Decentralized Minting on Ethereum — Utilizing Arbitrum L2 Rollups Scaling Solution
When Datamine Network launched in summer of 2020 the Ethereum gas prices were roughly 40x lower than now. These high gas fees hurt DeFi adoption.
We’ve worked with Arbitrum team to create a custom bridge for Datamine FLUX! This new bridge allows you to move your FLUX tokens to L2 and enjoy instant and cheap transactions.
You can also opt in to utilize your FLUX on Arbitrum L2 to mint a new token: Datamine ArbiFLUX
How do I get ArbiFLUX? 🔥
First you want to bridge your Datamine FLUX from L1 to L2 (By using Arbitrum Bridge at https://bridge.arbitrum.io/)
Once your Datamine FLUX is bridged over, you can opt-in to start an ArbiFLUX from our Decentralized Dashboard. (ArbiFLUX Decentralized Minting Dashboard is coming next week!)
When is ArbiFLUX launching?
ArbiFLUX smart contracts are already live on Arbitrum L2! We’re working on updating our UI to seamlessly interact with the new Arbitrum L2.
Datamine FLUX token on Arbitrum L2 contract:
ArbiFLUX token on Arbitrum L2 contract:
What are the benefits of Arbitrum L2?
Gas fees are approximately 20x less than Ethereum Mainnet and transactions confirm instantly! The gas savings are achieved by utilizing Rollup chain so transactions are secured by Ethereum!
What is ArbiFLUX Token and what is the use case?
ArbiFLUX works just like FLUX token on Ethereum L1, you can burn ArbiFLUX to increase your ArbiFLUX mint production.
Currently we’ve burned over $1,400,000 of FLUX on Ethereum L1. To read more about how Datamine Decentralized Minting works check out our Decentralized Dashboard.
Is ArbiFLUX a whole new smart contract?
ArbiFLUX is utilizing a modified version of our already audited L1 DAM/FLUX Smart Contracts. We did not perform any alternations to the core mechanisms of the ecosystem or reward parameters.
Can I transfer FLUX from L2 back to L1?
Yes you can transfer FLUX to and from Arbitrum L2. (This will take 1 week to get FLUX back to L1)
Can I transfer ArbiFLUX from L2 to L1?
No, ArbiFLUX is a token that only lives in the Arbitrum L2 ecosystem.
How much FLUX can I use for my ArbiFLUX mint?
There is a 28 day failsafe mechanism built in the ArbiFLUX smart contract where only 100 FLUX can be used to start an ArbiFLUX mint. After 28 days you can use any FLUX
Will there be any Uniswap Liquidity on L1 for Datamine FLUX?
Yes there is currently over $100,000 on Uniswap ETH/FLUX accounting for 20.57% of the entire supply that was minted in past 1.5 years.
Will there be any Uniswap Liquidity on L2 for FLUX & ArbiFLUX?
We’ll provide some liquidity on FLUX/ETH Uniswap on Arbitrum L2. ArbiFLUX will most likely experience a “supply boom” as we’ve seen with FLUX on Ethereum Mainnet so the FLUX/ETH pair will receive majority of liquidity.
Unstoppable Demand Meets Immovable Supply — Datamine Network
Datamine Network is a next-gen Deflationary Monetary System that is OWNERLESS, IMMUTABLE, AUDITED and ran completely by…
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