enough for the increased adoption of the blockchain. Something that Elysium is already witnessing.
Vulcan Forged Growing From Strength To Strength
Vulcan Forged, one of the most vibrant crypto gaming universes, has been growing from strength to strength since the launch of its DEX (decentralized exchange). The launch of Elysium opens new avenues for the project. Several legendary games, including MyCryptoHeroes, have joined the VulcanMarket to sell their NFTs. With 10+ games and a 100,000+ community, the support that Elysium gets is huge.
It is the first functional metaverse with a thriving ecosystem. The global adoption of the Greek-based gaming studio has been picking up pace since it integrated VR into VulcanVerse. MetaScapes, Vulcan Forged’s metaverse-as-a-service, is another reason the project has successfully navigated through turbulent times for crypto gaming projects. Even as other leading crypto gaming projects struggle to maintain momentum, user engagement in the Vulcan universe is on the rise. VulcanVerse is still the busiest metaverse, and the team continues to expand.
“We have built 10X harder in the bear than the bull,” Vulcan Forged said in a tweet.
Going forward, Elysium could be the go-to Layer1 solution for crypto and NFT projects seeking scalability. As other Layer1 solutions struggle to deal with the blockchain trilemma, Elysiums emerges as a sustainable alternative. That is probably why MyHealthVerse chose to partner with Vulcan Forged to build on top of it.
“We have been focusing on building through various macro market cycles, where sentiment is fickle and judgement rife. The drill is to preserve the capital and continue to build while staying relevant. The onboarding of MyHealthVerse and other projects is a testament to our efforts toward building a scalable metaverse-centric L1 solution,” says Jamie Thompson, CEO, Vulcan Forged.
Hundreds of games sell their NFTs on the Vulcan marketplace. The VulcanMarket constantly remains in the top 5 spots in terms of volume. The partnership will provide MyHealthVerse biomarker NFTs with massive exposure, contributing to the project’s economy and popularity. It also presents a strong case for other similar projects to test the platform.
Can Vulcan Forged Sustain This Growth?
While building a metaverse-centric L1 scaling solution gives Vulcan Forged a competitive advantage, the ride ahead is bumpy. Statistics on crypto gaming are alarming and hint at the current web3 gaming ecosystem dying a slow death. Axie Infinity, one of the most popular crypto gaming projects, has lost over 200K users in a year between December 2021 and December 2022. Spliterlands, another popular web3 gaming platform, has also lost over 100K users during the same period. The transaction volume for Axie Infinity has declined by more than $30M between 2021 and 2022. The question is – Can Elysium catapult the Vulcan universe out of this catastrophic decline in the web3 gaming universe?
MyHealthVerse and other crypto projects selecting Elysium as an L1 solution is an outcome of the continuous building by the Vulcan team in the prolonged bear market. If MyHealthVerse succeeds in transforming healthcare research through its biomarker NFTs, Vulcan Forged will fly higher. Will Elysium be able to deliver what has been promised on the paper? Only time will tell.