Alchemy Pay, a crypto payment solutions platform, announced plans to launch its Layer-1 blockchain, Alchemy Chain. The innovation aims to support the growing needs of its business operation.
Why Alchemy Chain?
According to Alchemy Pay’s official post, bridging the gap between blockchain-based transactions and traditional off-chain storage systems is necessary. The innovators claim the blockchain will facilitate seamless interaction between these payment systems.
It further boasts that the blockchain will not only eliminate friction between fiat and crypto and create a unified system but also enhance transparency, security, and efficiency in global transactions. Its fast and cheap settlements will benefit users, including financial institutions. The team believes the move will foster the adoption of blockchain technology in traditional finance.
Proposed features of Alchemy Chain
The Alchemy team claims its blockchain will feature high-scalability infrastructure that will allow rapid and efficient transaction processing, ensuring reliability as the user base grows. Additionally, Alchemy Chain’s Trusted Proof-of-Authority (TPoA) mechanism will ensure the integrity and speed of validating nodes, providing security and transparency.
Built on Solana Virtual Machine (SVM) architecture, Alchemy Chain will have a native token, ACH, to facilitate transactions by covering gas fees. Users can pay fees with either ACH or fiat and convert profits and on-chain earnings into fiat. Additionally, the blockchain will feature a stablecoin revenue mechanism, enabling users to generate yield.
At launch, the blockchain will feature two developer tools, the Meme Launchpad and the Meme Telegram Bot. The first will simplify the creation of meme-based projects with an intuitive interface. At the same time, the latter will enable developers to navigate and interact with the ecosystem, making it easier to build and engage with Alchemy Chain’s ecosystem.
Blockchain Creation on the Rise
Creating blockchain is no longer uncommon in the crypto industry. Pioneered by Binance, the world’s largest exchange that launched its blockchain, others have followed suit. This month alone, headlines have been made about Kraken and Uniswap’s blockchains.
Coinbase’s blockchain, Base, has grown significantly since its inception in 2023. Factors like anticipated airdrops, wrapped tokens, and name services have contributed to its success, reaching an all-time high of over 2 million daily active addresses.
