MyLottoCoin Migration from Ethereum Network to Binance Smart Chain by MarketCoinCap;

Blockchain projects often begin their lives as whitepapers that promise innovative technologies to follow at a later date. The journey from design paper to real product often takes many twists and turns and sometimes projects change their plans in fundamental ways like choosing to move to an entirely different blockchain.

The emergence of the decentralized finance (DeFi) sector has been largely built on top of the Ethereum blockchain, adding credence to the platform’s decentralized functionality. The surge in the use of the blockchain has come at a steep price though, as network speed and transaction costs are directly affected as more users and platforms are added to the blockchain. The increased cost to transact during periods of high network demand significantly impacts Ethereum's overall utility and has made it impossible for many projects to run any microtransaction payments on Ethereum. Faced with all these challenges, projects built on Ethereum have three options:

         - Do nothing and hope that users find enough value in the project to justify paying high fees.

         - Migrate the project to a less congested blockchain with smart contract functionality.

         - Build on Ethereum's Layer 2 scaling solutions.

Unsurprisingly, many projects are exploring the second and third options. Ethereum's scaling issues have forced some projects to migrate to other blockchains, among them MyLottoCoin.

Developed first on Ethereum in 2020 and recently migrated to BSC, MyLottoCoin is a fully permissionless DeFi-powered play-to-earn lottery DApp, the long sought solution to a fair and modern lottery model, leveraging the advantages of blockchain technology that offers a practical approach to simplifying the current online lottery model and fixing its defects by enabling fast, reliable, and tamper-proof technology access to players, while maintaining the traditional elements. ”Staking Plus”, a term that MyLottoCoin gave birth to, is a unique reward program powered by the project's native token, MYL.

MYL token was originally created to facilitate the reward program, empowering players to always be part of the game and win. MYL holders receive a share of the total ticket sales in proportion to the tokens in circulation, autonomously every 3 months. From the total supply of MYL (100 million), 50% is locked in the games’ smart contracts for free redistribution among players.

With Ethereum’s soaring gas fees and a slow block processing rate, MyLottoCoin as a DApp has suffered from this disadvantage like many other Ethereum-based projects. Therefore, MyLottoCoin team, in search of scalability solutions to give their users the cheapest and fastest experience possible, has decided to fully migrate from Ethereum to the Binance Smart Chain (BSC). This migration is complete and new Dapp will be launched on 22 November. This strategic decision, although comes with some challenges, brings many advantages especially in boosting the project’s adoption. Since the migration announcement, the project has gained positive sentiment.

It seems likely that gas prices will continue to force many established DApps to migrate from the Ethereum mainchain. Whether that migration will be largely toward Layer-2 solutions or alternate blockchains may depend on the nature of the applications themselves. Many of those DeFi applications benefiting from composability and large liquidity pools will likely prefer the Ethereum Virtual Machine (EVM) compatibility (e.g. BSC). MyLottoCoin and many other projects migration in 2021 are examples of 2nd wave migration, the blockchain type, once a sociological term that has now become a part of crypto lexicon.

*For more information on MyLottoCoin recent upgrade, you can find the project on socials with the handler “@mylottocoin”.