Every blockchain network out there has to be connected to another, or many, to have any effect or to be of any value. That means the cryptocurrency assets stored within that network have to have the ability to migrate across chains and be either convertible or of any use within the destination network. Though the dilemma of cross-chain usage stood rather acutely at the dawn of crypto wallet application and users clamored for means of using Bitcoin on Ethereum and vice versa, no viable solution was found for years. That was the state, since most users were quite content with using a bank account for paying for a cryptocurrency and then storing it for later use. The question for Ethereum was that it was the biggest blockchain on the market and therefore bore the brunt of the accusations. With more blockchains emerging and the volume of assets snowballing, it quickly became clear that a solution was needed.
The Ethereum network was the first to deploy NFTs, which quickly, and rather briefly, became a center of attention and yet another asset for speculation. Needless to say, the hype around NFTs spawned a huge number of technologies and applications for them across a myriad of industries. Among the most prominent was, of course, the gaming industry, which hollered about a revolution in gaming and the creation of in-game content. Taking into account the fact that most NFTs were released on the Ethereum network, many users started wondering whether they could use their native NFTs in other networks that offered more interesting games. The answer was the migration protocol.
Though users eventually got what they wanted, the price they had to pay was rather significant. Moonpay the essential and critical exchange platform, gave them that ability and provided the affordable alternative many users resorted to in the search for meaningful transfers at low gas fees.
Ethereum Through Moon Pay Price Level
The Ethereum blockchain requires users to pay a gas fee for any transfer. This means users have to own a lot more Ethereum to pay that gas fee than they actually want to transfer. At peak load times, the gas fee can sometimes exceed the amount being transferred. This glut of transactions means users have to keep the price of Ethereum in mind. Luckily, some platforms like Moonpay give them the ability to track that price in real time using a rather convenient interface.
In fact, interface convenience is one of the key factors determining whether users flock to a certain platform or not. Though it may sound rather banal. But most crypto applications are rather inefficient and require a certain degree of technical knowledge to be used. This means that average users who are new to crypto will have a difficult time adjusting. The problem is exacerbated by the fact that transfers will require even more knowledge and many users simply do not have that.
